NASDaQ futures are set to enter Friday with a slight gap down after an overnight session featuring normal range and volume. Price is testing Thursday’s low as we head into the open, but so far we have held the prior day’s range.
On the economic calendar today we have Industrial Production at 9:15am, U of Michigan Confidence at 10am, Baker Hughs Rig count at 1pm and Net Long-term TIC Flows at 4pm.
Yesterday we printed a normal variation up. In a quiet session price continued to slowly grind higher, with sellers showing up in the afternoon.
Heading into today my primary expectation is for price to pin sideways. There are two areas we could potentially pin to–around 4547 or down near 4486.75. Primary expectation is we pin to the former via buyers pushing into the overnight inventory and closing the gap up at 4547. From here look for a move to take out overnight high 4554.50 then finding responsive sellers before two way trade ensues.
Hypo 2 sellers take out overnight low, a double low with Thursday’s low, down at 4534.50. Look for responsive buyers down at 4507 who are overrun as price seeks to pin at 4486.25.
Hypo 3 strong buyers take out overnight high 4554.50 and sustain trade above it setting up a move to test above yesterday’s high 4563.25. Look for responsive sellers up at 4569.50 otherwise price continues higher to target the RED Monday gap up at 4591.50.
PROGRAMMING NOTE: I will be going live at 1pm eastern to demonstrate some of the most powerful tools inside Exodus. Be sure to tune in! Link below:
Levels:
Volume profiles, gaps, and measured moves:
Raul – I would love to watch the Exodus demo, but can’t be live. Will it be recorded? Also, I loved the tree felling on sc yesterday…