The move on $MON in the early morning was pretty interesting. It shot up 2.7% in just 15 minutes, with volume expanding to 20 times normal levels—clearly not something retail traders could have produced. More importantly, OI was rising in sync, with 1-hour contracts net increasing by 1.3M. This kind of combination of price up + open interest up looks more like new money entering to go long, rather than the usual short-covering pattern.
At the 99.4th percentile and ranked first in abnormality across the entire pool, to be honest, I don’t feel confident chasing it at such an extreme level. But the 13.5% tilt toward aggressive buying also shows that there really are people actively absorbing supply. After breaking above the upper end of the range of the last 20 candles, the short term will either accelerate or turn into a meat grinder.
Anyway, in markets like this, don’t argue with the data. Respect the trend, but don’t be the last one handing off the baton. I’m not chasing $MON at this level—I’ll just watch.
At the 99.4th percentile and ranked first in abnormality across the entire pool, to be honest, I don’t feel confident chasing it at such an extreme level. But the 13.5% tilt toward aggressive buying also shows that there really are people actively absorbing supply. After breaking above the upper end of the range of the last 20 candles, the short term will either accelerate or turn into a meat grinder.
Anyway, in markets like this, don’t argue with the data. Respect the trend, but don’t be the last one handing off the baton. I’m not chasing $MON at this level—I’ll just watch.