NASDAQ futures are coming into Tuesday with a slight gap up (~+20) after an overnight session featuring normal range and volume. Price was balanced overnight, balancing along the upper half of Monday’s range. As we approach cash open price is hovering right up near the Monday high.

On the economic calendar today we have 52-week T-bill auction at 11:30am followed by 3-year note auction at 1pm.

Yesterday we printed a normal variation up. The day began with a slight gap up in range and after a brief open auction in range sellers stepped in and closed the overnight gap. They pushed a bit beyond the gap fill before responsive buyers came in and formed an excess low that would mark low-of-day. We spent much of the session chopping along the topside of the daily mid before a late session rally pushed us into a range extension up. We ended the day flagging down off the highs a bit, but well above the mid.

Heading into today my primary expectation is for buyers to gap-and-go higher, closing the Thursday gap 15,161 on the way to making to probing above all-time high 15,172.25.

Hypo 2 stronger buyers rally to 15,200.

Hypo 3 sellers press down through overnight low 15,092.75 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the second week of August with a slight gap up after an overnight session featuring extreme range on elevated volume. price was balanced overnight, first falling down down through the Friday low and then working back up through it. As we approach cash open price is hovering up above the Friday midpoint.

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

Last week saw index prices Gap up into the week before slowly fading lower Monday. Hard selling early Tuesday discovered a strong responsive bid by late morning then we rallied into the weekend with the NASDAQ lagging a bit behind. The last week performance of each major index is shown below:

On Friday the NASDAQ printed a normal variation down. The day began with a gap down in range. After a brief open two way auction buyers stepped in and began driving higher. Their campaign came to an end before buyers could close the gap. Instead sellers were active at the VPOC and the auction reversed lower. Sellers reclaimed the mid and then defended it to set up a move down through the Thursday low. By around 11:15am low-of-day was in. Price worked back up to the daily mid and we spent the rest of the session chopping along the bottom-side of the mid.

Heading into today my primary expectation is for sellers to push into the overnight inventory and close the gap down to 15,091.50. Look for buyers down at 15,089.50 and for two way trade to ensue.

Hypo 2 stronger sellers press down to 15,000 before two way trade ensues.

Hypo 3 buyers work up through overnight high 15,126.75 setting up a run on last Thursday’s gap 15,161 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into August with a gap up after an overnight session featuring extreme range on elevated volume. Price worked higher overnight, working up beyond the Friday high Sunday evening and sustaining trade above it for the duration of Globex. AS we approach cash open price is hovering along last Thursday’s midpoint.

On the economic calendar today we have ISM manufacturing and construction spending at 10am followed by 3- and 6-month T-bill auctions at 11:30am.

Last week featured a mellow Monday with chop and upward drift. Then a hard trend down Tuesday that found late-day buyers. Then price sort of chopped around inside that big Tuesday sell candle for the rest of the week. Russell was bullish divergent during second half of week. The last week performance of each major index is shown below:

On Friday the NASDAQ printed a normal day which is anything but. The day began with a gap down below the prior two days’ ranges. Buyers drove higher off the open quickly regaining the Wednesday range but before the first hour of trade was through sellers rejected a move back into the Thursday range. This would be high-of-day. Sellers checked price back to the midpoint. Buyers defended setting up a second rotation higher. This rotation stopped one point shy of going range extension up. Price went back to the mid. Buyers defended the mid again and while we ended the session near the highs we never went range extension up (or down).

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 14,968.50. Look for buyers down at 14,900 and for two way trade to ensue.

Hypo 2 buyers gap-and-go higher, trading up through overnight high 15,056.25 early on to set up a tag of 15,100.

Hypo 3 stronger buyers tag 15,120.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the final trading day of July gap down after an overnight session featuring extreme range and volume. Most of the action came shortly after the bell thursday when Amazon earnings were great, but their outlook came in below expectations. This sent AMZN shares lower and the NASDAQ along with it. The selling continued until about 9pm New York and saw price trade down near (but not exceed) the weekly low. Since then price has balanced along the lower quadrant of Tuesday’s range and as we approach cash open price is hovering in the lower half of the Tuesday range.

