Price remains range-bound, and after a brief sweep of Monday's high in London, New York broke down to the range low where buyers stepped in at 83,000. That leaves price at the low end of this week's value area, within reach of last week's single print at 82,000, as modest short positioning tests resting bids. Meanwhile, Treasury yields surge to multi-year highs, and a soft job openings print was met with lower crypto and equities.
🟡 September 29, 12:33pm ET
Price remains range-bound.
After a brief sweep of Monday's high during the London session, New York broke down to the low end of the range, where buyers stepped in at 83,000.
The question is whether the range low holds again or finally gives way.
Price continues to coil above the local range high.
Since the second rejection from 87,000, every push toward 85,000 has been capped.
Price is range-bound between the local swing high and the yearly open.
Below, the 30-day rolling VWAP continues to catch up from beneath, but it is starting to flatten as price consolidates.
At 83,000, price is now at the low end of this week's value area.
That puts it within reach, once again, of the single print left in last week's profile at 82,000.
If the value area low gives way, that gap becomes the next magnet. If it holds, value keeps building in this range.
Some modest short positioning is testing the waters, and short aggression is increasing.
So far, resting bids at 83,000 are absorbing the sell pressure.
The question is whether it will be enough to overcome the pullback buyers here, or if it just becomes fuel for the squeeze that kicks off the next leg up.
Altcoins are showing bullish momentum, and Robinhood's daily crypto trading volume was up 24% in September versus August.
Meanwhile, Treasury yields are surging to multi-year highs across the curve, with the 30 year now at 5.61%.
The question is whether retail risk appetite can keep running while the cost of money keeps climbing.
Job openings printed materially lower than expected today.
A softer labor market could ease the Fed's hawkish posture, which would normally be good for asset prices. Instead, crypto and equities both fell.
That suggests we are in a bad news is bad news regime for valuations.
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Price continues to coil above the local range high, with 85,000 capping every push since the second rejection from 87,000. Today's London session briefly swept Monday's high before New York broke down to the low end of the range, where buyers stepped in at 83,000.
That puts price at the low end of this week's value area, within reach of the single print left in last week's profile at 82,000. Some modest short positioning is testing the waters, and so far resting bids at 83,000 are absorbing the sell pressure.
The macro backdrop is turning. Treasury yields are surging to multi-year highs, with the 30 year at 5.61%, and a materially softer job openings print was met with lower crypto and equities rather than relief. The question is whether the bids at 83,000 hold, or whether the range low finally gives way.