NASDAQ futures are coming into Friday flat after an overnight session featuring normal range and volume. Price briefly took out the Thursday low before coming into balance. At 8:30am Nonfarm payroll data was as follows:
- USA Unemployment Rate for Oct 4.90% vs 4.90% Est; Prior 5.00%
- USA Nonfarm Payrolls for Oct 161.0K vs 175.0K Est; Prior 156.0K
- US Average Hourly Earnings (MoM) Oct: 0.40% (est 0.30%; rev prev 0.30%)
- Average Hourly Earnings (YoY) Oct: 2.80% (est 2.60%; rev prev 2.70
Data was slightly below expectations. The NASDAQ is catching a slight bid off the data.
The only other scheduled economic event today is the Baker Hughes rig count at 1pm.
Yesterday we printed a double distribution trend down. It was the third consecutive time we printed this day-type.
Heading into today my primary expectation is for buyers to work up through overnight high 4682.25 and test 4692 before settling into two way trade.
Hypo 2 stronger buyers push up through 4694.75 and target 4717.25 before settling into two way trade.
Hypo 3 strong trend up to target 4740.50.
Hypo 4 sellers work down through overnight low 4667.75 to tag the MCVPOC at 4653.25 before a strong bid steps in.
Levels:
Volume profiles, gaps, and measured moves:
wow… where’d the volume go?