As noted in Tue’s analysis, focus into Wed’s auction on response to 48.20s was key as selling interest entered, driving price lower, achieving a Stopping Point, 47.34s, before late session short covering inventory adjustment occurred. Focus on response to 48.50s-49s, the NY Selling Tail into Thu’s auction.
- Selling interest of the NY open with the expectation for the challenge of the Globex Low, 48.24s.
- Initiative sell programs (ISP) at/near 48.45-48.40s.
- Development of a Structural Selling Tail, 48.90s-48.55s, implying potential for price discovery higher.
- Initiative sell programs (ISP) at/near 48.40s-48.35s, confirming the Selling Tail and implying potential for price discovery lower.
- Ultimately, the market traded just beyond the Key Downside Reference Level, 26Feb, to 47.34s, before the halting of the downward auction.