iBankCoin
I turn dials and fiddle with knobs to hone in on harmonic rotations
Joined Oct 26, 2011
4,110 Blog Posts

Navigating The Highlands

Nasdaq futures are up overnight on an abnormal range and volume over second sigma. Fueling the action overnight in part were earnings from major tech corporations Google, Microsoft, and Amazon. This morning we heard from a few big biotech names including Biogen and AstraZeneca who are both trading lower. This may trigger a rotation away from the hot space and into tech.

At 8:30am Durable Goods Orders came in with a big beat on the headline number. We also have the Baker Hughes US Rig Count at 1pm.

Yesterday we printed a normal variation day up with a distinct amount of afternoon imitative buying. The action set us up to fill the open gap left behind March second and had enough fuel in the tank to push us to new contract highs.

Market profile loses a bit of its might when we trade up in open air. Whenever we break a significant level it’s a good idea to take a high level snapshot of the action and see where we are. As you can see on the following weekly Nasdaq composite chart, were are almost to all time high on the index:

NQ_WEEKLY_COMPOSITE_04242015

We can still do measured moves to put some working levels on the chart, as you will see on the white volume profile chart below.

Heading into today, my primary expectation is for sellers to push into the overnight inventory and work down to 4506 before finding buyers and a Friday, two-way grind ensues.

Hypo 2 is buyers drive off the open and make a move up to 4518.25 before finding responsive sellers and two way trade ensues.

Hypo 3 is a strong, gap and go drive to target 4527 with a stretch target of 4538.50.

Hypo 4 is a drive down, gap fill to 4482.50 with a continuation move down to 4450.75.

Levels:

NQ_MPVP_40242015

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4 comments

  1. Raul3

    that lopsided market profile just evened out

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  2. UncleBuccs

    Raul – I love coffee. A dose of Vietnamese Cinnamon atop my grounds every morning before brewing. Your uncle’s blood flows non-stop with the essential elements of mental clarity, coffee being one.

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    • Raul3

      nice, I’m a home brewer too. Good cinnamon is vital, helps regulate glycogen fluctuations

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