NASDAQ futures are coming into Tuesday gap up after an overnight session featuring normal range and volume. Price worked higher overnight, slowly and nonstop, positioning the market to new all-time highs as we approach cash open.
The economic calendar is light today. We have Wholesale Inventories at 10am, a 4-week T-bill auction at 11:30am, and a 3-year Note auction at 1pm.
Yesterday we printed a normal variation up. The week began flat and we spent the day treading water with a slight upward drift.
Heading into today my primary expectation is for buyers to work higher early on, probing the open air above. Look for sellers up at 5688.50 and two way trade to ensue.
Hypo 2 sellers work into the overnight inventory and close the gap down to 5655 then continue lower, down through overnight low 5650.75. Look for buyers down at 5648 and two way trade to ensue.
Hypo 3 strong sellers press down to 5621.50 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
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