The market opened this week at/near 93.80s (94.35s in Jan Contract), before buy programs entered, driving price higher toward Key Structural Resistance, 94s (95s Jan), achieving a Stopping Point High there where sell programs entered, driving price lower to test last week’s Structural Stopping Point Low & Structural Buying Tail, 92.70s-93s, as Dec-Jan contract roll took place.
Balance, 93.40s-94.40s, developed during midweek as Structural Buying Tails formed as buy programs entered.
This strucutral development implied the potential for buyside resolution to the Balance phase as inferred in last week’s Weekly Statistical Levels Study. Buy programs entered Thu, driving price out of Balance as short inventory at the low was adjusted.
The market achieved the Weekly Stopping Point High, 95.63s, within the prior Overhead Supply Cluster, 95.20s-95.80s. The market balanced, 95.60s-95s, into Fri’s session where responsive sell programs entered at the Weekly High, driving price lower, shaking out weak long inventory, retracing to the Breakout Point/Prior Resistance at/near, 94.30s, before upticking to close the week at 94.85s.
- Q3 Earnings Results, Q4 Estimates. (Zacks via Value Walk)
- What Is A Gold Standard? (Not Exchange Standard) (Lawrence White, George Mason Univ Via Zerohedge)
- Fed Opines On Its Operations In Context Of A Treasury Default. (Quartz)
- Bernanke: Decision To Taper May Come In Next Meetings. Or Not. (Reuters)
- Interim Iran Deal Reached. (Zerohedge/White House)
- EU-US Free Trade Agreement & The Energy Sector. (Oil Price)
- Iran To Start 2014 Crude Term Supply Talks With China In Dec. (Platts)
Supply/Demand & Markets
- Platts’ Response to Collusion Claims, Price Assessment Methodology. (Platts)
- Pirates Looting West African Oil Cargoes. (Bloomberg)
- US Drilling Rigs Increasingly Switching To Nat Gas From Diesel. (Platts)
- CME Hacked. (ValueWalk)
- HFT In The Emini. (Nanex)