NASDAQ futures are coming into Thursday gap down after an overnight session featuring normal range and volume. Price was balanced, mostly, until falling to session lower around 8:45am. At 8:30am Initial/Continuing jobless claims were worse than expected and the Philly Fed number was slightly better then expectations.
Also on the economic calendar today we have two items at 10am–Existing Home Sales and Leading Indicators. Both soft items, unlikely to roil the markets.
Yesterday we printed a normal variation up. Price opened flat, it made a little range extension up, then churn and balance took hold inside Tuesday’s range. Dangerous territory for day-traders.
Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 4832. From here we move lower, take out overnight low 4821.25 and continue lower to 4807 before two way trade ensues.
Hypo 2 sellers are stronger, take out 4807 to target the open gap at 4804 then the MCVPOC at 4796.25 before we settle into two-way action.
Hypo 3 buyers work gap fill up to 4832 then take out overnight high 4844 and make a move above Tuesday’s high 4856.75 to target the MCVPOC at 4861.25.
Levels:
Volume profiles, gaps, and measured moves:
If you enjoy the content at iBankCoin, please follow us on Twitter
wow. bullseye on hypo 1
indeud, been an active session so far