NASDAQ futures are coming into Tuesday gap down after an overnight session featuring normal range and volume. Price worked lower overnight, down through the daily low from Monday, and found a slight bid as we head into cash open.
The economic calendar is extremely light today. JOLTS job openings will be announced at 10am and there is a 4-week T-bill auction at 11:30am.
Yesterday we printed a normal variation up. The day began with a slight gap down. Buyers worked into the overnight inventory and closed the gap then continued higher, briefly pressing range extension up before we settled into a slow, two-way trade.
Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 5881.25. From here we continue higher, up through overnight high 5883.25. Look for sellers up at 5882.75 and two way trade to ensue.
Hypo 2 buyers stall out at 5876.75 and fall down through overnight low 5864.50. Look for buyers down at 5850 and two way trade to ensue.
Hypo 3 strong sellers press down through overnight low 5838 and trigger a liquidation down to 5838 before two way trade ensues.
Volume profiles, gaps, and measured moves:
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