NASDAQ futures are coming into Friday with a slight gap up after an overnight session featuring elevated range on normal volume. Price was balanced overnight, balancing along the middle of Thursday’s range. As we approach cash open price is hovering just above the Thursday midpoint.
On the economic calendar today we have consumer sentiment and JOLTS job openings at 10am.
Yesterday we printed a normal variation down. The day began with a gap up in range. Sellers pressed into the open but were met with buyers along the Wednesday midpoint. Price sort of chopped along the daily mid for a few hours before going range extension down during New York lunch. Sellers defended the midpoint for the rest of the session but we never made it down to close the overnight gap.
Heading into today my primary expectation is for buyers to gap-and-go higher, trading up through overnight high 16,093.75 and tagging 16,100.
Hypo 2 stronger buyers trade up to 16,195.25 before two way trade ensues.
Hypo 3 sellers press down through overnight low 16,017.75 closing the overnight gap 16,035 along the way and setting up a Wednesday gap fill down to 15,980.25.
Volume profiles, gaps and measured moves:
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