NASDAQ futures are priced to start the session gap up after an overnight session featuring normal range and volume. Price worked higher overnight to return price back to the NASDAQ pin point before settling into two-way trade. This upward action put price up through yesterday’s high.
On the economic docket today we have Existing Home Sales at 10am and Baker Hughes Rig count at 1pm.
Yesterday we printed a normal variation down. Price worked lower, fast at first, down to about 4290 before stalling out and fading back up toward the mean, or value, or the pin point…whichever you prefer.
Heading into today my primary expectations are low. Price is right on value and I am looking for chop and sideways, range bound between 4344 and 4310.
Hypo 2 sellers work into the overnight inventory and close the gap down to 4317.25 then take out overnight low 4314.75 before buyers step in and two way trade ensues.
Hypo 3 buyers push up through overnight high 4341.50 and continue higher, up to test 4360, luring in ambitious long, before reverting back to the pin at 4340.
Levels:
Volume profiles, gaps, and measured moves:
R3, on your context cake graphic- pink brackets are playground and black are value? Black mark is POC? thanks.