NASDAQ futures are coming into Friday flat after an overnight session featuring normal range on elevated volume. Price chopped around inside the week’s range, even after Non-Farm payroll, which was out at 8:30am:
USA Unemployment Rate for Sep 5.00% vs 4.90% Est; Prior 4.90% Private Payrolls for Sep 167.0K vs 170.0K Est; Prior 126.0K
Also on the economic calendar today we have the Baker Hughes rig count at 1pm and Consumer Credit at 3pm.
Yesterday we printed a neutral extreme up. The gap down was sold into, and a sharp move lower around the lunch hour revealed a strong responsive bid which pushed the market up through its entire daily range before going into a tight holding pattern.
Heading into today my primary expectation is for buyers to work up through overnight high 4883.75 setting up a move to new swing high and targeting 4900. Stretch targets are 4907 then 4916.
Hypo 2 sellers work down through overnight low 4852.75 and trigger a liquidation down to 4831 before two way trade ensues.
Hypo 3 tight, choppy range, from about 4885 to 4860.75.
Levels:
Volume profiles, gaps, and measured moves:
Amazing nq_f trading week, first full week with no losses, great posts everyday, thanks.
have a good weekend sir