NASDAQ futures are coming into Tuesday flat after an overnight session featuring normal range and volume. Price held the Monday range overnight on balanced trade.
The economic calendar is extremely light today. we have a 4-week T-bill auction at 11:30am and a 10-year Note auction at 1pm. Fed’s ‘crazy-eyes’ Kashkari is doing a Q&A in the afternoon but investors aren’t likely to pay attention.
Yesterday we printed a neutral day. Price opened with a slight gap up, proved into the conviction selling after last Wednesday’s Fed minutes, found sellers, reversed down through the entire range, going neutral. Then it held last Friday’s low before stabilizing into two-way trade.
Heading into today my primary expectation is for sellers to push down through overnight low 5411.25 setting up a move to tag the 5400 century mark before two way trade ensues.
Hypo 2 stronger sellers work down to 5347 before two way trade ensues.
Hypo 3 buyers work up through overnight high 5429.25 and tag the Monday VPOC at 5432.50 before two way trade ensues.
Hypo 4 stronger buyers press up to 5461.25 before two way trade ensues.
Volume profiles, gaps, and measured moves:
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