NASDAQ futures are coming into the new week flat after an overnight session featuring normal range and volume. Price held the Friday range overnight on balanced trade.
The economic calendar is light this week. For today, we have Labor Markets Conditions change at 10am, 3- and 6-month T-bill auctions at 11:30am, a 3-year Note auction at 1pm, and a 4pm Fed Chair Yellen is speaking in Ann Arbor, MI.
Last week we marked time, essentially, before rallying into the Wednesday FOMC minutes. We then reversed, hard and lower after the minutes. Then, despite a strong initial risk-off move following news of Tomahawk missiles being launched at Syria, we stabilized ahead of the Friday opening bell and continued marking time into the weekend. Here is the last week performance of each major index:
On Friday the NASDAQ printed a normal variation up. Sellers pushed early on, just below the Thursday low before discovering a responsive bid. We then spent the rest of the day working higher, going range extension up before settling into two-way trade.
Heading into today my primary expectation is for a push up through overnight high 5433.75, which continues higher to 5461 before two way trade ensues.
Hypo 2 sellers press down through overnight low 5415.75 and tag the 5400 century mark before two way trade ensues.
Hypo 3 sellers press down to 5374.25 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
