The market opened this week at/near 97.65s, the Key Structural Resistance Area, encountering the responsive sell programs that drove price lower, achieving the Stopping Point Low, 97s, at/near last week's micro trade cluster low and buy program area.
Buy programs entered Tue, aggressively driving price higher out of the prior Balance, achieving the Weekly Stopping Point High, 98.75s, within late Oct's Overhead Supply Cluster into midweek. Responsive sell programs entered there, driving price lower toward the prior breakout point where buy programs once again drove price back to the Weekly High ahead of the Wed EIA data.
Responsive sell programs entered again at the high as the market balanced ahead of the EIA. Despite the so-called "bullish" tone of the EIA release, initiative sell programs entered, driving price lower, breaking down below the early week breakout point, achieving the Stopping Point Low, 97.20s. The market balanced, 97.20s-97.60s, before retracing toward the Overhead Cluster Low, 98.20s, where a Structural Selling Tail, 98.20s-97.95s, formed during Thu's Pit session. The Selling Tail held into Fri's Globex session, as new initiative sell programs entered, forming a Gap Open lower into Fri, resulting in price discovery lower, achieving the Weekly Stopping Point Low, 96.20s, closing the week at/near 96.60s.
Graphics
- SP 500 & Sector Breadth. (Bespoke)
- Odd Lots. (Nanex)
- Baltic Dry Index, 2007-Present. (Bespoke)
- Net Spec Position. (John Kicklighter via StockTwits)
Central Banks
- FOMC Pending. (Zacks Via ValueWalk)
- Mark Carney Worrying About The Other Guy. (Telegraph)
- Will The People's Money Become The Next Global Currency? (AFP via Asia Rising)
Geopolitics
- China Prepares For Financial Warfare. (In Gold We Trust)
- Kenya Gets Infrastructure Boost From China. (Oil Price)
- Mexico's Energy Modernization, Iran Talks With IOCs. (Oil Price)
Supply/Demand & Markets
- Iran Unable To Sustain Crude Export Increase, Sayeth IEA. (Bloomberg)
- US Crude Stocks "Crater" 10.6mil Barrels. (Platts)