NASDAQ futures are coming into Thursday with a slight gap up after an overnight session featuring normal range and volume. Price held the upper mid of Wednesday’s trend up during balanced trade. At 8:30am Initial/Continuing Jobless claims data came in mixed.
There are no other economic events today.
Yesterday we printed a double distribution trend up. Price was gap up, nearly to new all-time highs and after a brief two-way open auction buyers began campaigning higher, searching for sellers up in the open air. Toward the very end of the day, during settlement period, there was some responsive selling.
Heading into today my primary expectation is for buyers to work up through overnight high 5393.75 and probe all time high 5400. Look for price to continue exploring higher.
Hypo 2 seller work into the overnight inventory and close the gap down to 5384.75 then take out overnight low 5379.50. Look for buyers down at 5375 and two way trade to ensue.
Hypo 3 stronger sellers work down to 5367.75 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
