NASDAQ futures are coming into Thursday gap up after an overnight session featuring elevated volume on normal range. Price worked higher, to record highs, stalling in-and-around the Fibonacci extension levels drawn from last week’s down move. At 8:30am Advance Goods/Trade balance came out below expectations. At the same time Initial/Continuing jobless claims were worse than expected.
You know, economic data points…irrelevant matters. Investors are tunnel visioned on our new authoritarian leadership.
At 1pm, the US Treasury is auctioning off $28 billion in 7-year Notes.
Yesterday we printed a double distribution trend up. Price opened gap up, sellers closed it, we established a bid around these prices, then we began auctioning higher for the rest of the day.
Heading into today my primary expectation is for sellers to press into the overnight inventory and close the gap down to 5731. From here we continue lower, down through overnight low 5728.75. Look for buyers down at 5718.50 and two way trade to ensue.
Hypo 2 stronger sellers work down to 5696.75 before two way trade.
Hypo 3 press up through overnight high 5759, trade up to 5770 before two way trade ensues.
Hypo 4 buyers sustain trade above 5770 setting up a trend up.
Levels:
Volume profiles, gaps, and measured moves:
We’ll never see Nasdaq under 5700 again in our lifetimes…
::ferociously scans book for places to raise cash::
You can tell Arnold did steroids by how tiny his moose knuckle is.
if you didn’t do ‘roids in the ’80s bodybuilding scene you weren’t even trying