NASDAQ futures are coming into Thursday gap up after an overnight session featuring normal range and volume. Price worked higher overnight in a slow manner. Initial/continuing jobless claims data came out mixed at 8:30am.
Also on the docket today we have Leading Indicators at 10am and a 10-year TIPS auction at 1pm.
Yesterday we printed a normal variation up. The day began with a gap up and after a small drive higher at the open we saw sellers unable to take out opening swing low. Instead price turned higher and worked up to the measured move target area at 5921 before settling into two-way trade.
Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 5917.50. Look for sellers to take out overnight low 5914.75. Buyers are found down at 5904.75 and two way trade ensues.
Hypo 2 buyers work higher off the open, up through overnight high 5936.75 and continue exploring higher prices. Look for sellers around 5935.50 and two way trade to ensue.
Hypo 3 stronger sellers press down to 5896.75 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
