NASDAQ futures are coming into Monday gap down after an overnight session featuring elevated range and volume. Price spiked higher Sunday evening, up above the Friday high before finding a responsive sellers. We then spent the rest of the evening working lower and as we approach cash open price is accelerating down through last week’s low.
The economic calendar is light all week, and today we have only a 3- and 6-month T-bill auction to be concerned with at 11:30am.
Last week the NASDAQ worked lower while the S&P marked time (sideways) and the Dow and Russell rallied. Here is the performance of each major index last week:
On Friday the NASDAQ printed a normal variation down. The day began with a gap down and a brief probe below Thursday’s low before a responsive bid stepped in and drove price higher. Buyers could not, however, close the overnight gap. Instead we worked back lower again, eventually going range extension down before two-way trade ensued.
Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 5934.75. From here we continue higher, up to close the Thursday gap at 5943.75 before two way trade ensues.
Hypo 2 sellers gap-and-go lower, down to 5884.25 before two way trade ensues.
Hypo 3 stronger buyers press up through overnight high 5954.25. Look for sellers up at 5961.50 and two way trade to ensue.
Levels:
Volume profiles, gaps, and measured moves:
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May I humbly ask how you saw the 5884.25 level in Hypo 2? Total null/void/vacuum/nothingness there to me
naked VPOC from 8/29