The market is experiencing little reaction to the 8:30am data which featured a significantly stronger-than-expected NFP number and an inline unemployment rate. Just before the news was released there were short headlines out of Europe concerning a one trillion dollar bond buying program in the multi-country zone. The news sent the thinly traded Euro dollar reeling lower. The busy morning on the net however has produced a normal overnight range on normal volume as we head into Friday’s trade.
There has been a buyer in the Nasdaq defending around 4310 for the last 26 hours. What I am interested most is the low volume node formed just below this level, right at 4307.50
Since the sharp move lower on Monday prices has drifted higher on the index, and part of yesterday’s neutral print was a sharp excess high. The first reaction to the NFP data was a sell that took us right to the low of the globex session but did not breach it.
This structure leaded me to hypothesize we see sellers at the open who push into the overnight inventory and take out the overnight low 4310.75 to test the 4307.50. I will look for signs of responsive buyers at that level otherwise the MCVPOC at 4298 becomes an area of attraction for sellers to target. Below there the structure starts to get loose, especially below 4286.75.
If buyers defend the LVN at 4307.50 then I am looking for a run toward prior swing high formed last Friday.
I have noted the price levels mentioned above on the following volume profile chart:
DBL ONL resolved premarket, 1-tick, potential failed auc
Looks to me a consolidation day so far. I feel it wants higher.
$Z beast
Bought $ZUMZ 33.75
way to stick with the Z zook, perhaps if my handle was “Zaul” I would still be with you
my dad tells me 3-5x per year that he wanted to name me Zeus but my mom wouldn’t let him