Weekend News 06Apr

As noted last week here, the market challenged the key structural resistance at/near 97.80s early this week developing a Structural Selling Tail, 97.80s-97.30s, in Sunday's Globex session. This development implied potential for balance. 

The market balanced into midweek before beginning a new directional phase lower as long liquidation drove the market toward the Weekly 2nd Std Dev Low, 95.54s, continuing lower before pausing at/near last week's key breakout level area at/near 94.20s.

The market balanced there before continuing the long liquidation into the lower Mar cluster, 94s-92s, achieving the weekly Stopping Point at/near 92s closing the week at/near 92.70s. 

Next week's response at/near 92s will be of focus. IF 92s hold as support, price discovery potential to 93.50s/94.50s. IF 92s fail as support, price discovery potential to 90.50s/89.50s.

Graphics

• Labor Force Participation Rate. Lowest Since '79. (Business Insider)
• People Not In Labor Force Now 90million. (Zerohedge)
• Employment Growth. (ECRI)

Central Banks

• BOJ's ¥270 Trillion QE. (Reuters)
• BoE Keeps Policy Unchanged. (Reuters)
• ECB Keeps Policy Unchanged. (BIS)
• Asian Currencies To Rally v USDollar, Sayeth Reuters Poll. (Reuters)

Geopolitics

• North Korea & Cold War Theatrics. (RT)
• North Korean Aggression Could Strengthen US-China Relations. (AP)
• P5 +1 Iran Negotiations April 5-6. (Brookings)

Supply/Demand & Markets

• What Do Rig Counts Reveal? (Platts)
• US Trade Gap: Lowest Crude Imports Since '96. (Reuters)
• Goldman Boosts Outlook As Nat Gas Hits 20mth High. (Bloomberg)