NASDAQ futures are coming into the last day of the second month under our new authoritarian regime flat after an overnight session featuring normal range and volume. Price held the upper quadrant of Monday’s range on balanced trade. At 8:30am GDP data was worse than expected, and at 9am the Case-Shiller Composite-20 data was better than expected.
Also on the economic docket today we have Consumer Confidence at 10am, then a 4- and 52-week T-bill auction at 11:30am.
Investors are likely to withhold major decisions, however, until after President Trump speaks to congress Tuesday night at 9pm.
Yesterday we printed a normal variation up. Price began the week gap down and after a brief spat of morning selling right down to last Friday’s naked volume point of control, buyers were back in control, slowly working price higher.
Heading into today my primary expectation is for buyers to press higher, up through overnight high 5349.25 to tag 5354 before two way trade ensues.
Hypo 2 sustain trade above 5354 and probe all-time highs 5359.50. Stretch target is 5375.
Hypo 3 press down through overnight low 5340.75 and trade down to about 5332.50 before two way trade ensues.
Hypo 4 liquidation down to 5310.50.
Levels:
Volume profiles, gaps, and measured moves:
