NASDAQ futures are coming into Friday higher after an overnight session featuring normal range and volume. Price worked higher, slowly overnight exceeding the Thursday high as we head into cash open. At 8:30am Personal Consumption data came out below expectations.
There are no other economic events today.
Yesterday we printed a normal variation up. The day began with a gap down inside range with support below. After a brief two-way open we worked higher to close the overnight gap before settling into a dull two-way range.
Heading into today my primary expectation is for buyers to gap-and-go up, targeting a move to 5961.25 before two way trade ensues.
Hypo 2 stronger buyers press to 5979.50 before two way trade ensues.
Hypo 3 sellers work into overnight inventory and close the gap down to 5938.75 then down through overnight low 5933.75. Look for buyers down at 5922.50 and two way trade to ensue.
Levels:
Volume profiles, gaps, and measured moves:
