Following last week's Buyside Structural Breakout, the market opened this week at 100.14s, within last week's upper trade cluster. Following minor balance, sell programs drove price lower into the Key Low Usage Support, 100s-99.70s, where no meaningful buy response was illicited. Price discovery lower continued, confirming the failed Buyside Structural Breakout. The market achieved a Stopping Point, 98.15s, into the New Year's Eve session as the market balanced, 98.15s-99s, at/near Key Structural Support.
Following the New Year's holiday, the market reopened within balance, before initiative sell programs entered, driving price lower, as aggressive long liquidation ensued, achieving a Stopping Point, 95.35s, within early Dec's Low Usage Support, 94.40s-95.60s, at/near the Weekly 2nd Std Dev Low. The market balanced into Fri's session before initiative sell programs again drove price lower, achieving the Weekly Stopping Point Low, 93.86s, within the Major Dec Demand Cluster, 92.50s-94.50s, before responsive buy programs entered in aggressive short covering driving price higher, closing the week at/near 95.44s.
Graphics
- S&P 500 2013 Snapshot. (Bespoke)
Central Banks
- BOE May Change Threshold For Interest Rate Move. aka Wingin' It. (Guardian)
- Fed Tapering & Impact On Oil Demand. Not Quite De-disinflationary. (Barclays/Platts)
Geopolitics
- US Intends To Suppress Gold To Ensure Dollar Dominance Sayeth Sun Zhaoxue. (In Gold We Trust)
Supply/Demand & Markets
- EIA: -7mil v -2.8mil exp. (EIA)
- Nigeria. (EIA)