NASDAQ futures are coming into the second-to-last Friday in May with a slight gap up after an overnight session featuring elevated range on elevated volume. Price was balanced overnight, balancing along and often exceeding the Thursday high. As we approach cash open price is overnight a touch above Thursday high.
On the economic calendar today we have existing home sales at 10am.
Yesterday we printed a double distribution trend up. The day began with a gap up beyond the prior day range and drive higher, driving up clean thru to a new seven day high before chopping a bit inside the 05/10 conviction selling range. We ended the session flagging along the highs.
Heading into today my primary expectation is for buyers to gap-and-go higher, trading up to 13,600 before two way trade ensues.
Hypo 2 stronger buyers tag 13,638.25 before two way trade ensues.
Hypo 3 sellers take out overnight low 13,479.25 on their way to tagging 13,400.
Levels:
Volume profiles, gaps and measured moves:
