NASDAQ futures are heading into Tuesday gap up after an overnight session featuring normal range and volume. Price slowly drifted to a new record high in calm trade.
The economic calendar is light today. We have a 4-week T-bill auction at 11:30am.
Keep in mind we also have Apple earnings after the close.
Yesterday we printed a trend up. After beginning the week gap up, right at last Friday’s high, buyers rejected an attempt back down into the Friday range setting up a rally which lasted the entire day.
Heading into today my primary expectation is for buyers to work up through overnight high 5639.25 but stall out just above it before two way trade ensues.
Hypo 2 sellers work down through overnight low 5628.50 and down to 5618.25 before two way trade ensues.
Hypo 3 strong sellers trigger a liquidation down to 5595.25 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