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

Yesterday we printed a neutral extreme down. It was a pretty mundane normal variation up for much of the day, starting with a gap down that was quickly resolved with an open-drive up. Buyers made an early range extension up but the auction immediately stalled and then spent the rest of the day marking time by flagging along the highs. Then during settlement price drove lower pushing us into a neutral print.

Heading into today my primary expectation is for buyers to work into the overnight inventory, effectively erasing the Amazon earnings reaction by rallying up to 15,000.

Hypo 2 sellers hold price below 14,918.50 setting up a move down through overnight low 14,811. Look for buyers down at 14,800 and for two way trade to ensue.

Hypo 3 gap-and-go lower, liquidate down to 14,716.75 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the final Thursday in July gap down after an overnight session featuring elevated range and volume. Price was balanced overnight, balancing along the Wednesday midpoint. At 8:30am jobless claims came out more than expected and GDP lower than expected. As we approach cash open price is hovering along the top-side of the Wednesday midpoint.

Also on the economic calendar today we have pending home sales at 10am, by 4- and 8-week T-bill auctions at 11:30am and a 7-year note auction at 1pm.

Yesterday we printed a normal variation up. The day began with a gap up in-range. Sellers quickly resolved the overnight gap with an open-drive-down. Sellers closed the gap with that drive before the auction sharply reversed higher. Buyers worked price up into the upper quadrant of Tuesday range and made an early range extension up before we checked back to the midpoint. There was a battle at the midpoint before sellers eventually reclaimed it for a bit. Again we saw a sharp buying response, forming an excess low. We rallied back through the mid and ended the session bouncing along the top of it.

Inside day, normal variation up.

Heading into today my primary expectation is for sellers to make a move on the open again. Pressing down through overnight low 14,944.50 and tagging 14,918.50 before two way trade ensues.

Hypo 2 buyers work into overnight inventory and close the gap up to 14,995.75 setting up a run through overnight high 15,024.75 before two way trade ensues.

Hypo 3 stronger buyers trade up to 15,077.25 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are flat heading into the final Tuesday in July after an overnight session featuring elevated range and volume. Price was balanced overnight, balancing inside the Monday range, sort of casually rotating down through the mid until 4am then back up through it. At 8:30am durable goods orders came in below expectations and as we approach cash open price is stable at the unchanged line.

Also on the economic calendar today we have consumer confidence at 10am followed by a 5-year note auction at 1pm.

Major NASDAQ component Tesla reported record profit in their earnings announcement Monday afternoon. Shares in Elon Musk’s electric company are up about +1% in pre-market trade.

Apple, Microsoft and Google parent Alphabet are all set to report earnings after-the-bell.

Yesterday we printed a normal variation up. The day began with a gap down in range and a fast open-test-down. Said test revealed a strong responsive buyand within six minutes or so price was on the move higher, closing the overnight gap and pushing to an early range extension up which saw price make new record highs. Then we checked back to the mid, made another new high, checked back to the mid again, and then sort of bounced around the upper quadrant for the rest of the day, eventually closing near the high.

Heading into today my primary expectation is for buyers to press up through overnight high 15,131.50 setting up a move to 15,150 before two way trade ensues.

Hypo 2 stronger buyers press a rally up to 15,200.

Hypo 3 sellers press down through overnight low 15,052 setting up a move down to 15,006.25.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the final week of July with a slight gap down after an overnight session featuring elevated range and volume. Price was balanced overnight, balancing along the upper quadrant of Friday’s range after briefly exceeding it around 8:30pm Sunday evening. As we approach cash open price is hovering in the upper quad of Friday’s range.

On the economic calendar today we have new home sales at 10am followed by 3- and 6-month T-bill auctions at 11:30am and a 2-year note auction at 1pm.

Major NASDAQ component Tesla is set to report earnings after the bell.

Last week kicked off with a pro gap down across the entire equity complex followed by a choppy weak Monday. Then buyers printed a conviction day Tuesday, effectively closing the weekend gaps and setting up a week long rally. We closed out the week on the highs. 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 out of range. Sellers managed to resolved the overnight gap with a drive down off the open. This would be the end of the seller’s control on the day. Buyers rejected a move back into the Thursday range setting up a strong rally to new all-time highs. We ended the day flagging long the 15,100 century mark.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 15,095.50. Buyers continue higher, taking out overnight high 15,126.25 before two way trade ensues.

Hypo 2 stronger buyers tag 15,200 before two way trade ensues.

Hypo 3 sellers press down through overnight low 15,038.75 setting up a tag of 15,000 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are heading into Thursday with a slight gap up after an overnight session featuring normal range and volume. Price was balanced overnight, balancing above the Wednesday range. At 8:30am jobless claims data came out worse-than-expected and as we approach cash open price is hovering a bit above 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 10-year TIPS auction at 1pm.

Yesterday we printed a double distribution trend up. The day began with a gap down in range that buyers quickly resolved with an open drive up. Said buyers continued their campaign higher, taking out the Tuesday high before New York lunch. Then price touched back to the daily mid before launching a second campaign higher that continued right up into the closing bell.

Heading into today my primary expectation is for buyers to reject any attempts back into the Wednesday high 14,835.75 setting up a run to 14,900.

Hypo 2 stronger buyers reclaim 14,900 early on and sustain trade above it setting up a move to 14,990.

Hypo 3 sellers reclaim Wednesday high 14,835.75 setting up a move down to the Wednesday VPOC 14,779.50.

Levels:

Volume profiles, gaps and measured moves:

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

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 up. The day began with a slight gap up beyond the Monday high. Sellers quickly resolved the overnight gap with a drive down off the open. Said sellers made their way down past the gap fill and tagged the Monday midpoint before the auction reversed. Responsive buyers formed a sharp excess low and after a tight battle along the daily mid buyers began a steady campaign higher that would unidirectional rotate higher until about 4pm and take price back up to last Friday’s naked volume point of control. Price was sort of choppy during settlement, and sellers faded a bit of the move into the close.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 14,724.50. Buyers continue higher, taking out overnight high 14,765.75 and tagging 14,793.50 before two way trade ensues.

Hypo 2 stronger buyers trade up to 14,900 before two way trade ensues.

Hypo 3 sellers press down through overnight low 14,688.25 setting up a move down to 14,600.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Tuesday up a quick +50 after an overnight session featuring extreme range and volume. Price balanced overnight, first rallying up into the weekend gap and then balancing inside of it. At 8:30am housing starts/permits data came out mixed with starts slightly stronger than forecasts and permits slightly below.  As we approach cash open price is hovering about halfway between Monday’s high and last Friday’s low.

There are no other economic events scheduled today.

Yesterday we printed a neutral day. The day began with a pro gap down and after a fast open-auction-outside range buyers made an attempt higher. Said attempt was rejected by sellers who were active ahead of the 07/08 low. Sellers quickly drove to a new daily low before price chopping along the lows for a bit, checked back to the mid, made an early range extension down which was met with sharp responsive buying. Said buyers pushed us (barely) into a neutral print before price fell back down through the daily mid. Price chopped along the bottom-side of the mid right up until settlement when buyers drove higher, back to the daily high by the close.

Heading into today my primary expectation is for sellers to push into the overnight inventory and close the gap down to 14,566 before two way trade ensues.

Hypo 2 buyers gap-and-go up to 14,682.25 before two way trade ensues.

Hypo 3 stronger sellers close the gap 14,566 then continue lower, reclaiming 14,500 and sustaining trade below it to set up a move down to 14,400.

Levels:

Volume profiles, gaps and measured moves:

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