As noted in Fri’s analysis, focus on response to 58.50s-57.40s, was key in Mon’s auction as selling interest entered early in the Globex auction, driving price lower to the Avg Daily Range Low. Responsive buying interest emerged there, developing Balance, 56.25s-58.75s, into the NY auction before selling interest entered at/near 56.35s, driving price toward the Daily 1st Std Dev Low. Focus on response to the unsecured low area, 55s-56s, into Tue’s auction.
Monday’s Micro-Blog Excerpt
Noted here during Monday’s Auction, the initiative sell programs entered into the NY auction within the context of the Globex Upper Cluster, 57.60s-58.70s. Indicated is the implication and expectation of a breach of 57.60s likely resulting in long liquidation along with the expected levels including the Globex Low, 56.25s. The market ultimately traded there and lower into the close.