NASDAQ futures are coming into Wednesday flat after an overnight session featuring normal range and volume. Price worked higher overnight, nearly achieving a record higher before settling into two-way trade. At 8:30am trade balance data was better than expected.
The only other economic event today is crude oil inventories at 10:30am.
Yesterday we printed a neutral day. You have to squint to notice that we briefly went range extension up in the late morning before responsive sellers stepped in and pushed us neutral, filling the overnight gap along the way. Then buyers stepped in and returned us back through the range, nearly to session high by end of day.
Neutral, maybe neutral extreme.
Heading into today my primary expectation is for sellers to push down through overnight low 7175.50. Look for buyers down at 7174 and two way trade to ensue.
Hypo 2 stronger sellers trade down to 7155.25 before two way trade ensues.
Hypo 3 buyers work up through overnight high 7203.75 setting up a move to target 7209.25 before two way trade ensues.
Volume profiles, gaps, and measured moves: