NASDAQ futures are coming into Tuesday gap up after an overnight session featuring normal range and volume on a grind higher that pushed price up into the 8/15 range, the day we put in our last swing higher.
The only scheduled economic event today comes at 9:45am when we hear the Manufacturing PMI reading.
Yesterday we printed a normal day. The first hour of trade featured a strong impulsive buy and formed a wide initial balance. The move was almost entirely erased before lunch when responsive sellers of a similar magnitude stepped in. Ultimately the price started to coil as neither buyers nor sellers became initiative.
Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 4812.50. Look for responsive buyers here who push price back up through overnight high 4829.75 and target 4834 before two way trade ensues.
Hypo 2 sellers work gap fill down to 4812.50 then continue pushing down through overnight low 4807.75, them we chop around at the huge MCVPOC at 4806 for the rest of the day.
Hypo 3 strong buyers push up through overnight high 4829.75 then probe above swing high 4835.25. Look for sellers up at 4839 and two way trade to ensue.
Hypo 4 strong sellers push all the way down to 4796.50 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
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