Our weekly TPO profile graphics for 30Aug.
Plotted: Structural Support (blue), Resistance (red), and Points Of Control (green).
The graphs show the monthly timeframe development (left)
of Jul's buyside directional phase, 96s-108.90s, followed
by Aug's Balance, 102.20s-108.90s, and subsequent false
breakout up to 112.25s.
Last week's auction (right) documented the development of
the Structural Selling Tail, 112.25s-110.50s, as
the market encountered a failed breakout.
This implied potential for inventory adjustment lower into this week.
Our weekly statistical study plotting key reference levels/weekly close for 30Aug, projected levels/ inferential analysis for 06Sep, and weekly range frequency table.
Result?...
The market began the week with a sharp sell off/ liquidity vacuum during Sunday's Globex session driving price lower, achieving the Stopping Point Low, 104.20s, where buy programs entered, rejecting the low.
The market confirmed the low as buy programs entered at/near 105.70s, confirming a Structural Buying Tail, 104.20s-105.70s, implying the potential for price discovery higher. The market proceeded to auction higher through the Major Aug Trade Cluster, 103.40s-108.80s, achieving a Stopping Point, 108.80s, at/near prior Key Structural Resistance. The market balanced, 108.80s-107.10s, through midweek, as buy programs entered into Fri's session at the Balance High, driving price higher above Key Structural Resistance, achieving the Weekly Stopping Point High, 110.70s, closing at/near 110.55s.
Ultimately, this week's holiday shortened auction saw a shakeout of weak long inventory early in the week during Globex holiday trade. The development of the Structural Buying Tail implied the potential for higher prices, which did occur. The market drove price back to Key Structural Resistance, 108.80s, before breaking out, driving price higher toward Major Structural Resistance.
These studies helped inform our subscribers of the significance of last week's Structural Selling Tail, 112.25s-110.50s, the Structural Buying Tail, 104.20s-105.70s, formed early week, the implications for higher prices as a result of such a Structural figure, and the quantifiable destinations (108.80s/110.50s), in congruence with the market structure. The structural and statistical data generated by the market provides an efficient framework from which to view, strategize, and position in the market.
Holistic analysis based on the market generated data and probability logic.
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