Our daily statistical study plotting both price action for 24Aug with key reference levels for 27Aug. Result??
The market saw a buyside auction on the Hurricane Isaac narrative during the Globex session toward the Avg Daily Range High, 97.75s, referenced Friday.
After achieving a stopping point & a balance phase, the market encountered a significant Sell Spike/Liquidation into the Pit session open. The market achieved another stopping point at/near the Avg Daily Range Low, 94.55s, also referenced Friday during the Initial Balance.
The market again balanced into Midday session, upticking to close off the low.
Today’s activity is a deviation from recent market behavior (see here). The majority of the
rotation occurred in London session rather than NY.
Despite the sound and fury,
the auction was in totality an Average Daily Range’s expectation.
For additional information & a 5 day free trial,
- EIA Inventory Release, 22Aug. (Nanex)
- Commodity Price Comparison Since 2008 Peaks. (Reuters/Catherine Trevethan)
- China GDP & PMI. (Reuters/Scott Barber)
- German GDP & Export PMI. (Reuters/Scott Barber)
- Week Ahead In Central Banking. (FT Money Supply/Claire Jones)
- Internationalization Of Renminbi Into Africa. (FT Beyond BRICs)
- BoE Says Pensioners Biggest Winners Of QE. (Telegraph)
- Gold Standard: Easier Said Than Done. (Sovereign Man)
- Bernanke Says Fed Has Scope To Provide More Stimulus. (Reuters)
- 40yrs of Gold Confiscation By The US Govt. (Zerohedge)
- RBS Probed Over Possible Iran Sanctions. (Reuters)
- Saudi Arabia On The Offensive v Iran. (Oil Price)
- Australia Implements Sanctions Against Iran. (Platts)
Supply/Demand & Markets