iBankCoin
I turn dials and fiddle with knobs to hone in on harmonic rotations
Joined Oct 26, 2011
3,113 Blog Posts

A Turkey on Every Table: NASDAQ Extends Rally into Wednesday

NASDAQ futures are coming into Wednesday gap up, up at record highs after an overnight session featuring normal range and volume.  Price worked higher, extending the rally seen yesterday.  At 8:30am durable goods orders came in below expectations.

Also on the docket today we have crude oil inventories at 10:30am and FOMC minutes at 2pm.

Yesterday we printed a trend day.  It began with a gap up and drive higher.  Most of the afternoon was spent in a tight, sideways zig-zag that we ended the day inside of.

Heading into today my primary expectation is for buyers to work through overnight high 6393 and slowly explore open air.  Gobble gobble.

Hypo 2 sellers work into overnight inventory and close gap down to 6379.50 then down through overnight low 6375.75.  Look for buyers around 6363.25 before two way trade ensues.

Hypo 3 liquidation is triggered and we give back the entire Tuesday rally. Look for buyers down at 6335.50.

Levels:

Volume profiles, gaps, and measured moves:

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2 comments

  1. Masteroneass

    The rational is technology improvements lead to higher prices for tech companies yet lead to lower prices for commdities. Our excess consumption will ultimately lead to ruin. What a laugh. Its like saying the new iphone should be worth les now that it is more abundant. Yet they keep reinventing a their kernel of corn. A iphone depreciates faster then any commodity on the planet.

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  2. pb

    Was at the local Walmart earlier today. They are lining the aisles with…junk. That so many Americans feel compelled to gift each other such junk during the winter solstice, never ceases to astound me.

    In anecdotal news, I currently work for a manufacturer of high quality and expensive consumer semi-durable goods. Last two weeks, work orders have fallen off a cliff and the place was a ghost town on Wednesday. The other employees do not even remotely accept that this may continue. I don’t share their optimism.

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