iBankCoin
I turn dials and fiddle with knobs to hone in on harmonic rotations
Joined Oct 26, 2011
3,535 Blog Posts

All Reason For Concern Cleared; NASDAQ Back on The Highs

NASDAQ futures are coming into Thursday gap up after an overnight session featuring normal range and volume.  Price worked higher, in two phases of discovery, unmitigated by selling pressure, ultimately making its way back to record highs.  At 8:30am Initial/Continuing jobless claims data came out mixed.

There are no other economic events today.  There may be some political events which are likely only distractions. If there not, it will become evident on the tape.  No sense in paying attention to political theater.

Yesterday we printed a neutral extreme up.  Recall, on Tuesday, it was the opposite, neutral extreme down.  There was selling pressure yesterday, but by the late afternoon a strong responsive bid stepped in and we spent the rest of the day auctioning higher.

Heading into today my primary expectation is for buyers to gap-and-go higher, trading up to 5934 before two way trade ensues.

Hypo 2 sellers work into the overnight inventory and trade down to 5887 before stalling out, leaving an open gap behind before we resume trading higher, up through overnight high 5897.50 before two way trade ensues.

Hypo 3 stronger sellers work a full gap fill down to 5880.25 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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