NASDAQ futures are coming into Tuesday gap up after an overnight session featuring extreme range and volume.  Price worked higher late Monday afternoon and continued higher into the evening before responsive sellers rejected a move back into the 3/21 range, stepping in just above last Wednesday’s low 6842.25.

The economic calendar is light today—we have consumer confidence at 10am, 4- and 52-week T-bill auctions at 11:30am, and a 5-year Note auction at 1pm.

Yesterday we printed a neutral extreme up.  The day began with a 100 point gap up, in-range.  A brief open auction gave way to buyers who were able to barely poke above the overnight high before a strong wave of selling rolled in.  Sellers nearly filled the overnight gap but did not.  Instead strong responsive buyers stepped in, forming a sharp excess low.  A brief battle at the daily midpoint saw buyers more agressive than sellers.  Ultimately the buyers became initiative, pushing us neutral, then pressing the rally for the rest of the session, closing the day at the highs earning the neutral extreme designation.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 6774.75.  Selling continues just through overnight low 6770.50 before buyers step in and two-way trade ensues.

Hypo 2 buyers gap-and-go higher, up through overnight high 6849.25 setting up a move to target the open gap at 6883.75 before two way trade ensues.

Hypo 3 stronger sellers press down into the Monday afternoon rally, down to 6666 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

Comments »

NASDAQ futures opened the week up about 100 points higher after an overnight session featuring extreme range and volume.  Around 8pm Sunday responsive buyers stepped in ahead of the lows from last Friday.  Price steadily campaigned higher throughout the globex session but remained inside of last Friday’s range.

At 11:30am the US Treasury auctioned off 3- and 6-month T-bills.  There is an upcoming 2-year Note auction at 1pm.

Last week all major indices were lower.  Gap down into the week, then a trend down Monday.  Tuesday and Wednesday see price bouncing around, with a slight upward bias, with action contained inside the Monday range.  Gap down into Thursday then a two-day trend down all the way into the weekend.  The last performance of each major index is shown below:

The Monday open was an open auction in-range.  Buyers were able to briefly test above overnight high 6679.25 before responsive sellers stepped in.  Sellers sustained trade below the open-auction and then became initiative, making the hardest rotation of the day, 27.75 points unidirectional.  As we head into New York lunch price is currently working back towards the daily mipoint.

My primary expectation is for sellers to defend the daily mid 6616.25 and continue lower.  Sellers sustain trade below the 6600 century mark setting up a move to target 6549 before two-way trade enuses.

Hypo 2 buyers defend 6600 and we chop around the midpoint for the rest of the day, a volatile game of ping-poing between 6600 and about 6644.

Hypo 3 stronger buyers press up through 6644 and make new highs on the session up through to 6687.75 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

 

Comments »

NASDAQ futures are coming into Thursday pro gap down after an overnight session featuring extreme range and volume.  Price began working lower around 2am New York after spending most of the night in balance.  At 8:30am Initial/Continuing jobless claims data came out better-than-expected.

Also on the economic docket today we have manufacturing PMI at 9:45am, leading indicators at 10am, service/composite PMI at 10:45am, and a 10-year TIPS auction at 1pm.

Yesterday we printed a neutral extreme down. The day began gap down in range.  Buyers close gap, take out overnight high.  Then Jerome Powell’s Fed lifted benchmark borrowing rate 25 basis points.  During his presser the market went 3rd reaction down.  There was a bit of a bounce late in the day that was sold into.

Heading into today my primary expectation is for sellers to gap-and-go lower, down to 6741 before two way trade ensues.

Hypo 2 buyers work into the overnight inventory and do a half gap up to 6800 before two way trade ensues.

Hypo 3 full on liquidation, next downside targets are 6683.50 then 6623.

Levels:

Volume profiles, gaps, and measured moves:

Want to learn how these reports and charts help me consistently trade the NASDAQ futures for profit?  Come to my free event Tuesday, March 27th at Benzinga Headquarters in downtown Detroit.  Link to RSVP: https://www.meetup.com/Detroit-Investors-Traders-StockTwits-Meetups/events/248652154/

Comments »

NASDAQ futures are coming into Wednesday gap down after an overnight session featuring elevated range and volume.  Price briefly poked above the Tuesday RTH high before balancing out below the Tuesday midpoint.

On the economic agenda today we have existing home sales at 10am, crude oil inventories at 10:30am, and most importantly an FOMC rate decision at 2pm followed by a Jerome Powell conference at 2:30pm.

Traders down at the CME are currently pricing a 97.2% probability of a 25 basis point rate hike today.

Yesterday we printed a neutral day.  The day began gap down and sellers quickly filled the overnight gap before stalling out.  We then went range extension down, then responsive buyers stepped in.  Late in the session we went range extension up, putting us neutral.

Holding pattern.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 6917.75.  From here we continue higher, up through overnight high 6923.50 before settling into two-way trade.  Look for the third reaction after the fed rate decision to dictate direction into the rest of the day.

Hypo 2 sellers press down through overnight low 6881.50 setting up a move to target 6835 before two way trade ensues.  Look for the third reaction after the fed rate decision to dictate direction into the rest of the day.

Hypo 3 stronger buyers sustain trade above 6933.75 triggering a rally up to 6963.25 ahead of the FOMC minutes.  Look for the third reaction after the fed rate decision to dictate direction into the rest of the day.

Levels:

Volume profiles, gaps, and measured moves:

Want to learn how these reports and charts help me consistently trade the NASDAQ futures for profit?  Come to my free event Tuesday, March 27th at Benzinga Headquarters in downtown Detroit.  Link to RSVP: https://www.meetup.com/Detroit-Investors-Traders-StockTwits-Meetups/events/248652154/

Comments »

NASDAQ futures are coming into Tuesday with a slight gap down after an overnight session featuring extreme volume on elevated range.  Price was balanced overnight, chopping along on the Monday midpoint for much of the session.

At 11:30am today the US Treasury will auction off some 4-week T-bills.

Yesterday we printed a double distribution trend down.  The week began with a pro-gap down to prices unseen since March 8th.  Sellers drove lower off the open and continue working lower until balancing out during the afternoon.  Towards the end of the day a strong responsive bid stepped in.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 6915.50.  From here we continue higher, up beyond overnight high 6927.75 setting up a move to target 6933.75 before two way trade ensues.

Hypo 2 stronger buyers work up to 6963 before two way trade ensues.

Hypo 2 sellers work down through overnight low 6875 then set their targets on the NVPOC at 6860.25.  Look for buyers ahead of 6835.25 and two way trade to ensue.

Levels:

Volume profiles, gaps, and measured moves:

Comments »

NASDAQ futures are coming into the week pro gap down after an overnight session featuring extreme range and volume.  Price methodically worked lower overnight, trading down to prices not seen since March 7th before coming into balance.

The economic calendar is light to start the week.  We have a 3- and 6-month T-bill auction at 11:30am.

Last week markets started strong and by late Tuesday morning sellers were making themselves known.  We then spent the rest of the week chopping along the weekly lows.  The performance of each major index last week is shown below:

On Friday the NASDAQ printed a normal variation down.  The day began with a slight gap up and after a morning 2-way auction sellers stepped in.  They were not able to take out the Thursday low, instead bouncing along it as we headed into the weekend.

Heading into today my primary expectation is for buyers to work into the overnight inventory and work a half gap up to 7000 before two way trade ensues.

Hypo 2 sellers gap-and-go lower, taking out overnight low 6928 and continuing lower, down to 6907.25 before two way trade ensues.

Hypo 3 stronger buyers work a full gap fill up to 7043.75 then continue higher, up through overnight high 7045.75 before two way trade ensues.

Levels:

Want to learn how these reports and charts help me consistently trade the NASDAQ futures for profit?  Come to my free event Tuesday, March 27th at Benzinga Headquarters in downtown Detroit.  Link to RSVP: https://www.meetup.com/Detroit-Investors-Traders-StockTwits-Meetups/events/248652154/

Comments »

NASDAQ futures are coming into Thursday gap up after an overnight session featuring elevated range on extreme volume.  Price poked below the Wednesday cash low before settling into balance.  At 8:30am initial/continuing jobless claims data came out better-than-expected.

