NASDAQ futures are heading into Thursday with a slight gap up after an overnight session featuring normal range and volume. Price was balanced overnight, balancing above the Wednesday range. At 8:30am jobless claims data came out worse-than-expected and as we approach cash open price is hovering a bit above 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 10-year TIPS auction at 1pm.
Yesterday we printed a double distribution trend up. The day began with a gap down in range that buyers quickly resolved with an open drive up. Said buyers continued their campaign higher, taking out the Tuesday high before New York lunch. Then price touched back to the daily mid before launching a second campaign higher that continued right up into the closing bell.
Heading into today my primary expectation is for buyers to reject any attempts back into the Wednesday high 14,835.75 setting up a run to 14,900.
Hypo 2 stronger buyers reclaim 14,900 early on and sustain trade above it setting up a move to 14,990.
Hypo 3 sellers reclaim Wednesday high 14,835.75 setting up a move down to the Wednesday VPOC 14,779.50.
Volume profiles, gaps and measured moves: