NASDAQ futures are coming into Thursday gap up after an overnight session featuring elevated range and volume. The first non-extreme globex session in several weeks. At 8:30am initial/continuing jobless claims data came out below expectations.
There are no other important economic events today.
Yesterday we printed a neutral extreme down. The day began gap down in-range, we filled with a hard move up early on. Then we went range extension up before traversing down through the entire daily range and closing near the lows.
Neutral extreme down.
Heading into today my primary expectation is for a gap-and-go higher, up through Wednesday high 6663.25. Look for sellers up at 6666 and two way trade to ensue.
Hypo 2 sellers work into overnight inventory and close gap down to 6592 setting up a move to take out overnight low 6585. Look for buyers down at 6578.75 and two way trade to ensue.
Hypo 3 stronger buyers sustain trade above 6666 setting up a move to target 6700.
Volume profiles, gaps, and measured moves:
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