NASDAQ futures opened the week up about 100 points higher after an overnight session featuring extreme range and volume. Around 8pm Sunday responsive buyers stepped in ahead of the lows from last Friday. Price steadily campaigned higher throughout the globex session but remained inside of last Friday’s range.
At 11:30am the US Treasury auctioned off 3- and 6-month T-bills. There is an upcoming 2-year Note auction at 1pm.
Last week all major indices were lower. Gap down into the week, then a trend down Monday. Tuesday and Wednesday see price bouncing around, with a slight upward bias, with action contained inside the Monday range. Gap down into Thursday then a two-day trend down all the way into the weekend. The last performance of each major index is shown below:
The Monday open was an open auction in-range. Buyers were able to briefly test above overnight high 6679.25 before responsive sellers stepped in. Sellers sustained trade below the open-auction and then became initiative, making the hardest rotation of the day, 27.75 points unidirectional. As we head into New York lunch price is currently working back towards the daily mipoint.
My primary expectation is for sellers to defend the daily mid 6616.25 and continue lower. Sellers sustain trade below the 6600 century mark setting up a move to target 6549 before two-way trade enuses.
Hypo 2 buyers defend 6600 and we chop around the midpoint for the rest of the day, a volatile game of ping-poing between 6600 and about 6644.
Hypo 3 stronger buyers press up through 6644 and make new highs on the session up through to 6687.75 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
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