All big buys at the end of the day tell us that somebody is interested enough to have executed a hasty buy. The same is true, in reverse, for sells. It is a truism that such a buying (or selling) behavior at EOD matters. Friday's was different. Similar EOD buys in the past, though meaningful, did not have the same level of importance as did Friday's event.
Here's why:
First, it was after a 382 Fib retrace, but it is not clear that the Fib retrace behavior had run its course. It could have gone further to 618 or 786.
Second, it happened after a hanging man on the chart, and hanging man candles generally foretell upcoming price declines.
Third, the buy was made regardless of the risks attributable to Ukraine or Ferguson or Gaza. Despite a weekend during which geopolitics could have exploded, the buy was hastily made late Friday, in size, at the ask.
Context, context, context !!!
Hope this helps.
:o)
Imperial Whazoo
OH.... and look at hor this is being confirmed by the breakout to the upside in the last 2 hours!
"Just my opinions, folks. Do your own due diligence & make your own decisions. DO NOT... I repeat... DO NOT make any investment decisions on my comments. They are my opinions. That's all they are... OPINIONS."
