NASDAQ futures are coming into Thursday with a slight gap down after an overnight session featuring normal range and volume. Price held Thursday’s range in balanced trade. At 8:30am CPI data were in line with expectations and Initial/Continuing jobless claims were slightly better than expectations.
There are no other economic events of importance today.
Yesterday we printed a neutral day. The gap up was faded lower early morning before markets went into a slow ascent heading into the FOMC rate decision. Interest rates were lifted by 25 basis points by the Fed prompting a hard sell lower. However, bidders were present to defend their conviction level from Tuesday and two-way trade ensued.
Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 4931.50. From here we continue higher, up through overnight high 4940, targeting 4950 before two way trade ensues.
Hypo 2 sellers work down through overnight low 4918 and target the 4900 century mark before two way trade ensues.
Hypo 3 strong sellers press down through the single prints, down to 4880 before to way trade ensues.
Hypo 4 strong buyers work up through all-time highs 4961.50 and continue exploring higher prices.
Levels:
Volume profiles, gaps, and measured moves:
