NASDAQ futures are coming into the final day of the second quarter with a slight gap down after an overnight session featuring elevated range and volume. Price was balanced overnight, balancing up beyond the Monday high for most of Globex before using the 3:30am action to push slightly lower. As we approach cash open, price is hovering in the upper quadrant of Monday’s range.
On the economic calendar today we have consumer confidence at 10am followed by Fed Chairman Jerome Powell giving testimony at 12:30pm.
Yesterday we printed a trend up. The day began with a slight gap down then a test drive lower. Sellers probed down into the conviction buying zone established back on June 16th and discovered buyers who were defended the area. The tape was in buyer control for the majority of the day after that. At 3pm a small blip of selling took price off the highs, but ultimately it set up a strong ramp higher into the close. We closed at session highs.
Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 9973.50. From here we continue higher, taking out overnight high 10028.25 on our way to tagging 10,100 before two way trade ensues.
Hypo 2 sellers gap-and-go lower, trading down to 9920.50 before two way trade ensues.
Hypo 3 stronger sellers trade down to 9827 before two way trade ensues.
Volume profiles, gaps and measured moves:
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