As noted in last week's review here, this week's response at the key structural resistance, 91.50s/92s, was key. The sellside failure there set the stage for this week's auction.
The market auctioned down to the Avg Wkly Range Low area, encountered a buy response, auctioning to the key structural resistance, 91.50s/92s, where the sellside failed to defend. The buyside auction continued to the Wkly 1st Std Dev High, developing a Stopping Point and balance through mid-week.
Following balance and a restest of the structural breakout point, 92s, the market began a new buyside auction higher toward the Wkly 2nd Std Dev High, closing the week at/near the high.
Next week's response at/near the 93.80s will be of focus. IF 93.80s hold as resistance, price discovery potential lower toward 92s/90.50s. IF 93.80s fail as resistance, price discovery potential higher toward 95/95.60s.
Graphics
Central Banks
- Four Stories Of Quantitative Easing. (St. Louis Fed)
- The Fed & QE During Great Depression. (Telegraph)
- RBA Easing Cycle May End With Largest Job Gains In 13yrs. (Bloomberg)
- 5 Failed Currencies. (Investopedia)
Geopolitics
- Michael Hayden, Former CIA & NSA Director, Opines On The War Paradigm, Iran, Cyberwarfare, Drones, Post Chávez Venezula, et al. (RT)
Supply/Demand & Markets
- Iran Increases Oil Exports M/o/M, Despite US Sanctions. (Oil Price)
- KLM Flies 777 TransAtlantic On Cooking Oil. (Oil Price)
- IEA March Oil Market Report. (IEA)
- 1936 Redux: This Time It's Different. (Zerohedge)
Outrageous Market Fortune
- May 6 2010: Money & Speed: Inside The Black Box. (Backlight)