NASDAQ futures are coming into this Tuesday before Thanksgiving with a slight gap down after an overnight session featuring extreme range and volume. Price first probed lower overnight, probing down near last Wednesday’s low before catching a bid. Since then we are about +100 points higher and as we approach cash open price is hovering just below the Monday low.

On the economic calendar today we have PMI composite flash at 9:45am, a 2-year note auction at 11:30am and a 7-year note auction at 1pm.

Yesterday we printed a double distribution trend down. The action was methodical, almost appearing choreographed. The day started out with a drive higher. Buyers drove higher for the first 45 minutes, tagging the weekly ATR high band. Before buyers could push a range extension up responsive sellers stepped in and made a hard move down through the midpoint, setting up an early range extension down and gap fill. Seller than continued lower and closed the Thursday gap. Buyers showed up here and began sort of grinding price back towards the mid but they never made it there. Instead sellers made a second leg lower, effectively tagging the weekly ATR low band as we closed out the session.

Heading into today my primary expectation is for buyers to press up through overnight high 16,414.50 before two way trade ensues.

Hypo 2 stronger buyers trade up to 16,459.25 before two way trade ensues.

Hypo 3 sellers press down through overnight low 16,274 setting up a move down to 16,227.

Levels:

Volume profiles, gaps and measured moves:

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NASDSAQ futures are heading into Thanksgiving week gap up after an overnight session featuring elevated range and volume. Price drifted higher overnight, drifting up to new all time highs. As we approach cash open price is pinned to all-time highs.

On the economic calendar today we have existing home sales at 10am, 6-month bill and 2-year note auctions at 11:30am and 3-month bill and 5-year note auctions at 1pm.

Last week saw some weakness early Monday. Then a week-long rally in the tech-heavy NASDAQ while the S&P sort of drifted and the other two indices were weak.

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

On Friday the NASDAQ printed a neutral day. The day began with a gap up beyond Thursday’s high. After a brief test lower buyers stepped in and pushed a bit beyond 16,600. Price ended up making a range extension up around lunchtime and then went neutral shortly afterwards.

Heading into today my primary expectation is for buyers to gap and go, tagging 16,666 before two way trade ensues.

Hypo 2 stronger buyers tag 16,700.

Hypo 3 sellers work into overnight inventory and close the gap down to 16,572.50. Look for buyers down at 16,544.25 and for two way trade to ensue.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Thursday up a quick +80 after an overnight session featuring extreme range on normal volume. Price drifted higher overnight, drifting up beyond the Wednesday high. At 8:30am jobless claims data came out a bit worse than expected but alongside it was Philadelphia Fed data that was much stronger than expected. As we approach cash open price is hovering above the Thursday high.

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

Yesterday we printed a normal variation up. The day began with a slight gap down down range. After a brief open-test-down, buyers stepped in and resolved the overnight gap. Said buyers then continued higher, taking out the Tuesday high and by New York lunch they had effectively tagged the upper weekly ATR band. It was selling from there onward , with sellers making a hard move down through the daily midpoint and then holding the mid into the close.

Heading into today my primary expectation is for buyers to gap-and-go, probing beyond all-time high 16,448.50 before two way trade ensues.

Hypo 2 stronger buyers tag 16,500.

Hypo 3 sellers reclaim Wednesday high 16,396.50 and then resolve the overnight gap down at 16,302.25 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Tuesday with a slight gap down after an overnight session featuring elevated range and volume. Price was balanced overnight, balancing along the top-side of Monday’s midpoint. At 8:30am retail sales data came out on the high end of expected range. As we approach cash open price is hovering just above the Monday midpoint.

Home Depot and Walmart reported earnings before the bell Tuesday, shares are +2% and -0.7% respectively in pre-market trade.

Also on the economic calendar today we have industrial production at 9:15am followed by business inventories and housing market index at 10am.

Yesterday we printed a normal variation down. The day began with a gap up beyond Friday range. After an open auction outside range sellers stepped in adn drove down through the open gap, continuing down to the Friday midpoint. Sellers made two attempts to take the Friday mid and failed on the second, effectively reversing the auction. Buyers pressed up through the mid late in the day and we closed out the first day of the week rising off the mid.

Heading into today my primary expectation is for buyers to close the gap up to 16,197 and tag 16,200 before two way trade ensues.

Hypo 2 sellers trade down to 16,100 before two way trade ensues.

Hypo 3 stronger sellers trade down to 16,041.50 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the third week of November gap up about +60 after an overnight session featuring elevated range on normal volume. Price worked higher overnight, trading up into last Tuesday’s range. As we approach cash open price is hovering below the Tuesday midpoint.

