NASDAQ futures are set to enter Thursday flat after an overnight session featuring normal range and volume. Price held Wednesday’s range in balanced trade.
At 8:30am we’ll hear a slew of data pertaining to the Consumer Price Index. Also on the economic docket today we have a 30-year Bond reopening auction at 1pm.
Yesterday we printed a normal variation up. Price opened gap up and initiative buyers quickly stepped in and bid the market. Price worked higher to close the open gap left behind on 04/06 and lingered at this high water mark, eventually ramping higher into the close.
Successful Ramp into the highs. Thanks for playing.
— Ramp Capital™♿️ (@RampCapitalLLC) April 13, 2016
Heading into today my primary expectation is for buyers to push up and test above Wednesday’s high 4553.75. From here I’m looking for a move up to 4570 before two way trade ensues.
Hypo 2 sellers push into the slightly long overnight inventory and take out overnight low 4530.50. Look for responsive buyers down at 4506.75 and two way trade ensues.
Hypo 3 strong selling sustains trade below 4500 setting up a move down to 4463.25 before two way trade ensues.
Hypo 4 strong buyers sustain trade above 4570 and work higher to target 4589 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
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