NASDAQ futures are coming into Thursday with a slight gap up after an overnight session featuring normal range and volume. Price worked to a fresh weekly higher overnight before settling into balanced trade. At 8:30am several economic data points came out better than expected.
The only other economic event today comes at 1pm, when the US Treasury will reopen the auction of 10-Year TIPS.
Yesterday we printed a normal variation up. After opening gap down and a spirited morning drive higher, price settled into a tight little balance up in the upper quadrant of the session.
Heading into today my primary expectation is for buyers to make a push higher, up through overnight high 4803.75 setting up a move to target the CVPOC magnet at 4807. Look for some struggle here before buyers continue higher to 4820 and two-way trade ensues.
Hypo 2 sellers work down through overnight low 4780.75 and test the Wednesday midpoint at 4767.75 before two way trade ensues.
Hypo 3 some kind of liquidation triggers. Sellers drive down to close the gap at 4695.25 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
nicely done sir