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

Walmart is set to report earnings Tuesday before-market-open.

Last week stock indices topped out early Monday then sort of just of calmly drifted lower until some buyers stepped in Friday and bounced ahead of the weekend.

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, right near the Thursday volume point of control. Sellers drove into the open, effectively closing the overnight gap and probing a few ticks below the Thursday low before failing. Then the auction sharply reversed higher, reclaiming the mid then defending it to set up a rally up through the Thursday high. Buyers continue their campaign and recaptured the Wednesday selling. We ended the day chopping along the Wednesday high.

Heading into today my primary expectation is for buyers to gap-and-go higher, tagging 16,300.

Hypo 2 stronger buyers tag 16,383.75.

Hypo 3 sellers work into overnight inventory and close the gap down to 16,195.25. Look for buyers just below and for two way trade to ensue.

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 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.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Thursday up a quick +120 after an overnight session featuring extreme range and volume. Price drifted higher overnight, steadily overtaking the Wednesday midpoint. As we approach cash open price is hovering above the Wednesday midpoint.

There are no economic events scheduled for today and fixed income markets are closed for trade in observation of Armistice Day.

Yesterday we printed a doubled distribution trend down. The day began with a gap down outside range, down in the upper quadrant of last Wednesday’s range. After an open test lower, responsive buyers stepped in and drove price higher, effectively reclaiming the Tuesday range and closing the overnight gap. Price held Tuesday range until about 11:30am New York when sellers rejected price back out of range. Buyers defended the midpoint the first time around but sellers soon converted it, then defended it, setting up a run to range extension down. This triggered an acceleration down through last Wednesday’s range before two way trade ensued.

Interestingly, value never shifted lower on yesterday’s profile. It remains pinned up up in the upper quadrant.

Heading into today my primary expectation is for buyers to work up to yesterday’s VPOC 16,180.

Hypo 2 stronger buyers trade up to 16,264.

Hypo 3 sellers work into overnight inventory and close the gap down to 15,980.25. Look for buyers down at 15,945.25.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Wednesday down a quick -100 after an overnight session featuring extreme range and volume. Price was choppy but balanced overnight. Around 9pm we took out the overnight low before making a sharp rotation higher, then lower. At 8:30am CPI data came out higher than expected, as did jobless claims. This introduced some sellers to the tape, and as we approach cash open price is hovering in the upper quadrant of last Wednesday’s range.

Also on the economic calendar today we have crude oil inventories at 10:30am followed by 4- and 8-week T-bill auctions at 11:30am. There is a 30-year bond auction at 1pm followed by a Treasury statement at 2pm.

Yesterday we printed a normal variation down. The day began with a gap up in range. After a brief open two way auction sellers stepped in and drove lower, driving down into the gap fill and continuing to drive down through the Monday low. Buyers stepped in ahead of the Friday low and nearly worked price back up to the daily midpoint. Sellers defended the mid, twice eventually setting up a new daily low. Sellers could not take out the Friday low however, and we spent the end of the session chopping along the low.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 16,203.75 before two way trade ensues.

Hypo 2 stronger buyers trade up to 16,267.50 before two way trade ensues.

Hypo 3 sellers press down to 16,200 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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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.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the second week of November flat after an overnight session featuring extreme range on elevated volume. Price was balanced overnight, balancing along the lower half of Friday’s range after briefly probing below the Friday range for about two minutes Sunday evening. As we approach cash open price is hovering just below the Friday midpoint.

On the economic calendar today we have Fed Chairman Powell speaking at 10:30am, 3- and 6-month T-bill auctions at 11:30am and then a 3-year note auction at 1pm.

Last week saw the Russell 2000 break out and rally Monday. Other indices sort of chopped higher alongside the small cap index through Wednesday. Then we rallied across the board after the Wednesday afternoon FOMC announcement. Rally continued through mid-day Friday. Then some selling/profit taking knocked price off the high into the weekend.

On Friday the NASDAQ printed a normal variation down. The day began with a gap up beyond the Thursday range. Sellers were unable to reclaim the Thursday range early on. Instead price chopped in a tight range along all-time highs. Around noon bulls made a go at the highs but stalled one tick shy. Sellers pounced and pushed into a range extension down, effectively reclaiming the Thursday range and filling the overnight gap. Buyers stablized just below the Thursday volume point of control and price chopped along the bottom-side of the mid into the close.

Heading into today my primary expectation is for buyers to press up to 16,403.75 before two way trade ensues.

Hypo 2 stronger buyers take out 16,417.25 early on and sustain trade above it setting up a run on the highs 16,448.50.

Hypo 3 sellers press down through overnight low 16,256 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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