NASDAQ futures are coming into Friday flat after an overnight session featuring normal range and volume.  Price worked down through the Thursday night low, briefly, tagging the Wednesday VPOC, before pushing back to unchanged.  At 8:30am Personal Spending data came in below expectations.

Also on the economic docket today we have the Fed’s Neel ‘Crazy Eyes’ Kashkari answering questions at 10am and the Baker Hughes rig count at 1pm.

Yesterday we printed a normal variation up.  Price slowly pushed higher but failed to take out the swing high, which was made during extended hours late Wednesday night.

Heading into today my primary expectation is for buyers to work up through overnight high 5441 and make a run for the ETH high up at 5451 to probe open air into month-end.

Hypo 2 sellers press down through overnight low 5421 and tag 5408 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Thursday flat after an overnight session featuring normal range and volume. Price worked higher overnight, making new all-time highs and nullifying the failed auction that occurred last week Tuesday.  Price then settled back down into the upper quadrant of Wednesday’s range.  At 8:30am GDP came out better than expected (USA GDP (QoQ) for Q4 2.10% vs 2.00% Est; Prior 1.90%) and Initial/Continuing jobless claims were worse than expected.

There are no other major economic events today.  There are several low-level Fed members speaking today, but investors aren’t likely to pay them much attention.

Yesterday we printed a normal variation up.  Price opened with a slight gap up and sellers could not close it.  Instead we rallied to a new weekly high, then balanced through the afternoon before a strong afternoon ramp higher.

Heading into today my primary expectation is for sellers to press down through overnight low 5429 and tag 5421.25 before buyers step in and two way trade ensues.

Hypo 2 buyers work into the overnight inventory and press up through overnight high 5451 and trade up to new all-time highs.  Open air.

Hypo 3 stronger sellers push us down to 5405.50, closing the Tuesday gap, before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Wednesday with a slight gap up after an overnight session featuring normal range and volume.  Price bounced around inside the upper quadrant of Tuesday’s range in an overall balanced manner.  At 7am MBA mortgage applications came in better than last week.

Also on the economic docket today we have Pending Home Sales at 10am, crude oil inventories at 10:30am, a 2-year floating rate auction at 11:30am, then a 7-year Note auction at 1pm.

Yesterday we printed a double distribution trend up.  Price opened flat, attempted lower but buyers kept price in the upper quad of the Monday trend day.  From there we began to rally, up through the sell-off from last Tuesday before some late-afternoon sellers stepped in.

Heading into today my primary expectation is for sellers to push into the overnight inventory and close the gap down to 5405.50.  Look for buyers down near 5390 and two way trade to ensue.

Hypo 2 buyers press up through overnight high 5418.75 and probe above the Tuesday high 5424.75 setting up a run to all-time high 5441.

Hypo 3 strong sellers press down to 5374.25 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Tuesday gap down after an overnight session featuring normal range and volume.  Price worked up through the Monday high briefly before reversing the gains.  Price is holding in the upper quadrant of Monday’s range as we head into the open.  At 8:30am Advance Goods Trades balance data was better than expected.

Also on the economic docket today we have Consumer Confidence at 10am, 52- and 4-week T-bill auctions at 11:30am, a 5-year Note auction at 1pm, and Yellen speaking at 12:50pm.

Yesterday we printed a double distribution trend up.  Price opened gap down, to a new low for the month of March and took out overnight low by a few ticks before reversing and trading higher for much of the day, closing the overnight gap and essentially finishing flat.

Heading into today my primary expectation is for buyers to work into the overnight inventory and take out overnight high 5393 setting up a move to target the 5400 century mark before two way trade ensues.

Hypo 2 sellers work down to 5348.50 before two way trade ensues.

Hypo 3 strong sellers press down to 5328.75 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

 

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NASDAQ futures are coming into Monday gap down after an overnight session featuring elevated range and volume.  Price opened gap down Sunday evening and continued lower, pressing into levels unseen since late-February, effectively erasing all of March’s gains before bidders stepped in and worked priced back into the low-end of last week’s range.

The economic calendar is light all week.  Today the U.S. Treasury is auctioning off 3- and 6-month T-bills at 11:30am, $39b and $33b respectively.  They are also auctioning off some 2-year Notes at 1pm, $26 billion dollars worth of tier one American debt.

There is some Fed speak Evans is talking before and after lunch and Kaplan in the evening, but investors aren’t likely to pay much attention to them.  Yellen speaks Tuesday mid-day and may garner the interest of active market participants.

Last week we went lower, primarily on Tuesday.  Last Tuesday was a big trend down across the board.  While most other major indices bear flagged for the rest of the week, the Dow and S&P continued to trickle lower.  Below is the performance of each major index:

On Friday the NASDAQ printed a neutral day.  A gap higher into the day was bought initially, pressing about halfway into the Tuesday trend down seller conviction day.  Buyers pressed range extension up, albeit briefly, before we traversed the entire daily range and worked lower, effectively closing the Friday gap before a 3:30pm ramp put us back into the middle of the Friday range.  Neutral action.

Heading into today my primary expectation is for buyers to work into the overnight inventory, working up through overnight high 5360.25.  Buyers stall out here, perhaps lurching a bit higher to 5365.50 but failing to close the weekend gap.  Instead we roll over and churn along last week’s lows, around the 5350 area.

