NASDAQ futures are coming into Thursday flat after an overnight session featuring normal range and volume. Price worked up through the Wednesday high, briefly, before settling into balanced trade. At 8:30am Initial/Continuing jobless claims data came out mixed.
Also on the economic docket today we have New Home Sales at 10am, a 10-year TIPS auction at 1pm, and Fed’s [crazy eyes] Kashkari speaking at 2pm.
Yesterday we printed a neutral extreme up. After opening flat and pushing higher, sellers pushed down through the Tuesday low. Just below it a strong responsive bid surfaced and we spent the rest of the day working higher, eventually closing near session high.
Heading into today my primary expectation is for buyers to work up through overnight high 5378.50 then find buyers just above at 5380 and two way trade ensues.
Hypo 2 sellers press down through overnight low 5361.75 setting up a move to target 5325 before two way trade ensues.
Hypo 3 strong buyers sustain trade above 5380 setting up a pole climb to the 5400 century mark.
Volume profiles, gaps, and measured moves: