Nasdaq futures are on the move as we head into US trade as speculators digest the ongoing ECB commentary from Mario Draghi. Third reaction analysis of the news driven move showed sellers as the most active participant, however it will be interesting to see how we auction once the markets open for trade.
Shanghi composite surged over 4% overnight on fresh speculation of stimulus. During the Draghi comments we are seeing some big swings in the Euro and the DAX. The DAX covered 250 points of range on this move, first up nearly 100 then sharply reversing. So overall these are very volatile market conditions as we head into the open.
Yesterday the Nasadq came down and touched the micro composite VPOC at 4290 and saw a sharp reaction higher. The action that followed managed to push the VPOC a bit higher to 4298 after price churned in this region for much of the session before ultimately moving higher.
Prices are set to open inside of yesterday’s range at the open, however prices are on the move as the markets continue to adjust in these volatile conditions.
I have noted the key price levels I will be observing on the following volume profile chart:
