NASDAQ futures are coming into Wednesday flat after an overnight session featuring normal range and volume. Price held above the Tuesday midpoint on balanced trade. At 7am MBA mortgage applications came out well below last week’s reading. Then at 8:15am ADP Employmenty data was stronger than expected, and at 8:30am Personal Consumption Expenditure data was inline with expectations.
Also on the economic docket today we have Pending Home Sales at 10am, crude oil inventories at 10:30am, and Fed Beige Book at 2pm.
Option Addict noted a longer-term technical pattern that he perceives as bullish via past observation. Click here to check it out!
Yesterday we formed a double distribution trend up before falling back down to the lower distribution by market close.
Heading into today my primary expectation is for a more to take out overnight high 4885.50and continue higher to 4891 before two way trade ensues.
Hypo 2 strong buyers push up through Tuesday high 4897.75 to target the 4900 century mark. Stretch targets are 4917.75 and 4931.
Hypo 3 sellers work down through overnight low 4868.25 and target 4866.50 before two way trade ensues.
Hypo 4 stronger sellers work down to 4856.75 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
