Today's Market The second dip we talked about on Friday... only showed up early this morning before the CME opened... At the same time, the area of the second dip is also where the short positions from Friday's spike got trapped. Check out Chart 1. (Trapped shorts = price returns to break even = support) ----------- From OI (Chart 2) The aggressive shorts from last Friday have mostly exited by now... The weekend to Monday Asia session movement has basically aligned with expectations... ------------ From a symmetry perspective (Chart 3) The weekend didn’t hit a lower low compared to Friday. This -4.57% move still aligns with the symmetry expectations of the past month. ------------ From the order book (Chart 4) It’s still the same as Friday, constrained by contracts. The sell orders above are still sitting at 63.7k. The concentrated sell orders below are still under 62.5k. So when it hit 63.7 just now, that was basically TP1 for the earlier low longs. Spot orders below 62k are still densely packed with various grid orders. With the current sluggish trading volume, it’s hard to break below without some kind of catalyst. To be continued in the next post.