NASDAQ futures are coming into Thursday flat after an overnight session featuring normal range and volume. Price worked higher overnight, making new all-time highs and nullifying the failed auction that occurred last week Tuesday. Price then settled back down into the upper quadrant of Wednesday’s range. At 8:30am GDP came out better than expected (USA GDP (QoQ) for Q4 2.10% vs 2.00% Est; Prior 1.90%) and Initial/Continuing jobless claims were worse than expected.
There are no other major economic events today. There are several low-level Fed members speaking today, but investors aren’t likely to pay them much attention.
Yesterday we printed a normal variation up. Price opened with a slight gap up and sellers could not close it. Instead we rallied to a new weekly high, then balanced through the afternoon before a strong afternoon ramp higher.
Heading into today my primary expectation is for sellers to press down through overnight low 5429 and tag 5421.25 before buyers step in and two way trade ensues.
Hypo 2 buyers work into the overnight inventory and press up through overnight high 5451 and trade up to new all-time highs. Open air.
Hypo 3 stronger sellers push us down to 5405.50, closing the Tuesday gap, before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
