NASDAQ futures are coming into Thursday with a slight gap down after an overnight session featuring normal range and volume. Price was balanced overnight balancing along (and occasionally exceeding) the Wednesday high. At 8:30am jobless claims data came out in-line with expectations, and as we approach cash open price is hovering along the Wednesday high.
Also on the economic calendar today we have existing home sales at 10am, 4- and 8-week T-bill auctions at 11:30am and a 5-year TIPS auction at 1pm.
Yesterday we printed a trend up. The day began with a slight gap up and then an open test drive. We opened, tested below Tuesday low, then drove higher for the rest of the session. Price didn’t quite take out the 4/20 high before ending the session near the daily high.
Heading into today my primary expectation is for buyers to trade up through overnight high 13,938 on their way to tagging 14,000.
Hypo 2 stronger buyers trade up to close the gap at 14,019 before two way trade ensues.
Hypo 3 sellers press down through overnight low 13,878. Look for buyers down at 13,867.50 and for two way trade to ensue.
Levels:
