NASDAQ futures are coming into Tuesday gap up after an overnight session featuring normal range and volume. Price worked higher overnight, nearly nonstop, but slowly.
At 11:30am today the US Treasure is auctioning off a variety of short-term debt including 4- and 52-week bills and 3- and 6-month bills. There are no other major economic events today.
Yesterday we printed a normal variation down. Trade was slow on Columbus ‘the rapist’ day, with the week beginning gap up. After a brief probe above the globex (record) high we worked lower and close the overnight gap, eventually going a bit lower later in the afternoon.
Heading into today my primary expectation is for buyers to work higher, up through overnight high 6081 and continue higher to the measured move target at 6113.50 before two way trade ensues.
Hypo 2 sellers press into overnight inventory and close the gap down to 6069.50. From here they continue lower, down through overnight low 6061. Look for buyers down at 6053.75 before two way trade ensues.
Hypo 3 stronger sellers press up down to 6048.50 before two way trade ensues.
Volume profiles, gaps, and measured moves:
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