NASDAQ futures are coming into Thursday with a slight gap up after an overnight session featuring normal range and volume. Price worked sideways overnight, holding inside the Wednesday range. At 8:30am initial/continuing jobless claims data came out mixed.
There is a 30-year bond auction at 1pm. There are no other major economic events.
Yesterday we printed a normal variation up. The day began gap down and after a choppy open buyers worked the overnight gap shut then continued higher, to a new weekly high before two way trade ensued.
Heading into today my primary expectation is for little movement. Buyers work up through overnight high 7486.25 setting up a move to target 7505 before two way trade ensues.
Hypo 2 sellers work into overnight inventory and close gap down to 7469.25 then take out overnight low 7458.75. Look for buyers down at 7450 and two way trade to ensue.
Hypo 3 strong buyers sustain trade above 7505.25 setting up a run for all-time-highs 7530.
Volume profiles, gaps, and measured moves:
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