Yesterday’s initial equity sell off was abruptly arrested by the usual CL, USDJPY and EURUSD ramp jobs — but with a couple of twists, which we’ll get to in a moment.
USDJPY sold off initially, but was propped up at a minor TL — which was enough given the expectation of a corrective retrenchment that would normally follow an uninterrupted rally from the bottom of a channel to its .786 line.
CL set up a bullish rising wedge, which it promptly bailed on after “markets” closed. It has since transformed that broken wedge into a bullish rising channel — coincidentally just in time for this morning’s open.
As of yesterday’s high, CL had risen about 9% in three days — all in order to drive algos that produce higher stock prices.
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