Very positive session in the US for U stocks and the market in general.
I was trading ES and NQ and the close was a shorters nightmare with markets ripping higher and U stocks fortunately following the trend.
I mentioned yesterday if we are seeing a bottom forming then should see heavy chop (f#ckery) and that's exactly what we saw in the IB session (first hour).
Both URA and CCJ dumped around 2% in the first half hour which would have got shorters very excited as looked like the follow on from the previous session was going to be very strong. However, the next half hour they flipped the switch and both gained around 4% off the lows!!!
Good news is there was a decent dark pool sweep on URA near the lows and closing price is back above the #1 print.
CCJ closed above all the heavy insto blocks for the week, which is very positive.
Need URA to recapture the upside of Thursdays cluster and there's a fair chance the bottom may be in - however temporary that may be -most likely have a few more sessions to a few more weeks of chop before any larger trending moves though.
URA 30min chart for the week.
Positive signs are we are trading above the POC, finished on highs and momentum indicators have all turned positive - all good signs URA is building a base here..
Looking at instos movements and can see there was a dark pool sweep near lows overnight and price closed above the #1 print.
Now just need to take out the #4 and #14 prints and things are looking good for a decent upside move...
URA only closed up 0.32% but finished strong on its highs and other U stocks were very green.
.
Certainly not out of the woods just yet but I'm seeing some green shoots, so hopefully we can see some follow through into next week..
Enjoy your weekends...
DYOR
GLTAH
(20min delay)