NASDAQ futures are coming into Friday gap up after an overnight session featuring normal range and volume. Price worked higher in a balanced session. At 8:30am Advance Trade Goods Balance and Business Inventories were released and had no impact on prices.
There are no other economic events on the calendar today, however USA markets will close at 1:15pm today, allowing participants to enjoy their family and perhaps fuel the Black Friday consumerism machine.
On Tuesday we opened gap up and printed a weak high before going into balance and drifting into posturing Wednesday of sorts where price worked hard lower early on only to drift sideways into Thanksgiving. The drift became one of the upward variety during Thanksgiving.
Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 4850. Look for responsive buyers down at 4842 and two way trade to ensue.
Hypo 2 buyers work up through overnight high 4866.75 to target the open gap up at 4875 then continue higher to take out the weak high 4884.75 and target the other open gap at 4888 before two way trade ensues.
Hypo 3 somehow a liquidation triggers. Price sustains below 4839 setting up a move to target the open gap down at 4808.25.
Levels:
Volume profiles, gaps, and measured moves:
