Price is set to gap up for the fourth consecutive day on the NASDAQ after an overnight session featuring normal range and volume. Price managed to traverse but hold the Thursday range during globex.
The economic calendar is quiet today. The only item scheduled is the low impact Baker Hughes Rig Count at 1pm.
Yesterday we printed a normal variation up day. Price held the upper quadrant of the Wednesday trend day up before extending up just beyond the 11/11 high before two way trade ensued. Price closed at the mid.
Heading into today my primary expectation is for sellers to push into the overnight inventory and close the gap down to 4659.75. From there look for a move to take out overnight low 4652.25. Look for responsive buyers around 4646 and two way trade to ensue.
Hypo 2 buyers press of the open, take out overnight high 4674.75 and press higher to close the open gap up at 4702.50 before responsive selling comes in.
Hypo 3 buyers press up through overnight high 4674.75 but find responsive sellers around 4684 and two way trade ensues with a gap fill down to 4659.75.
Levels:
a nice, slow hypo 2 morning 😉
Feels like we’ll just end the day trading in this balance?