via The Daily
As noted in Tue's analysis, focus on
response to Key Structural Support (42.60s-43s In Apr/ 44.40s-45s in May), was
key as buying interest emerged there, developing Balance through the
"bearish" EIA data culminating in buying interest driving price
higher on Fed policy guidance. Focus on response to Wed's Buy Spike into Thu's
auction.
Wednesday's Micro-Blog Excerpt
via The Daily
Noted here during Wed's auction
(highlighted in yellow)
- Following the failure of initiative sell programs (ISP) at/near 44.20s-44.15s, responsive buy programs (RBP) entered at/near 44.05s-44.15s, Major Structural Support. This structural development implied growing risk to the Sellside into the EIA catalyst.
- Ultimately, the "bearish" EIA data resulted in initiative buying interest (IBP), driving price higher toward 47s in short covering inventory adjustment.