Nasdaq futures continue to drift higher as we head into a fresh week. Volume was light but normal overnight on a session that featured little rotation on its continued ascent to new highs.
This week the economic calendar is somewhat quiet, and today we have no economic releases. Morgan Stanley is up pre-market after reporting earnings.
Last week was spent pushing higher, aggressively at times, and looking for sellers. They were nowhere to be found. As a result the pushed through the upper bound of our recent range to break out. The other majors (S&P, DOW, Russell) lagged behind a bit and are still inside their respective ranges.
Whenever we take out a major level, I like to pull up a long term chart of the Nasdaq composite to see where we are trading. This is the equivalent of pulling out the national interstate map when you cross a state line. As you can see, we are up in blue skies where theoretically anyone who ever invested in the Nasdaq is profitable. Also notice, last week was the first time we closed above the all-time high set back in 2000:
Heading into today, my primary expectation is for price to continue drift higher. I don’t do much up at these prices. We’ve exceeded my measured move targets.
Hypo 2 is seller push into the overnight inventory and close the weekly gap down to 4651.25. Look for sellers to target the overnight low 4646.50. From here look for buyers to defend 4639, otherwise a test down to the LVN at 4627.75.
Levels: 
