NASDAQ futures are coming into Thursday gap up after an overnight session featuring normal range and volume. Price worked higher overnight, taking out the Wednesday high before settling into two-way trade. At 8:30am Initial/Continuing jobless claims data was better than expected.
Also on the economic calendar today we have Factory/Durable goods orders at 10am.
Yesterday we printed a normal variation down. Price opened gap down and liquidation occurred during the first hour of trade. Buyers stepped in ahead of the Monday low and two-way trade ensued.
Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 5612.50. Price continues lower, down through overnight low 5607.50 setting up a move to target 5595.25 before two way trade ensues.
Hypo 2 buyers work up through overnight high 5634 and target the gap up at 5640 before two way trade ensues.
Hypo 3 strong selling pushes price down to the open gap at 5581.25 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
Not surprisingly I believe the unwritten-cb proxy-programming on the nasdaq is heavy. I added TECS to my inverses in Nov/Dec 13 when it was clear there was govt like or wall st govt collusion type manipulation on multiday multiweek controlled juicing (on tech). I added BIS a few months later ‘just for fun’ because bullshit biotech will always come down 90% in any mean reversion scenario
The straight line days started in late 14. Index intraday charts of unnaturally uniform straight lines (UP) for the majority of session, to whole complete sessions. Those days increased in frequency of course.
The record highs and ridiculously overvalued Naz-leader-components of the last several weeks, are all contrived (manufactured), …not surprisingly IMO