Our weekly TPO profile graphics for 22Nov.
Plotted: Structural Support (blue), Structural Resistance (red), and Points of Control (green).
The left graphic shows the Nov timeframe distribution’s
breakdown below Major Structural Support, 96s,
price discovery lower to 92.50s and subsequent Balance, 92.50s-95.50s.
The right graphic shows last week’s distribution showing
the development within the longer term Balance,
below the Overhead Low Usage Area/Supply, 96.10s-95.50s.
reference levels/weekly close for 22Nov,
projected levels/inferential analysis for
29Nov, and weekly range frequency table.
The market opened this week at/near 94.10s, where sell programs entered, driving price lower, achieving a Stopping Point Low, 93.34s, balancing before buy programs entered, driving price higher, achieving the Weekly Stopping Point High, 94.60s, at/near last week’s Settlement.
Responsive sell programs entered at/near 94.60s, driving price lower back to prior Support, 93.30s, where sell programs entered, breaking down below Key Structural Support, driving price aggressively lower into midweek.
The market achieved a Stopping Point Low, 91.70s, where responsive buy programs entered late Wed, halting the downward auction into the US Thanksgiving Holiday. The market balanced through Thu’s Globex auction before buy programs entered Fri, driving price aggressively higher as weak short inventory at the low was adjusted. Responsive sell programs entered at/near 93.70s, driving price back toward Support into week’s end, closing at/near 92.80s.
Ultimately, this week’s auction saw a Structural Breakdown below Major Structural Support as price discovery lower drove the market toward 91.80s while failing to achieve a minimum Weekly Low Expectation as compression of the Weekly Range Expectations continues.
These studies helped inform our subscribers of the significance of the breakdown below Major Structural Support, 96s, the directional implications, and likely Structural and Statistical destinations in congruence with market structure. The sell response at Key Overhead Supply implied Inference #2 was the likely outcome for the week’s auction as inferred.
Holistic analysis based on the market generated data and probability logic.
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