NASDAQ futures are coming into the week flat after a globex session featuring normal range and volume. The action was balanced overall while price managed to exceed the high print from last Friday. Today is a market holiday in Japan–their Thanksgiving.
On the economic calendar today we have Markit Manufacturing PMI at 9:45am and Exiting Home Sales at 10am.
The market trended higher last week and featured two trend days, Monday and Wednesday. Last Friday we printed a rare normal day which featured no range extension. The session did manage to print a weak, double initial balance low at 4673.50.
Heading into today my primary expectation is for sellers to work down through overnight low 4675.75 and test down through the weak low at 4673.50. Look for responsive buyers at 4667 and two way trade to ensue.
Hypo 2 buyers push up and take out overnight high 4697.50 and work to take out close the open gap up at 4702.50. Look for responsive sellers up at 4703 and two way trade to ensue.
Hypo 3 sellers push down through 4665 and target 4663. Trade sustains below 4670 setting up a secondary leg down to 4653.75 before two way trade ensues.
Hypo 4 buyers close the gap up to 4702.50, sustain trade above 4702, setting up a potential run to test above the 11/5 session high 4726.50.
Levels:
