Nasdaq futures are down slightly as we head into cash open. The session was mostly balanced until at attempt higher was made early this morning. Said attempt stalled before the midpoint from Thursday and rolled hard. Price spent the next hour pushing lower by about 25 points. Thursday session low was breached in the process and now price is grinded along below yesterday’s range.
Today is the busiest economic event day after a quiet week. We have Industrial/Manufacturing Production data at 9:15am followed by the preliminary August confidence read from University of Michigan. Then at 1:00pm the Baker Hughes rig count.
Yesterday was a grind of a session. Sellers made an early attempt down into Wednesday’s neutral extreme print but were contained to the upper quadrant of the session. From there buyers began methodically grinding price higher for nearly the entire session, slowly. In the final hour of trade liquidity was low and a seller managed to push price back down near session low.
Heading into today, my primary expectation is for early excitement to give way to slow, summer Friday grind trading. Look for sellers to take out overnight low 4501.25 and test to 4491 before buyers step in and two way trade ensues.
Hypo 2 buyers work into the overnight inventory and close the gap up to 4517. They target overnight high 4528.50 and continue pushing up to 4540.75 before 2 way trade ensues.
Hypo 3 sellers push a bit more aggressive at target 4460.
Levels:
Raul – let’s grind it out. Btw, where the hell has Sooz been?
Michigan in the summertime is very conducive to abandoning computers entirely.