The Nasdaq has officially filed all participants into a narrow waiting room until further notice—further notice likely being tomorrow morning’s Nonfarm Payroll data. The futures contract threw down another massive overnight session last night, with range well beyond second sigma and volume not far behind it. But nothing really happened in the context of intermediate term balance. We just went back to the low-end of the range.
At 8:30am we had initial/continuing jobless claims which hardly saw a reaction likely due to the upcoming NFP data. At 10:30am we have the weekly natural gas storage report then an open calendar.
The intermediate term timeframe is balanced and range bound. To expect anything less than buyers at the low end of it and sellers at the top end seems foolish.
Until the range breaks the best play is fade the edges.
Ranges, she’s a beauty:
50ma touch. buy the dip, son.