NASDAQ futures are coming into Tuesday flat after an overnight session featuring elevated range and volume. Price made a new record high overnight before settling into balance.
Yesterday, close-of-business marked the completion of a 10-day bull cycle that began on Friday, January 5th. Here is the performance of each major US index over the 10-day period, as represented by their major ETFs:
The economic calendar is light today. We have a 4-week T-bill auction at 11:30am and a 2-year Note auction at 1pm.
Yesterday we printed a trend up. The day began with a gap down in range. Buyers quickly closed this then drove higher all morning, briefly resting during lunch, then continuing their campaign for the rest of the day.
Heading into today my primary expectation is for price to work higher, up through overnight high 6958 before two way trade ensues.
Hypo 2 test down to 6900 before two way trade ensues.
Hypo 3 tight chop from 6945-to-6917.
Levels:
Volume profiles, gaps, and measured moves:
