via The Daily
As noted in Mon's analysis, focus on response to Key Structural
Support, 50.20s-50s, in Tue's auction
was key as selling interest entered there, driving price lower toward the Avg
Daily Range Low. Focus into Wed's
auction on response to 48.20s.
via The Daily
Noted here during Tue's auction (highlighted in yellow):
- Clearing of Globex Stops early in the NY auction below, 49.45s, and the implication of the Sellside response that followed.
- New low in Net Delta upon the breach of Globex Support.
- Selling interest, 49.35s-49.30s and the expectation for price discovery lower.
- Key Downside Reference Levels including our Avg Daily Range Low, 48.14s.
- Ultimately, the market traded to 48.20s, near the Avg Daily Range Low.