Pardon this morning’s delayed release, I was in an NFP trade. If you want to see what was driving my trading decisions live, check me out on Snapchat: VCali
NASDAQ futures are coming into Friday gap down after an abnormally stable overnight session pre-NFP. After Non-farm payroll the session normalized, printing a range and volume within the statistical norm [67%]. Price managed to exceed swing high overnight before coming into balance within our current micro structure.
Also on the economic docket today we have ISM Manufacturing and Durable Goods at 10am, also the Baker Hughes rig count at 1pm.
Yesterday we printed a double distribution trend up. Sellers made a hard move lower off the open that found a strong responsive bid. The rest of the session was spent trading higher with price briefly making new swing high right at the end of the day.
Heading into today my primary expectation is for buyers to work into the NFP sellers and close the gap up to 4532. From here we test overnight high 4538.75 then target 4546.50 before two way trade ensues.
Hypo 2 sellers push down through overnight low triggering a move down to 4500 before two way trade ensues.
Hypo 3 sellers take out overnight low then stall out setting up a move up to 4530 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
