NASDAQ futures are coming into Wednesday gap up after an overnight session featuring normal range and volume. Price worked higher overnight but was contained inside Tuesday’s range. At 7am MBA Mortgage Applications came in better than last week.
Also on the economic calendar today we have crude oil inventory at 10:30am.
Yesterday we printed a normal variation down. Price opened gap down and pushed lower for most of the morning. By lunchtime a strong responsive bid was found, right at the Monday midpoint, then two way trade ensued.
Heading into today my primary expectation is for sellers to work into the low-volume overnight inventory and close the gap down to 4724 and continue lower to take out overnight low 4719.25. Price is choppy today but bulls defend ahead of Tuesday’s session low 4695.75 as two-way trade ensues. Theta burn, for the call option holders.
Hypo 2 buyers take out overnight high 4740.75 and continue working higher to close Monday’s gap at 4762. Responsive sellers show up here and two way trade ensues.
Hypo 3 the longer term up trend reasserts itself. Strong buyers take out overnight high 4740.75, close the gap up to 4762 then sustain trade above 4764.75 setting up a move to target the open gap up at 4792.25.
Levels:
Volume profiles, gaps, and measured moves:
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shocker – NOT!
timeline of events
1. Bezos joins Pentagon’s “Innovation Advisory Board”
2. Musk apparently turned down such an offer
3. Elon’s rocket sabotaged
4. lo & behold, new member to Pentagon, Bezos, who also owns neo-con wrapped inside a neo-liberal exterior Washington Post, launches competitive rocket satellite-delivery business
who woulda thunk it ?
Yes! Finally someone writes about Personal.