NASDAQ futures are coming into Monday with a slight gap down after an overnight session featuring normal range and volume. Price worked lower overnight, probing prethanksgiving levels before finding a bidder and recovering back into Friday prices.
The economic calendar starts off slow today with only 3- and 6-month T-bill auctions at 11:30am.
Last week saw most indices trend higher. The NASDAQ peaked out Tuesday then consolidated. For last week, here are the performances of each major index:
On Friday the NASDAQ formed a normal variation up but closed right on session high giving the day a slightly more bullish-than-neutral look.
Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 4870. From here they target the Tuesday gap at 4875 before two way trade ensues.
Hypo 2 strong buyers push up to 4888 before two way trade ensues.
Hypo 3 sellers work down through overnight low 4842.75 and find buyers just below at 4840 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
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