NASDAQ futures are coming into Thursday flat after an overnight session featuring normal range and volume. Price was balanced overall after working up through yesterday’s high. At 8:15am ADP employment data came out better than expected, and at 8:30am Initial/Continuing jobless claims data was mixed. Investors are more keen to hear tomorrow’s Non-farm Payroll report however, and are likely awaiting the Friday jobs reading before determining market direction into the weekend.
Also on the economic calendar we have crude oil inventories at 11am.
Yesterday we printed a double distribution trend up. After an early selling drive lower off the gap down, a strong responsive bid stepped in, just ahead of overnight low, and worked us range extension up. The market consolidated after closing the weekly gap before making a secondary, initiative push higher near the end of the day.
Heading into today my primary expectation is for buyers to work the market higher, up through overnight high 4453.50 to target the BREXIT gap up at 4464. Look for responsive sellers up at 4472.25 and two way trade to ensue.
Hypo 2 sellers push down through overnight low 4427.50, churn around the MCVPOC at 4425 before settling into choppy-two way trade.
Hypo 3 sellers push down through overnight low 4427.25. This triggers a liquidation down to 4400 before a responsive bid steps in and two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
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