NASDAQ futures are coming into Thursday gap down after an overnight session featuring normal range and volume. Price poked above the Wednesday high briefly before falling lower. The market is still holding high balance. At 8:30am Initial/Continuing jobless claims data came out mixed.
Also on the economic docket today we have a 30-year bond auction at 1pm and a Monthly Budget Statement at 2pm.
Yesterday we printed a neutral extreme up. After briefly going range extension up Wednesday morning, sellers made a push lower during the Donald Trump press conference. This traded right down to value area low 5007.75 where responsive buyers stepped in. Said buyers traversed the entire daily range and the day closed at session high.
Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 5046.50 setting up a move to target 5054 before two way trade ensues.
Hypo 2 stronger buyers work up to 5058..
Hypo 3 sellers press down through overnight low 5028 and work lower to target the 5000 century mark before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
