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| This week's auction resulted in a balance phase in the upper Jan cluster (95.00s-97.00s) following the multi-week directional phase higher. The market rallied toward the weekly 1st standard deviation high level, 97.11s, which we alerted our weekly subscribers to last week (here). This area offered the most asymmetric & efficient reward potential of the week, resulting in an approximately $2 inventory adjustment lower on Wed. The market is now in a balance phase, (95s-97s), awaiting the next directional catalyst. IF buyside fails at 95s, probability favors price discovery into Jan lower cluster, (92.50s-94.50s), (here). Conversely, IF buyside defends 95s, probability favors challenge of 97s and possible continuation of upside directional phase. Balance begets imbalance.... |
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