The chop continues. NASDAQ futures spent the entire evening trading lower. Range was normal while volume was elevated. At 8:30am GDP came out better than expected and Initial/Continuing jobless claims came out worse.
No other economic events today. Today is the iPhone’s 10th birthday.
Yesterday we printed a trend up. A gap up was sold into. A brief probe below Tuesday’s trend down revealed a responsive bid, and the rest of the day was spent exploring higher.
Heading into today my primary expectation is for a move down to 5711.25 which finds a responsive bid and two way trade ensues.
Hypo 2 buyers work into the overnight inventory and close the gap up to 5764.50 then continue higher, up through overnight high 5776 ultimately closing the gap up to 5779 before two way trade ensues.
Hypo 3 strong sellers sustain trade below 5711.25 setting up a move to target 5679.
Levels:
Volume profiles, gaps, and measured moves:
for the love of christ, can we get a decent mulit-day correction?
to be continued…