Higher opening prints were not sustained and following a short pause near to overnight levels the market then proceeded to retreat down into the 19.40’s, light selling from smaller specs dominating with the market providing no concrete direction. By late morning, the situation had stabilised to be only showing single digit losses, but again the lack of any significant buying undid any good work that had been down with a further slide back down to 19.41 seen to place the market back on the defensive. Recent sessions have seen the fund longs ride to the markets defence whenever it is threatened and today followed that same pattern will the rise from these lows fuelling sufficient buying to accelerate through the limited selling and reach 19.73, a single point above the opening high. Spreads naturally were moving with the outright activity providing a March/May’23 range between 1.03 points and 1.10 points to continue its movements across the same old band, and while it maintains above 1.00 points it will provide encouragement to the longs as to the market structure. Prices fell back into the range before finding some late defensive buying which ensured a settlement level at 19.62, still firm though showing no sign of a significant break at the present time.
A strong opening saw March’23 push up to $543.60 and in so doing take the March/March’23 white premium out towards $110.00, though neither was able to maintain these heights for long as selling started to emerge. With plenty of day trader activity dominating proceedings a decline to $537.40 followed before the picture was able to settle, the market eventually finding some calm in the vicinity of $540.00 where things remained through the late morning/early afternoon. Speculative activity then picked back up to ensure further swings within the broad range, recording new daily lows at $536.50 in the process however the market soon recovered from this mark to move back into the days range. The rest of the afternoon was spent see-sawing either side of the $540 mark on low volumes, with no discernable pattern to be found throughout. This was true right until the end of the day as some pre-close selling was countered by MOC buying, ultimately leaving March’23 to settle at $538.40 and leave us very much as we were.