Nasdaq futures went for a ride overnight. On the session price printed over a 40 point range on abnormal volume. Most of the session was dominated by buyers until after 5am when sellers showed up inside the 04/07 range.
At 8:30am intial/continuing jobless claims data was out and has seen price lower slightly. Also up on the docket today is Natural Gas storage figures at 10:30am and Consumer Credit at 3pm. The big data is out tomorrow morning when we here the monthly change in NonFarm Payroll.
Yesterday sellers pushed off the open to take out Tuesday’s low early on and sellers continued pushed for most of the session. Comments from Fed Chair Yellen about equity valuations being high may have spooked investors. By early afternoon we closed the open gap dating back to 4/17. Toward the end of the day we saw a ramp higher.
Heading into today my primary expectation is for sellers to push into the early morning globex inventory to 4349.75 before buyers step in and work us higher. Look for buyers to take out overnight high 4379.
Hypo 2 sellers take out overnight low 4332.50 to target 4310 before buyers step in and 2-way trade ensues.
Hypo 3, buyers push off the open to target 4390 before sellers come in and two way trade comes in.
Hypo 4 strong rally up through 4396 sets up a secondary push to 4432.
Levels:
