Excellent report and your synopsis nailed it.
Similar to last week, the action following the COT cut-off has the market, in this case, significantly below the $2.0175 level. Of course, most of that downward movement came on Friday, but for me I will be watching in next week's report the action of commercial longs, managed money (as a whole) and large traders.
Also interesting is the upcoming U21 roll. While at this point September (closing basis) is 16.5 cents from the June 1 close, we have seen a range of nearly 67 cents since U21 became the lead month.
Good trading to all.
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