The Nasdaq continues to make new highs this morning as volumes begin to dry up. The overnight range is in the realm of normal but still exhibiting a slightly compressed range. GDP data came in stronger than expected at 8:30 am and the initial reaction was buying. Keep in mind we also have Consumer Confidence data set for release at 10am today.
My initial outlook on the week was that the extended Nasdaq had done a good job finding sellers on Friday with the big gap higher and subsequent selloff. However, the market is again drifting higher in search of a fair sell point. Yesterday prices managed to exceed Friday’s high and push value higher on a session that featured many pockets of momentum under the surface.
The low volume environment is showing evidence of favoring buyers and traders are likely to benefit more from targeting opportune individual charts than trading the index itself. However, I have highlighted the key context levels I will be observing today on the following volume profile chart:
nice move in scok (no homo)