The market began this week auctioning lower from last week's Settlement, 106.40s, driving price toward Aug's lower trade cluster, 103.50s-105.50s, achieving the Weekly Stopping Point Low at/near 105.50s.
Buy programs entered, driving price higher, breaking out above Major Structural Resistance, 108.80s, achieving the Stopping Point, 112.24s, at/near the Wkly 1st Std Dev High. Sell programs entered, driving price briskly lower from that level, developing a Structural Selling Tail, 112.24s-110.50s.
The market pulled back to the key Structural Resistance/Breakout Point, 108.80s, where the buyside failed to defend. Price discovery lower continued, achieving the Stopping Point at/near 106.75s, closing the week at/near 107.65s.
Graphics
- WTI 30Aug. (Nanex)
Central Banks
- Lira, Rupee At Forefront Of Syria Tension. (Reuters)
- Mortgages & Monetary Policy Don't Mix. (CFR/Benn Steil)
- Is the Euro Crisis Over? (Validus)
- Brazil Raises Selic Rate To 9%. (Reuters)
Geopolitics
Supply/Demand & Markets
- Worldwide Loss Of Supply Heightens Syrian Attack Risk. (Telegraph)
- SEC Reviews Nasdaq Following Outage. (Reuters)