NASDAQ futures are coming into Friday gap down after an overnight session featuring normal range and volume. Price continued pushing lower early on, extending the downward reaction to Alphabet earnings before coming into balance.
The economic and earnings calendar is light today. We have US Markit Manufacturing PMI at 9:45am.
Yesterday we printed a neutral extreme down. Price held upper value until the settlement period when the Microsoft and Google (Alphabet) earnings were released. This information spiked price lower, putting the session into a neutral extreme print.
Heading into today my primary expectation is for price to go down and take out overnight low. From here look for a continued move down to test the lower boundary of value down at 4463.50 before two way trade ensues.
Hypo 2 buyers work higher and take out overnight high 4501.75 setting up a move to 4515 before two way trade ensues.
Hypo 3 strong buyers work up through the entire spike lower and target 4524.75 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
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