The market began the week auctioning higher from last week's Settlement Area toward the Key Structural Resistance, 94.70s, achieving the Stopping Point & Balance there.
Initiated selling entered the market, driving price through all Statistical Support Levels achieving the Stopping Point at/near Key Structural Support, 90s, into midweek.
Following brief Balance Phase at/near the Low, initiated buying entered the market, driving price higher, ultimately extending the range higher toward the Major Overhead Supply Cluster, 96s-97.50s, closing the week at/near 95.60s.
Graphics
- May 6th 2010 Flash Crash. (Nanex)
- NFP. (Zerohedge)
- Earnings & Revenue Beat Rates. (Bespoke)
- Change In Central Bank Balance Sheets, 2007-Present. (Zerohedge)
- SP500 & Sectors. (Bespoke)
Central Banks
- ECB Cuts Rates, The Return Of ABS? (Reuters)
- Six Realities In An Age Of Deleveraging. (A. Gary Schilling/ Street Talk Live)
Geopolitics
- JPMorgan's Regulatory Woes & Alleged Energy Market Manipulations. (Dealbook)