Also on the economic docket today we have NAHB housing market index at 10am and TIC flows at 4pm.

Yesterday we printed a normal variation down.  The day began gap up, sellers closed the gap then continued lower, down through overnight low before two way trade ensued.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 7058.  From here we continue lower, down through overnight low 7027.25.  Look for buyers ahead of 7000 and two way trade to ensue.

Hypo 2 buyers gap-and-go up through overnight high 7077 and trade up to tag the NVPOC at 7128.50 before two way trade ensues.

Hypo 3 full-on-liquidation lower.  Price sustains below 7000 setting up a move down to 6970.50.

Levels:

Volume profiles, gaps, and measured moves:

Comments »

NASDAQ futures are coming into Wednesday gap up after an overnight session featuring extreme range and volume.  Price briefly took out the Tuesday RTH low overnight before spending the rest of the session working higher.  As we approach cash open price is trading below the midpoint of Tuesday’s trend down.  At 8:30am advance retail sales data came out below expectations.

Also on the economic agenda today we have business inventories at 10am and crude oil inventories at 10:30am.

Yesterday we printed a trend down.  The day began with a brief push higher which took out overnight high, establishing a more ‘quality’ higher before reversing and going trend down for the rest of the day.  Responsive buyers showed up near last Friday’s open.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 7082.75.  From here we continue lower through overnight low 7042.50.  Look for buyers down at 7034.75 and two way trade to ensue.

Hypo 2 buyer continue their overnight campaign, pushing higher, up through overnight high 7121.50.  Look for sellers up at 7142.50 and two way trade to ensue.

Hypo 3 stronger buyers trade all the way up to 7182 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

Comments »

NASDAQ futures are coming into Tuesday gap up after an overnight session featuring extreme volume on elevated range.  Price was balanced overnight, slowly working higher, before spiking up on the 8:30am economic data, the often immaterial consumer price index.

The other economic events today are a 4-week T-bill auction at 11:30am and a 30-year bond auction at 1pm.

Yesterday we printed a neutral day.  We came into the week gap up and after a 2-way auction sellers attempted to close the gap.  Their efforts failed ahead of last Friday’s range and we traversed the entire daily range, pushing us neutral.  Then two-way trade ensued, along the daily midpoint.

Neutral.

Heading into today my primary expectation is for a gap-and-go up, through overnight high 7202.50 to tag the measured move target at 7241.75 before two way trade ensues.

Hypo 2 sellers work into the overnight inventory and close the gap down to 7160.25 then continue lower, down through overnight low 7151.25 before two way trade ensues.

Hypo 3 stronger buyers sustain trade above 7241.75 triggering a trend up.  Open air.

Levels:

Volume profiles, gaps, and measured moves:

Comments »

NASDAQ futures are coming into the week gap up, trading at record highs after an overnight session featuring extreme range on extreme volume.  Price slowly campaigned higher overnight before finding sellers around 7150.

Busy day down at the US Treasury today.  There are 3- and 6-month T-bill auctions at 11:30am, 3- and 10-year Note auctions at 1pm.  Then there is a monthly budget statement at 2pm.

Last week markets worked higher.  The week began with a slight gap down and we spent all week working higher.  The last week performance of each major index is shown below:

On Friday the NASDAQ printed a trend up.  The day began with a gap up.  After a brief 2-way auction price began working higher and was trend up all session.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 7123.  From here we continue lower, down through overnight low 7122.25.  Look for buyers down at 7100 and two way trade to ensue.

Hypo 2 buyers gap and go higher, up through overnight high 7177 before two way trade ensues.

Hypo 3 stronger buyers continue to campaign the market higher, look for sellers up at the measured move target of 7241.75.

Levels:

Volume profiles, gaps, and measured moves:

Comments »