NASDAQ futures are coming into Wednesday flat after an overnight session featuring elevated range on elevated volume. Price worked higher overnight, marking a new record high before returning to unchanged. As we approach cash open, price is hovering near Tuesday’s high print.
On the economic calendar today we have ISM non manufacturing index at 10am.
Yesterday we printed a neutral extreme up. Range compressed for a second day. The day began with a gap down in range. Buyers quickly resolved the gap up with a drive up off the open. Said buyers took out the Monday high by a few point before falling down through the midpoint. This happened before initial balance was broken. Sellers steadily rotated down and erased the morning move, pushing the market range extension down. Sellers were unable to take out Monday’s low however. Instead price ramped higher into the close, eventually pressing neutral and closing on session high.
Heading into today my primary expectation is for buyers to work up through overnight high 11,144 on their way to tagging 11,200 before two way trade ensues.
Hypo 2 sellers work down through overnight low 11,055.75. Look for buyers down at 11,022.25 and two way trade to ensue.
Hypo 3 stronger sellers tag 11,000 before two way trade ensues.
Levels:
Volume profiles, gaps and measured moves:
