NASDAQ futures are coming into Tuesday gap up after an overnight session featuring normal range and volume. Price worked to new highs overnight before coming into balance early this morning.
On the economic calendar today we have the House Price Index at 9am, Consumer Confidence at 10am, a 4-week T-bill auction at 11:30am, and a 2-year Note auction at 1pm.
Yesterday we printed a double distribution trend up. Price came into the morning gap up (pro gap) and buyers drover higher in the morning. Then, late in the afternoon buyers made a second initiative push to new highs.
Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 4903.25. From here look for a move down through overnight low 4900.75 then we find responsive buyers and two way trade ensues.
Hypo 2 buyers work up through overnight high 4919.50 and continue probing into open air. More new highs.
Hypo 3 sellers work down to 4888.50 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
