NASDAQ futures are heading into Friday flat after an overnight session featuring normal range and volume. Price held Thursday’s range overnight in a non-eventful extended trading session.
The economic calendar is super light—manufacturing/service/composite PMI data is out at 9:45am then new home sales at 10am.
Get in your car and drive to a national forest
Yesterday we printed a normal variation up. Day began with a slight gap down that was sold into. After poking the naked volume point-of-control at 5771 the buyers again reasserted their dominance, responding to the discounted prices with vigor. This led to markets rallying a bit but stalling ahead of the week’s high-mark, which was established around 2am on Thursday. Sellers prattled onto the tape late in the day.
Heading into Friday my primary expectation is for sellers to work down through overnight low 5775 and continue lower, down to 5757.75 before two way trade ensues.
Hypo 2 buyers press up through overnight high 5800.50 and probe the weekly high 5814.50. Look for sellers up at 5823 and two way trade to ensue.
Hypo 3 stronger sellers manage to sustain trade below 5755.50 setting up a move to close the open gap at 5733.50.
Volume profiles, gaps, and measured moves:
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