I turn dials and fiddle with knobs to hone in on harmonic rotations
Joined Oct 26, 2011
3,569 Blog Posts

In The Groove

Nasdaq futures are trading quietly ahead of this week’s start. After two Monday’s of starting out with a big gap up and volume elevated, today is set to open near-flat on volume low-end normal.

The economic calendar is quiet today. At 10am we’ll hear the latest read of the Labor Market Conditions Index. This is a low/medium impact number. Earning’s season is moving onto b-role companies and less likely to impact the overall market. The dominating headline risk remains with the eurozone and their Greek situation.

Friday price went pro gap up after Nonfarm payroll data received a positive reaction. We spent the rest of the session trading sideways with a slight upward bias. Since then, during globex, price managed to test below Friday’s low briefly before rotating 10 points higher.

Heading into today, my primary expectation is for 2-way auction to give way to more price discovery up. Buyers look to target a 05/04 gap fill up to 4476.25.

Hypo 2 is sellers take out overnight low setting up a test of the single prints down at 4437. If they can push down into them, look for a give-back of the NFP boost all the way down to 4403.25.

Hypo 3 is bracket trade between 4456 and 4445.



If you enjoy the content at iBankCoin, please follow us on Twitter

One comment

  1. lesurgeon


    • 0
    • 0
    • 0 Deem this to be "Fake News"