A slew of economic data pertaining to Durable Goods and Personal Income and Initial Jobless Claims was released at 8:30 am and the mixed data ushered a bit of selling into the globex premarket. Looking ahead we have Chicago purchasing manager at 9:45 am, U of M Confidence at 9:55am, and New/Pending Home sales at 10am. Energy traders will also be keen on the 10:30am oil and gas inventory numbers and the 12noon EIA Natural Gas storage numbers.
Nasdaq volumes are still running at a fairly normal rate, just on the low end of normal. However the range compressed overnight to only 13.50 points which is below normal as we head into the final day of trade before Thanksgiving.
Overnight markets managed to make new swing highs on verses the RTH session yesterday and overall maintained trade in the upper half of Tuesday’s range. This is holiday grind-type trading at its finest.
There are a two volume pockets that have formed while we drifted higher out of balance. They will likely come into play at some point soon. The pink one might see some action today. When they do trade they will offer a quick opportunity to earn a few points. I have noted these levels and other key levels I will be observing on the following volume profile chart: