I turn dials and fiddle with knobs to hone in on harmonic rotations
Joined Oct 26, 2011
4,086 Blog Posts

Grinding // here is Tuesday NASDAQ trading plan

NASDAQ futures are coming into Tuesday gap up after an overnight session featuring elevated range and volume. Price worked higher overnight, but first it probed the Monday low around 7:30pm Monday evening. Then it worked higher. At 8:30am PPI readings came out in-line with expectations and as we approach cash open price is making a run on the Monday high.

Also on the economic calendar today we have Fed Chairman Powell set to speak at 9am followed by a 10-year note auction at 1pm.

Yesterday we printed a normal variation down. The day began with a slight gap up in range. Sellers closed the gap during a wide open-two-way auction. The opening action formed long wicks both ways and before long we were in a grinder tape, one that made an early range extension down. Sellers failed to take out the Friday low. Instead we sort of just walked all over the daily midpoint, eventually closing in the lower quad.

Heading into today my primary expectation is for buyers to press up to 16,403.50 before two way trade ensues.

Hypo 2 stronger buyers sustain trade above 16,417.25 early on setting up a run on the high 16,448.25.

Hypo 3 sellers work down through overnight low 16,282.50 setting up a quick move to 16,264.75.


Volume profiles, gaps and measured moves:

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