As noted in Fri’s analysis, focus into Mon’s auction on response to Fri’s Sell Spike was key as selling interest emerged within the Spike, forming a Structural Selling Tail, 49.15s-48.90s, ultimately resulting in price discovery lower toward 47.60s. Focus on 47.50s-47s into Tue’s auction.
Monday’s Micro-Blog Excerpt
Noted here during Mon’s auction
(Highlighted in yellow)
- Failure of the Buyside breakout attempt above the Globex High at/near 48.70s, implied potential for sellside rotation through the Globex range. This probability path was also supported by the development of the Structural Selling Tail, 49.15s-48.90s.
- Sellside rotation developed through the Globex range, achieving a sellside momentum extreme into 48.10s with expectation for price extreme to follow the momentum extreme.
- Key downside reference levels including the Globex Low, 47.64s. Ultimately, price discovery developed toward the Globex Low where buying interest halted the downward auction into the NY close.