NASDAQ futures are floating around the unchanged line heading into Monday after an overnight session featuring extreme range on elevated volume. Price worked lower overnight, trading down near last Friday’s midpoint before discovering a responsive bid around 8am New York.  At 8:30am durable goods orders came out in-line ex-transportation but well below expectations if we include transports. Since then price has worked about 50 handles up, and as we approach cash open price is hovering in the upper quadrant of last Friday’s range.

Also on the economic calendar today we have a 6-month bill and 2-year note auctions at 11:30am followed by 3-month bill and 5-year note auctions at 1pm.

Last week had some big choppy price action. There was weakness early in the week and eventually strength into the weekend. Russell was bullish divergent throughout the week, suggesting risk tolerance remains elevated.

The last week performance of each major index is shown below:

On Friday the NASDAQ printed a double distribution trend up. The day began with a gap up in range and then an open drive higher. Early buyers steadily campaigned price higher, effectively making short work of returning price “to the scene of the crime” where the initial reaction to new of a capital gains tax increase hit the wires. Price shot clean through beyond that level and eventually took out Thursday high before flagging along the highs for a few hours. Price then dropped a bit during settlement period.

Heading into today my primary expectation is for sellers to press into the overnight inventory and trade down to 13,845 before two way trade ensues.

Hypo 2 buyers press up through overnight high 13,944.25 setting up a move up through last Friday high 13,981 on the way to tagging 14,000.

Hypo 3 stronger sellers trade down through 13,845 early on and sustain trade below it seeting up a move to 13,800.

Levels:

Volume profiles, gaps and measured moves:

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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 lower quadrant of Thursday’s range. As we approach cash open, price is hovering in the lower quad of Thursday range.

On the economic calendar today we have PMI composite flash at 9:45am followed by new home sales at 10am.

Yesterday we printed a neutral extreme down. The day began basically flat and then a open drive down. Buyers defended the Wednesday VPOC and worked price higher, making an early range extension up while taking out Wednesday high. A check back to the midpoint was defended by buyers but before a new high could be made the tax news hit the tape and sent price lower. We quickly entered a neutral print and eventually probed below the Wednesday low before coming into a choppy balance along the low for the remainder of the session.

Heading into today my primary expectation is for sellers to press down through overnight low 13,737 on their way to taking out the Thursday low 13701.75. Look for buyers just below at 13,687 and for two way trade to ensue.

Hypo 2 buyers drive higher on the open, reclaiming 13,800 early on and sustaining trade above it, setting up a “return to the scene of the crime” up at the Thursday VPOC 13,925.50.

Hypo 3 stronger buyers trade up to 14,000 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Thursday with a slight gap down after an overnight session featuring normal range and volume. Price was balanced overnight balancing along (and occasionally exceeding) the Wednesday high. At 8:30am jobless claims data came out in-line with expectations, and as we approach cash open price is hovering along the Wednesday high.

Also on the economic calendar today we have existing home sales at 10am, 4- and 8-week T-bill auctions at 11:30am and a 5-year TIPS auction at 1pm.

Yesterday we printed a trend up. The day began with a slight gap up and then an open test drive. We opened, tested below Tuesday low, then drove higher for the rest of the session. Price didn’t quite take out the 4/20 high before ending the session near the daily high.

Heading into today my primary expectation is for buyers to trade up through overnight high 13,938 on their way to tagging 14,000.

Hypo 2 stronger buyers trade up to close the gap at 14,019 before two way trade ensues.

Hypo 3 sellers press down through overnight low 13,878. Look for buyers down at 13,867.50 and for two way trade to ensue.

Levels:

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NASDAQ futures are coming into Wednesday with a gap down after an overnight session featuring elevated range and volume. Price was balanced overnight, balancing along the lower quadrant of Tuesday’s range after briefly probing below it around 1am New York. As we approach cash open price is slightly above the Tuesday close.

