NASDAQ futures are coming into Friday gap up after an overnight session featuring elevated range and volume. Price worked higher overnight, at one point after settlement gapping through 14,950 on the way to making a new record high. As we approach cash open price has faded off the high a bit and is floating up beyond the Thursday high.
Major semiconductor player Intel reported earnings Thursday after the bell and is down -2.5% in pre-market trade.
On the economic calendar today we have PMI flash composite at 9:45am.
Yesterday we printed a normal variation up. The day began with a gap up beyond prior day’s range and open drive higher. Said drive sent price right up near last Thursday’s high before chopping a bit and then continuing to 14,900. We overshot the century mark a bit before falling back to the daily midpoint. Buyers defended the mid and we rallied into the close, spiking higher during settlement.
Heading into today my primary expectation is for sellers to reject an attempt back into Thursday high 14,952 setting up a push up through overnight high 15,015. Look for sellers up at 15,500.
Hypo 2 sellers work a gap fill down to 14,945. Look for buyers down at 14,924.
Hypo 3 stronger sellers trade down to 14,900. Look for buyers down at 14,866.
Volume profiles, gaps and measured moves:
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