The market opened the week at/near 94.25s, near Key Structural Resistance/Last Week's Balance High before responsive sell programs entered, driving price lower early in the week, achieving the Weekly Stopping Point Low, 93.65s, at/near Key Structural Support/Low Usage Area. Responsive buy programs entered there driving price up through the early week Balance, 93.50s-95s.
Following micro-balance at the high, initiative buy programs entered, driving price higher through the Key Low Usage Resistance Area, 95s-96s, achieving a Stopping Point at/near 96.80s, before buy programs entered on the pullback, driving the market higher achieving the Weekly Stopping Point High, 97.74s, at/near Key Structural Resistance, 98s, near the Avg Weekly Range High expectation. Responsive sell programs entered as the market micro-balanced, 97.75s-97.25s, into Fri's session, where initiative sell programs entered, driving price lower, pulling back to 96.50s, where responsive buy programs entered, closing at 96.64s.
Graphics
- An EKG In Deflation. (Market Anthropology)
- S&P 500 Sector Ranges. (Bespoke)
- Why You Should Ignore Everything That Comes Out Of Davos. (Zerohedge)
Central Banks
- Fed Officials' Funnybones. (WSJ)
- Bernanke's Legacy. (Zerohedge)
- Fracking Boom Boosting Treasuries' Demand? (Bloomberg)
Geopolitics
- Gold Wars? Russia & China v US. (Fabrice Ristori via ValueWalk)
- Iran Oil Exports Exaggerated, Sayeth US Officials. (Bloomberg)
- Turkey Highlights EU Bid Amid Turmoil. (Bloomberg)
Supply/Demand & Markets
- EIA: +1mil v -1.9mil exp. (Platts)