Wednesday's Auction
As noted in Wed's analysis, focus into Thu's auction on response to
56s-55.70s, was key as buying interest emerged there, resulting in short
covering inventory adjustment and rotation back through the multi-day Balance,
55.70s-58.70s. Focus into Fri's auction on response to Thu's Upper Trade
Cluster, 58.60-57.40s.
Thursday's Micro Blog Excerpt
via The Daily
Noted here during Thu's auction
(highlighted in yellow)
- Buying interest off the NY open auctioning up to challenge the Globex High, 56.80s.
- Initiative buy programs (IBP) entered at/near 56.70s-56.75s, as buying volume interest continued at the High, implying potential for price discovery higher.
- Key Upside Reference Levels including the Avg Daily Range High (58.07s), Overhead Selling Tail (58.45s-58.63s), and the Daily 1st Std Dev High (58.62s). Ultimately, the market auctioned higher to 58.41s, within the Key Overhead Supply Cluster before responsive selling halted the buyside auction.
