The market opened the week at/near 92.80s, driving price lower to test the prior week's Structural Buying Tail, 91.20s-92s, and Structural Stopping Point Low. Responsive buy programs entered there, driving price toward the Balance High/Low Usage Area, 92.90s-93.30s, into midweek.
Initiative buy programs entered, driving price higher, achieving a Stopping Point, 94.50s, where responsive sell programs entered, balancing, 94.50s-93.80s, into Fri's session. Initiative buy programs entered during Fri's auction, driving price higher, achieving the Weekly Stopping Point High, 95.07s, at/near the Key Structural Resistance, closing 94.59s.
Graphics
- Federal Reserve Presence In USTs. (Market Update)
- Relative Strength Of S&P 500 Sectors. (Bespoke)
Central Banks
- Bernanke Says QE Works, Posing No Immediate Bubble Risk. (Bloomberg)
- IMF's Universal Savings Tax & European Banking System. (Fabrice Ristori via ValueWalk)
Geopolitics
- Deutsche Bank Quits Gold Fix. (Bloomberg)
- New EU Trading Rules. (Mark Melin via ValueWalk)
Supply/Demand & Markets
- Chinese Oil Demand. (Platts)
- Libya Crude Supply Starts Returning To Market. (Platts)
- New EU Trading Rules. (Mark Melin via ValueWalk)
- Case For Exporting Crude Oil. (Platts)