Hypo 2 sellers gap-and-go lower, taking out overnight low 5318 and targeting the 5300 century mark before two way trade ensues.

Hypo 3 buyers press strongly, up through overnight high 5360.25 and up to the weekend gap at 5379.25.  They sustain trade above 5377 setting up a move to target the 5400 century mark (perhaps later this week).

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Thursday flat after an overnight session featuring normal range and volume.  Price worked up through the Wednesday high, briefly, before settling into balanced trade.  At 8:30am Initial/Continuing jobless claims data came out mixed.

Also on the economic docket today we have New Home Sales at 10am, a 10-year TIPS auction at 1pm, and Fed’s [crazy eyes] Kashkari speaking at 2pm.

Yesterday we printed a neutral extreme up.  After opening flat and pushing higher, sellers pushed down through the Tuesday low.  Just below it a strong responsive bid surfaced and we spent the rest of the day working higher, eventually closing near session high.

Heading into today my primary expectation is for buyers to work up through overnight high 5378.50 then find buyers just above at 5380 and two way trade ensues.

Hypo 2 sellers press down through overnight low 5361.75 setting up a move to target 5325 before two way trade ensues.

Hypo 3 strong buyers sustain trade above 5380 setting up a pole climb to the 5400 century mark.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Wednesday flat after an overnight session featuring elevated range on normal volume.  Price continued lower, trading down into the late-February range before settling into balance.  At 7am MBA mortgage applications came in better than last week.

Also on the economic calendar today we have the House Price index at 9am, Existing home sales at 10am, and crude oil inventories at 10:30am.

Yesterday we printed a trend down.  Futures opened gap up and briefly probed above the swing high set during Globex on March 15th.  Shares then quickly reversed, rejecting the breakout and liquidating hard to the downside.  The selling continued for the entire session, eventually closing the February month-end gap down at 5332.

Heading into today my primary expectation is for sellers to work down through overnight low 5315 and continue lower, down to the 5300 century mark before two way trade ensues.

Hypo 2 buyers press up through overnight high 5339.50 and tag 5353.25 before two way trade ensues.

Hypo 3 liquidation continues.  Sellers sustain trade below 5295.50 setting up another leg lower, down to 5275 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 normal range and volume.  Price worked higher overnight and is tracking above our current regular trading hour’s high as we head into the open.

The economic calendar is quiet again today.  The US Treasury is auctioning off 4-week T-bills at 11:30am.  Federal Reserve’s George is set to speak around noon, but investors are not likely to pay much attention to him.

Yesterday we printed a neutral day.  The week began flat, worked higher, up through the Friday high before reversing the entire daily range and pushing neutral, right down into the zone where we spiked higher post FOMC rate hike last week, where buyers were again found, who pushed us back to the middle of the day’s range.

Heading into day my primary expectation is for buyers to squeeze up through overnight high 5434.75 and trade above the current Globex high/swing high at 5440 before two way trade ensues.

Hypo 2 sellers into the overnight inventory closing the gap down to 5418.50 then down through overnight low 5413.50.  Look for buyers down at 5411 and two way trade to ensue.

Hypo 3 strong buyers sustain trade above 5411.75 setting up a trend day and exploration of open air above.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are starting the week flat after an overnight session featuring normal range and volume.  Price worked lower overnight, pressing all the way down into the post FOMC rate hike rally before finding bidders and returning flat.

The economic calendar starts out extra light this week.  The US Treasury is auctioning off 3- and 6-month T-bills at 11:30am.  The rest of the day is free.  Low-level Fed Reserve official Evans is speaking at 1:10pm, but little attention will be paid to him.

Last week the Russell rallied hard while the other indices marked time.  This rally came from the low-end of a multi-month range in the Russell, which was critical for buyer to hold if the bull case were to remain intact, intermedite term.  The performance of each major index can be seen below:

On Friday, the NASDAQ printed a neutral extreme down.  Price opened flat, went range extension down.  Sellers could not take out the Thursday low.  Instead buyers came in and auctioned price back up through the entire daily range, making new daily highs before the entire move was reversed by sellers, back down through the entire range, to close near session low.

Heading into today my primary expectation is for buyers to work up though overnight high 5409 and tag the MCVPOC at 5414.50 before two way trade ensues.

Hypo 2 stronger buyers work up to 5421.75 before two way trade ensues.

Hypo 3 sellers press down through overnight low 5396 and trade down to 5389.50 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Friday trade flat after an overnight session featuring normal range and volume.  Price held Thursday range overnight on balanced trade.

On the economic front, we have the primary read of Confidence from U. of Michigan at 10am.  Leading Indicators are also out at 10am, then at 1pm the Baker Hughes rig count.

Yesterday we printed a normal variation down.  A gap up was quickly faded lower and price continued lower, down through overnight, then catching a bid just ahead of the 5400 century mark.  Two-way trade ensues afterwards.

Heading into today my primary expectation is for sellers to work down through overnight low 5411.  Look for a test below Thursday low 5402.25 and a continued move lower down to 5400 before two way trade ensues.

Hypo 2 buyers press up through overnight high 5424.50 and continue higher, up through weekly high 5431.50, working toward the globex swing high at 5440 before two way trade ensues.

Hypo 3 strong selling pushes down to 5389.75 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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