NASDAQ futures are coming into the session gap up after an overnight session featuring normal range and volume. Price held yesterday’s mid before working up to the weekly high. At 8:30am Non-Farm Payrolls came out strong. US February Nonfarm Payrolls +242k vs +195k expected and +151k previous.
Also on the economic docket today we have the Baker Hughes rig count at 1pm.
Yesterday we printed a normal variation down. Price opened flat and sellers worked into the tape early on. They pushed below the Wednesday low briefly before finding a responsive bid and working back up through a good part of the range.
Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 4320.75. from there look for a move down to 4309.25 before two way trade ensues.
Hypo 2 Buyers push off the open, take out overnight high 4339 and work higher to test above this week’s globex high 4357.50 before two way trade ensues.
Hypo 3 strong sellers take price down through 4309.25 setting up a move to test yesterday’s low 4293.50 setting up a liquidation down to 4279 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
