NASDAQ futures are coming into Tuesday flat after an overnight session featuring elevated range and volume. Price was choppy overnight, dropping back to the Monday midpoint before rotating up through the Monday high. We did not take out all-time highs but we came close to it. As we approach cash open, price is hovering above the Monday high.
On the economic calendar today we have 13- and 26-week T-bill auctions at 12:30pm. Also President Donald Trump is set talk trade policy at the New York economic club at 1pm.
Yesterday we printed a normal variation up. The day began with a gap down inside range. After some initial selling took out overnight low responsive buyers stepped in and began working the gap fill. The rest of the session featured a slow ascent higher, with the day ending just a few point shy of the gap fill.
Heading into today my primary expectation is for buyers to work up through overnight high 8274 setting up a move to tag 8300 before two way trade ensues.
Hypo 2 sellers press down through overnight low 8228.50, look for buyers down at 8200 and two way trade to ensue.
Hypo 3 stronger buyers tag 8336 before two way trade ensues.
Volume profiles, gaps, and measured moves:
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