NASDAQ futures are coming into Friday pro-gap up after an overnight session featuring elevated range and volume. We spent the night trend up, and this began Thursday afternoon when Amazon reported better-than-expected earnings.
Economic events are light for the rest of the week. We had GDP at 8:30am, it was super strong. At 10am the final October reading of Confidence comes out of U. of Michigan. I would imagine confidence is running high.
Yesterday we printed a normal variation up. The day began flat, we made a little push higher in the morning, then a little push lower in the morning, then went sideways–balance.
Heading into today my primary expectation is for a little push down into the overnight inventory. Look for buyers ahead of 6100 and a trend higher into the weekend.
Hypo 2 gap-and-go higher. Trend into the weekend.
Hypo 3 gap fill down to 6084.75. Look for buyers down at 6067.75 and two way trade to ensue.
Levels:
Volume profiles, gaps, and measured moves:
