NASDAQ futures are coming into Tuesday gap up after an overnight session featuring normal range and volume. Price worked higher overnight after spending most of the evening balanced. As we approach cash open price is up above the Monday high.
On the economic calendar today we have JOLTS job openings at 10am, a 4-week T-bill auction at 11:30am, and a 3-year Note auction at 1pm.
Yesterday we printed a double distribution trend up. Similar to last Friday. But with less upside velocity. The day began with a gap down that buyers quickly resolved. Then after some two way action price took out overnight high. WE spent the rest of the day consolidating near the highs.
Heading into today my primary expectation is for buyers to gap-and-go higher, tradign up to 6725.25 before two way trade enuses.
Hypo 2 sellers attempt a move back down into the MOnday range 6690.75. Buyers defend the attempt and we begin working higher. Upside target is 6725.25.
Hypo 3 sellers regain Monday range and trade us down to 6655 before two way trade ensues.
Hypo 4 buyers sustain trade above 6725.25 setting up a trend day.
Volume profiles, gaps, and measured moves:
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