NASDAQ futures are coming into Wednesday with a slight gap up after an overnight session featuring extreme range and volume. Price was balanced overnight, balancing along the Tuesday midpoint after briefly exceeding the Tuesday low early in the Globex session. As we approach cash open price is hovering above the Tuesday midpoint.

On the economic calendar today we have existing home sales at 10am, crude oil inventories at 10:30am, a 2-year frn note auction at 11:30am, then at 2pm we have the FOMC announcement followed by a 2:30pm press conference.

The CME fed fund futures are currently pricing a 100% probability rates the benchmark Fed borrowing rate will remain unchanged.

Yesterday we printed a normal variation down. The day began with a gap up in range. After a brief open-two-way auction buyers made a push higher. Said buyers failed to take out the Monday high. Sellers stepped in and closed the overnight gap and into an early range extension down. Responsive buyers were active at the Monday close and worked price back up through the daily mid but could not sustain price above the mid after New York lunch. Buyers made an afternoon attempt at pressing into a neutral print but stalled out before taking out the daily high. Sellers were active during the settlement pushing price back down to the daily low but never exceeding it.

On the whole we printed an inside day.

Heading into today my primary expectation is for buyers to gap and go up through 15,100 on their way to tagging 15,200. Then look for third reaction to the FOMC announcement to dictate direction into the close.

Hypo 2 sellers work into overnight inventory and close the gap down to 14,982 then continue lower taking out overnight low 14,930.50. Look for buyers down at 14,900. Then look for third reaction to the FOMC announcement to dictate direction into the close.

Hypo 3 stronger buyers trade up to 15,302 resolving the weekend gap. Then look for third reaction to the FOMC announcement to dictate direction into the close.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the week pro gap down after an overnight session featuring extreme range and volume. Price was balanced overnight, balancing along the lower quadrant of Friday range until about 9pm New York when sellers stepped in and began driving price lower. There was a bit of a two-way battle around 15,200 until about 4am when sellers continued to dominate the tape. And as we approach cash open price is hovering down below 15,100, levels unseen since August 20th.

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

Last week we had choppy volatility that gradually drifted lower while chopping along. Then strong selling action into the weekend. The Russell 2000 was bullish divergent.

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

On Friday the NASDAQ printed a double distribution trend down. The day began with a gap down in range that sellers drove down into, effectively taking out the the weekly low early in the session and defending attempts back into the Thursday range a bit later in the day. There was a bit of a bounce late in the session but it hardly managed to push through the lower quadrant. Sellers were still active into settlement.

Heading into today my primary expectation is for buyers to work into the overnight inventory, trading up to 15,226.75 before two way trade ensues.

Hypo 2 press down through overnight low 15,048.25 and tag 15,000.

Hypo 3 stronger buyers work up to 15,341.50 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Friday with a slight gap down after an overnight session featuring elevated range on elevated volume. Price was balanced overnight, balancing along the upper half of Thursday’s range. As we approach cash open price is hovering about 50 point above the Thursday midpoint.

On the economic calendar today we have consumer sentiment at 10am.

Yesterday we printed a normal variation up. There was a brief range extension down, and one could argue it was a neutral extreme, however the probe below initial balance low came in the moments after 10:30am and was a short duration. The next thing to happen was a strong rally up through the midpoint. Then after basing along the mid for a bit a ramp higher into the afternoon and another ramp higher into the bell that saw price nearly take out the weekly high.

Heading into today my primary expectation is for buyers to press up through overnight high 15,528.25 setting up a tag of 15,571.50.

Hypo 2 stronger buyers rally up to 15,600.

Hypo 3 sellers press down through overnight low 15,458.25 on their way to tagging 15,400.

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 elevated range and volume. Price drifted lower overnight, drifting down near yesterday’s open. At 8:30am the economic data came out about as ideal as bulls want to see—jobless claims worse than expected, Philadelphia Fed data much better than expected and retail sales data stronger than expected. As we approach cash open price is hovering about +50 point above the Wednesday midpoint.

Also on the economic calendar today we have business inventories 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 slight gap up. After an open test higher sellers stepped in and worked price down through the weekly low. Price bottomed out before going range extension down, just after 10:30am. Initial test back to the midpoint was defended by sellers, but midway through New York lunch a second buy pushed through the mid and triggered a rally. Price made new high-of-day before 1pm and continued to rally up into the closing bell. We did not exceed the Tuesday high.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 15,499.75 before two way trade ensues.

Hypo 2 stronger buyers trade up to 15,571.50 before two way trade ensues.

Hypo 3 sellers press down through overnight low 15,433 and tag 15,400 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Wednesday gap up after an overnight session featuring elevated range and volume. Price was balanced overnight, balancing along the bottom-side of the Tuesday midpoint. As we approach cash open price is hovering down below the Wednesday midpoint.

On the economic calendar today we have industrial production at 9:15am followed by crude oil inventories at 10:30am.

Yesterday we printed a double distribution trend down. The day began with a gap up in range. The gap was up into a conviction selling zone printed Monday and after a brief open-test higher sellers stepped in and defended their region. Said selling worked the overnight gap shut and pressed beyond it before finding some responsive buyers in the lower quadrant of Monday’s range. Said buyers shot price up through the daily midpoint a bit before an excess high formed and sellers reclaimed the mid. Selling continued into the late afternoon but did not quite exceed the Tuesday low. Instead there was a bit of a ramp higher into settlement.

Heading into today my primary expectation is for buyers to press higher on the open, pressing up through overnight high 15,434 on their way to tagging 15,500.

