NASDAQ futures are coming into the second-to-last Tuesday in August with a slight gap up after an overnight session featuring elevated volume on extreme range. Price worked higher overnight, making new all-time high prints until about 6am New York. Since then price has faded a bit, and as we approach cash open price is hovering inside Monday range up near the highs.
On the economic calendar today we have new home sales at 10am followed by a 2-year note auction at 1pm.
Yesterday we printed a trend up. The day began with a gap up nearly above last week’s entire range. Buyers drove higher off the open, putting up at all-time-highs early in the session. The campaign continued higher right into the lunch hour. Then price stabilized and held the highs into the close.
Heading into today my primary expectation is for buyers to work up through overnight high 15,384 on their way to tagging 15,400.
Hypo 2 stronger buyers rally to 15,500.
Hypo 3 sellers press down through overnight low 15,301 setting up a move down to 15,262.25.
Levels:
Volume profiles, gaps and measured moves:
