NASDAQ futures are coming into Wednesday gap up, up at record highs after an overnight session featuring normal range and volume. Price worked higher, extending the rally seen yesterday. At 8:30am durable goods orders came in below expectations.
Also on the docket today we have crude oil inventories at 10:30am and FOMC minutes at 2pm.
Yesterday we printed a trend day. It began with a gap up and drive higher. Most of the afternoon was spent in a tight, sideways zig-zag that we ended the day inside of.
Heading into today my primary expectation is for buyers to work through overnight high 6393 and slowly explore open air. Gobble gobble.
Hypo 2 sellers work into overnight inventory and close gap down to 6379.50 then down through overnight low 6375.75. Look for buyers around 6363.25 before two way trade ensues.
Hypo 3 liquidation is triggered and we give back the entire Tuesday rally. Look for buyers down at 6335.50.
Levels:
Volume profiles, gaps, and measured moves:
Comments »