On the economic calendar today we have crude oil inventories at 10:30am followed by a 20-year bond auction at 1pm.

Yesterday we printed a double distribution trend down. The day began with a slight gap down in range that buyers quickly resolved shortly after ht open. Said early buyers managed to probe a bit beyond the Monday midpoint before the auction stalled out and reversed. Sellers pushed an early range extension down and swiftly pressed down through Monday low. The sellers managed to work price down to levels unseen since two Fridays back before noon, and then we spent the rest of the session chopping along the lower half of the day’s range.

Heading into today my primary expectation is for the sell discovery continues, tagging 13,687 before two way trade ensues.

Hypo 2 buyers to press higher, trading up through overnight high 13,788.50 on the way to tagging 13,800.

Hypo 3 stronger buyers tag 13,836.75 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Tuesday with a gap down after an overnight session featuring extreme range and volume. Price was balanced overnight until about 5:30am New York when sellers stepped in and probed down below Monday low. Since then price has reclaimed Monday range and as we approach cash open price is hovering in the lower quadrant of Monday range.

On the economic calendar today we have a 52-week T-bill auction at 11:30am.

Yesterday we printed a double distribution trend down. The day began with a gap down in range that buyers drove into off the open. Said buyers could not close the overnight gap before being met by strong responsive sellers who drove down below last Thursday/Friday low. After a bit of congestion along last Wednesday’s naked VPOC sellers held the mid and pressed a new daily low, effectively closing the Wednesday gap before discovering a responsive bid. The rest of the day was spent chopping before a late day ramp saw price nearing the bottom-side of the mid.

Heading into today my primary expectation is for sellers to press down through overnight low 13814 setting up a tag of 18,000. Look for buyers down at 13,788 and for two way trade to ensue.

Hypo 2 buyers work into overnight inventory and close the gap up to 13,896.75 then tag 13,900 before two way trade ensues.

Hypo 3 stronger buyers trade up to 14,000 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the week with a slight gap down after an overnight session featuring elevated range and volume. price was balanced overnight, first poking up above the Friday high then descending down through most of the Friday range. As we approach cash open price is hovering in the lower quadrant of last Friday’s range.

On the economic calendar today we ahve 3- and 6-month T-bill auctions at 11:30am.

Last week we saw a choppy Monday. Then a rally Tuesday. Afternoon sellers Wedneday. And then a strong rally into the weekend. NASDAQ price action lagged a bit, despite out performing on a percentage basis. The last week performance of each major index is shown below:

On Friday the NASDAQ printed a normal variation up. The day began with a gap up just a bit beyond Thursday range. Sellers quickly drove into the open and resolved the gap and continued lower, briefly probing below the Thursday midpoint before popping back above it and chopping along the mid for a few hours. After lunch buyers worked up and away from the mid but stalled before going range extension up. Instead we threw back to the mid once more, buyers defended, and the late-day ramp ended up putting us into an range extension up. We ended near the highs.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 14,019. From here buyers continue higher, taking out overnight high 14,052.25 before two way trade ensues.

Hypo 2 sellers probe below Friday low 13,953.75 setting up a run down to 13,900. Look for buyers just below at 13,875 and for two way trade to ensue.

Hypo 3 stronger sellers tag 13,831 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Tuesday gap up beyond yesterday and last week’s highs after an overnight ession featuring extreme range and volume. Price was balanced overnight until about 8:30am New York. Whether or not CPI data came out at the top-end of expectations at that time led to the rally that followed is debatable. But since then we’ve rallied nearly to all-time highs.

Also on the economic calendar today we have a 30-year bond auction at 1pm.

Yesterday we printed a neutral extreme up. The session began with a gap down in range. Buyers poked higher during opening swing and filled the overnight gap before sellers stepped in. Said sellers eventually pushed us into an early range extension down which was met with strong responsive buying. Price then chopped along the top of the day’s midpoint for a few hours before rallying into a neutral print. Price checked back to the mid once more, than ramped into the close to end near the highs.

