NASDAQ futures are coming into Thursday flat after an overnight session featuring elevated volume on normal range. Price was balanced overnight, trading inside the Wednesday range. At 8:30am Initial/Continuing jobless claims data came out mixed.
Today is rollfoward, meaning most active traders will begin trading the December contact after opening bell. For the sake of the trading model statistics, the price levels shown in the morning trading report today and tomorrow will be in reference to the September contract. We will roll forward over the weekend. However, look for fast moves to occur. Larger institutions tend to push the market around aggressively during these curious quarterly events.
Also on the economic calendar today we have crude oil inventory at 10:30am. This report may be watched more closely as the USA allegedly teeters on the edge of nuclear war and three hurricanes are gunning for our southeast territories.
Yesterday we printed a neutral extreme up. The day began with a gap up that was sold into. Then, by Wednesday afternoon the selling abated and a bid worked into the market. We spent the rest of the day traversing the day’s range, eventually settling up near the daily high.
Heading into today my primary expectation is for a short squeeze higher. Look for price to work up to the open gap up at 5987.75 before two way trade ensues.
Hypo 2 stronger buyers trade up to 6000 before two way trade ensues.
Hypo 3 sellers press down through overnight low 5932.25. Look for buyers ahead of 5900 and two way trade to ensue.
Volume profiles, gaps, and measured moves:
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