The market opened the week auctioning higher from last week's Settlement, 99.90s, as buy programs entered, driving price higher, achieving a Stopping Point High, 100.38s, early into Mon's session where responsive sell programs entered, driving price lower, achieving a Stopping Point Low, 99.11s, within last week's Low Usage Support, as the structural development of Balance ensued as the market priced in Yellen's testimony into midweek.
Price discovery higher continued into the midweek EIA data, achieving the Weekly Stopping Point High, 100.38s, where responsive sell programs entered on the "bearish" EIA narrative driving price back into Balance. The buyside failed to defend at/near the Breakout Point resulting in price discovery lower through Balance, encountering responsive buy programs, 99.40s, at/near Key Structural Support. Two-sided responsive trade continued, closing the week at/near 100.40s.
Graphics
- Global Inflation: Tale Of Two Extremes. (Goldman via Zerohedge)
- North Sea Oil Output Exceeds Expectations In Jan. (ValueWalk)
Central Banks
- Fed Taper Plans Unshaken, Sayeth Punditry. (Reuters)
Geopolitics
- Could Iran & India Be Afghanistan's Plan B? (Diplomat)
- Germany, France To Develop European Data Network, Bypassing US. (RT)
Supply/Demand & Markets
- OPEC Output Rises As Group Sees Demand Growth. (Bloomberg)
- Goldman's Themes From S&P 500 Q4 2013 Earnings. (ValueWalk)
- Natural Gas: Biggest Supply Drop In 7 Years. (Bloomberg)