NASDAQ futures are coming into Tuesday gap up after an overnight session featuring normal range and volume. Price held Monday’s range during the overnight session before pushing above Monday’s high.
On the economic docket we have a 9am reading of the Case-Shiller Composite-20 at 9pm, Consumer Confidence at 10am, a 4-week T-Bill auction at 11:30am, and a 5-year note auction at 1pm.
More likely to move the stagnant NASDAQ, however, is Apple earnings which are due out after market close.
Yesterday we printed a normal variation down. The action was choppy and slow and just after going range extension down we popped right back into balance.
Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 4653.50. Look for sellers to take out overnight low 4645.25. Look for responsive buyers ahead of 4640 and two way trade to ensue.
Hypo 2 buyers gap-and-go, work up through current swing high, globex high at 4669.50. Price continues higher to 4677 before two way trade ensues.
Hypo 3 strong buying pushes up through 4677 and sustains trade above it setting up a move to target 4700 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