Hypo 2 stronger buyers tag 15,571.50 before two way trade ensues.

Hypo 3 sellers work into the overnight inventory and close the gap down to 15,398.75. Sellers continue lower, tagging 15,328.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the second day of the first full trading week of September with a slight gap up after an overnight session featuring extreme range and volume. Price was balanced overnight, balancing along the bottom-side of Monday’s midpoint until 8:30 CPI data introduced some buyers. CPI data came in a bit below expectations and investors reacted with buyer orders that worked price up to 15,500 which is still well within the Monday range. As we approach cash open price is hovering around 15,00.

There are no other economic events scheduled for today.

Yesterday we printed a double distribution trend down that kind of also resembles 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 price lower, effectively closing the overnight gap and continuing down through the Friday low. Sellers worked down into the Friday 08/27 range before any responsive buyers appeared. Price then chopped along the lows for the rest of the session, making little new lows along the way and pinning the value point of control down near the lows but eventually closing back near the daily midpoint. The day structure resembles a lowercase letter-b shape indicating a long liquidation.

Heading into today my primary expectation is for buyers to continue the buying campaign spurred on by CPI data. Look for buyers to claim 15,500 and sustain trade above it early on setting up a run to 15,571.50.

Hypo 2 sellers to work into the overnight inventory and close the gap down to 15,439.50. Look for buyers below at 15,400 and for two way trade to ensue.

Hypo 3 stronger sellers trigger a liquidation down to 15,311.75.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the first full trading week of September up +90 after an overnight session featuring extreme range and volume. Price was balanced overnight. Just before 2am price poked below the Friday low and was met with strong responsive buying. Since then price has worked back up into Friday range and as we approach cash open price is hovering just below the Friday midpoint.

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

Last week featured a bit of strength Tuesday morning was faded. Then steady selling all week. Eventually closing out the week on the lows after Friday of heavy selling.

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

On Friday the NASDAQ printed a double distribution trend down. The day began with a gap up in range. After an open-two-way auction failed to take out the Thursday high sellers stepped in and drove down into the gap, effectively closing it before New York lunch. Around noon price probed below the Thursday low before making a sharp move back to the daily midpoint. Sellers defended the mid and we sold off into the close and closed on the lows.

Heading into today my primary expectation is fora gap-and-go higher. Buyers sustain trade above 15,500 setting up a run to 15,570.25.

Hypo 2 sellers to work into the overnight inventory and close the gap down to 15,447 before two way trade ensues.

Hypo 3 stronger sellers press down through overnight low 15,405.75. Look for buyers down at 15,400 and for two way trade to ensue.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Thursday flat after an overnight session featuring elevated range on extreme volume. Price was balanced overnight, balancing inside the Wednesday range. At 8:30am jobless claims data came out better than expected. As we approach cash opne price is hovering above the Wednesday midpoint.

Today most active traders rollforward to the December contract. However this report will quote prices from the September contract through Friday.

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

Yesterday we printed a normal variation down. The session began with a slight gap up. Sellers drove down into the open, resolving the gap and nearly taking out the Tuesday low before a responsive bid stepped in. Said bidders worked price a few handles above the midpoint before sellers stepped back in and made a new low, effectively making a new low for September. There was one final attempt lower right around New York lunchtime before buyers stepped back in. We then spent the rest of the session grinding higher, eventually buyers recaptured the midpoint and we ended the day chopping above it.

Heading into today my primary expectation is for buyers to work up to 15,700 before two way trade ensues.

Hypo 2 sellers press down through overnight low 15,546.75 and tag 15,500.

Hypo 3 stronger buyers work up to 15,800.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the second week of September about five points below the Friday close after an overnight session featuring extreme volume on elevated range. Price drifted slightly lower overnight after printing a new record high early in the globex session. As we approach cash open price is hovering in the upper quadrant of last Friday’s range.

On the economic calendar today we have 3- and 6-month T-bill auctions at 10am, 52-week T-bill auctions at 11:30am and a 3-year note auction at 1pm.

Last week the major indices had a bit of strength early in the week and then a steady drift along the highs into the weekend. 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 down in range. Buyers drove into the open, quickly resolving the gap. Buyers continued the drive for the first 30 minutes of trade but a sharp excess high formed before buyers could take out the Thursday high. Instead price checked back to the daily mid. Buyers defended the mid sending price into a steady drift along the daily high, eventually making a range extension around 1:45pm New York. Price drifting along the high into the close.

Heading into today my primary expectation is for buyers to work up through overnight high 15,708 before two way trade ensues.

Hypo 2 sellers press down to 15,609.75 before two way trade ensues.

Hypo 3 stronger sellers tag 15,500 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the second day of September with a slight gap up after an overnight session featuring normal range and volume. Price was balanced overnight. After briefly poking below the Monday low price stabilized. At 8:30am jobless claims data came out in-line with expectations and as we approach cash open price is hovering along the Monday midpoint.

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

Yesterday we printed a normal variation down. The day began with a gap up beyond the prior two days’ ranges and a drive higher. Said drive achieved new record highs before flagging in a tight range for many hours. Late in the day sellers reversed the morning drive making a late range extension down and closing near the lows after nearly filling the overnight gap.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 15,623. Sellers continue lower, taking out overnight low 15,600 before two way trade ensues.

Hypo 2 buyers press up through Wednesday high 15,699 before two way trade ensues.

Hypo 3 stronger sellers work down to 15,555.50 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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