Heading into today my primary expectation is for a probe up beyond all-time high 13,863.75 and a tag of 13,900 before two way trade ensues.

Hypo 2 stronger buyers rally to 14,000 before two way trade ensues.

Hypo 3 sellers press into overnight inventory and reclaim Monday high 13,828.75 and sustain trade below it, setting up a move down through overnight low 13,772.75 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the second full week of April with a small gap down after an overnight session featuring elevated volume on normal range. Price was balanced overnight, balancing along the upper quadrant of Friday’s range. As we approach cash open, price hovers in this upper quad.

On the economic calendar today we have 6-mont t-bills and 3-year notes up for auction at 11:30am, 3-month t-bills and 10-year notes auctioning at 1pm and a Treasury statement at 2pm.

Last week featured a strong rally Monday. Then a consolidation of the gains through Wednesday. A gap higher Thursday and continuation rally through Friday and into the weekend. Russell 2000 lagged. Here is the last week performance of each major index:

On Friday the NASDAQ printed a double distribution trend up. The day began with a gap down in range. Sellers made an early attempt lower, probing below the Thursday range briefly before a sharp,excess low formed. Price shot back through the mid, checked back to it, then rallied to close the overnight gap and make a new high on the week. Price flagged along the high for several hours before ramping higher into the weekend.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 13,809.50. From there buyers continue higher, up to probe beyond all-time high 13,878.25 before two way trade ensues.

Hypo 2 sellers press down through overnight low 13,767.75 and tag 13,753 before two way trade ensues.

Hypo 3 stronger sellers trade down to 13,700 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

 

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NASDAQ futures are coming into the first full week of the second quarter pro gap up after an overnight session featuring normal volume on elevated range. Price was balanced overnight, first testing last Thursday’s high then rallying away from it. As we approach cash open price is hovering up at levels unseen since February 22nd.

On the economic calendar today we have factory orders and ISM services index at 10am followed by 3- and 6-month T-bill auctions at 11:30am.

Last week was choppy through Tuesday then price rallied through to end of Thursday. Closed Friday.

The last week performance of each major index is shown below:

On Thursday the NASDAQ printed a normal variation up. The day began with a gap up beyond range. Buyers drove higher off the open and managed to print a range extension up early on. Then price chopped along the mid for pretty much the rest of the session before ramping back up to the highs near the close.

Heading into today my primary expectation is for buyers to gap-and-go higher, driving up to 13,500 before two way trade ensues.

Hypo 2 sellers work into the overnight inventory and close the gap down to 13,325.75, take out overnight low 13,304.25 before two way trade ensues.

Hypo 3 stronger buyers trade up to 13,550 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDSAQ futures are coming into the final trading day of the week, the first trading day of Q2 (sloppy alignment) up a quick +140 after an overnight session featuring extreme range on elevated volume. Price steadily rallied overnight, unidrectionally rotating up through the Wednesday high and up beyond the gap left behind back on Wednesday March 17th. At 8:30am jobless claims data came out worse than expected. As we approach cash open price is hovering up near those 03/17 highs.

Also on the economic calendar today we have ISM manufacturing and construction spending at 10am followed by 4- and 8-week T-bill auctions at 11:30am.

Yesterday we printed a double distribution trend up. The day began with a gap up beyond the Tuesday high, up near the Monday high. Buyers drove into the open, rapidly sending price up to the 13,100 century mark before a brief pause. Then price continued a bit higher but near took out last week’s high. Instead we spent the rest of the session chopping along the upper quadrant of the daily range.

Heading into today my primary expectation is for buyers to gap and go a touch higher, tagging 13,255 before two way trade ensues.

Hypo 2 stronger buyers tag 13,300 before two way trade ensues.

Hypo 3 sellers press into the overnight inventory and close the gap down to 13,085.25 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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