NASDAQ futures are coming into Tuesday gap up after an overnight session featuring extreme range and volume. Price worked higher overnight, trading well up into the 12/19 range. As we approach cash open, buyers continue to explore higher prices.
On the economic calendar today we have a 3-year note auction at 1pm followed by consumer credit at 3pm. Also be aware that President Trump is scheduled to give a speech on immigration and border security at 9pm.
Yesterday we printed a double distribution trend up. The day began with a small gap up and two way auction that resolved the overnight gap. Then, shortly after setting initial balance the market drove higher and began to trend up through the 12/19 liquidation before settling into a flag for the rest of the afternoon.
Heading into today my primary expectation is for buyers to gap-and-go higher, tagging the 12/19 naked VPOC at 6582.25 before two way trade ensues.
Hypo 2 stronger buyers carry price up to 6666 before two way trade ensues.
Hypo 3 sellers work into the overnight inventory, closing the overnight gap down at 6494.75 then continuing lower, down through overnight low 6491 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
whoah…. Hypo1 turned into Hypo3
absolutely slayed today yuuuuussssss