NASDAQ futures are coming into Tuesday gap up after an overnight session featuring normal range and volume. Price held the Monday range until about 6:30am, then it made new record highs. As we approach the open, the market is sustaining the gains. At 8:30am Housing Starts and Building Permits data was issued.
Also on the docket today we have Industrial Production at 9:15am and a 4-week T-bill auction at 11:30am.
Yesterday we printed a normal variation up. There was a morning rally, then two way trade ensued.
Heading into today my primary expectation is for a short squeeze higher, up to 5722.75 before two way trade ensues.
Hypo 2 strong buyers sustain trade above 5722.75 setting up a trend day.
Hypo 3 sellers push into the overnight inventory and close the gap down to 5701 before two way trade ensues.
Volume profiles, gaps, and measured moves:
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