NASDAQ futures are coming into Friday gap up after an overnight session featuring normal range and volume.  Price worked lower, down through the Thursday low briefly before rallying through the night.  At 8:30am Non-farm Payroll data came out mixed.

Also on the economic docket today we have ISM Non-Manufacturing composite and Factory Orders at 10am, followed by the Baker Hughes rig count at 1pm.

Yesterday we printed a normal variation up.  Price opened gap down, could not penetrate the Wednesday low but instead rallied all morning.  WE stalled inside of the Wednesday range and balanced out, printing an inside day.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 5130.75.  Look for buyers down at 5125 and two way, calm, peaceful trade around 5137 as we head into the weekend.

Hypo 2 squeeze up though overnight high 5150 to target the open gap at 5162 before we balance out.

Hypo 3 strong buyers sustain trade above 5162 staging a rally.  Stretch target is 5193.75 then 5200.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Thursday gap down after an overnight session featuring normal range and volume.  Price worked down through the Wednesday low, with selling stalling out just 1-tick ahead of the Tuesday close before buyers stepped in and balanced price out.  At 7am the Bank of England left their benchmark interest rate unchanged.

At 8:30am we will hear the Initial/Continuing jobless claims data, however investors are likely more keen to hear Friday morning’s Non-Farm Payroll data.

Amazon is also set to report earnings after market close.

Yesterday we printed a normal variation down.  After opening gap up sellers worked into the morning tape, pressing us down to Monday’s close 5123.75 and filling that gap.  Buyers were just 1 tick below and began working price higher.  They did not manage to work us into a neutral print, but did regain much of the intra-day selling by the close.

Heading into today my primary expectation is for sellers to press down through overnight low 5119.50 and continue lower, down to 5110.75 before two way trade ensues.

Hypo 2 buyers press into the overnight inventory and close the gap up to 5147.75.  From here we continue higher, up through overnight high 5153.25.  Look for sellers up at 5153.50 and two way trade to ensue.

Hypo 3 stronger buyers press the weekly gap fill up to 5162 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are heading into Wednesday gap up after an overnight session featuring normal range and volume.  Price worked higher overnight, pressing up through Monday’s high and sustaining the gains as we approach cash open.  Buoying the NASDAQ were strong earnings out of Apple Tuesday evening.  At 7am MBA mortgage applications came out worst than last week.  At 8:15am ADP employment data was much better than expected—likely also supporting higher prices.

Also on the economic docket today we have both ISM Manufacturing and Construction Spending at 10am, crude oil inventories at 10:30am, and most importantly an FOMC Rate Decision at 2pm.

Facebook is set to report earnings after-market-close and packs enough market cap to move the NASDAQ.

Yesterday we printed a neutral extreme up.  The market opened gap down, inside Monday range and sellers were active early on, pressing lower for much of the morning.  Buyers then stepped in, and continued working into the market to completely reverse the selling and make a new daily high.  Prices spiked near end of day.

Heading into today my primary expectation is for a quick poke up to 5150.  Sellers show up here and we tread water until the FOMC rate decision.

Hypo 2 short squeeze up to the weekly gap at 5162 before we base out ahead of FOMC.

Hypo 3 sellers work into overnight inventory and close gap down to 5119.25 then continue lower, down through overnight low 5114.50 before two way trade ensues ahead of FOMC.

Use third reaction post FOMC to determine market direction into the close, and into the end of week.

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 poked higher, briefly, overnight before beginning to work lower in a balanced, methodical manner.  As we approach cash open, price appears to be in balance and is trading just below the Monday midpoint.  At 8:30am the Employment Cost Index data was below expectations.

Also on the economic docket today we have the Case-Shiller Comopsite-20 at 9am, Consumer Confidence at 10am, $20B worth of 52-week T-bills being auctioned by the US Treasury at 11:30am, and a 4-week T-bill auction at 11:30am.

Apple is set to report earnings after-market-close, and is likely to jostle NASDAQ futures prices.

Don’t forget we have an FOMC rate decision lingering on the horizon, set for release Wednesday afternoon.

Yesterday we printed a rare normal day.  Sellers were active and aggressive for the first hour of trade, driving price lower.  However, their campaign ended just as soon as it began, and the higher time frame stepped aside which led to prices slowly drifting higher.  It is worth noting, however, that there were active and aggressive sellers early on, so aggressive, we printed an abnormally wide initial balance.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 5123.75.  Price continues higher, up through overnight high 5126.75.  Look for sellers to defend their newly claimed territory, ahead of 5130 and two way trade to ensue.

Hypo 2 sellers press off the open, down through overnight low 5106.75 and continue lower to probe the Monday low 5094.50.  Look for buyers just below at 5092.25 and two way trade to ensue.

Hypo 3 strong buyers sustain trade above 5130 to trigger a pole climb up to 5148.50 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are gap down heading into Monday trade after an overnight session featuring normal range and volume.  Price worked lower on a balanced session, with most of the downward action coming in the form of a globex gap when trade was opened at 6pm Sunday evening.  A bit more selling came in just after 8:30am, just after the Personal Consumption Expenditure data came out in-line with expectations.

Also on the economic docket today we have Pending Home Sales at 10am, and at 11:30am the US Treasury is auctioning off both 3- and 6-month T-bills, $34 and and $28 billion dollar’s worth respectively.

There are key earnings out this week from NASDAQ-moving companies including Apple Tuesday after-market-close (AMC), Facebook Wednesday AMC, and Amazon Thursday AMC.

There is and FOMC rate decision Wednesday, and Non-farm Payroll Friday.  This is a busy week.

Last week price worked higher across all major US indices.  We had a down Monday that caught a responsive bid and worked higher by midday.  This set up a trend day Tuesday, and then a big gap up Wednesday.  We spent the rest of the week marking time.  The performance of each major index can be seen below:

On Friday the NASDASQ printed a normal variation down.  After opening gap up and briefly trading to a new high, price worked lower in the morning, 1-ticked the initial balance low just after 10:30am then resolved the week with side-ways action, ramping higher near end-of-day.

Heading into today my primary expectation is for sellers to press off the open, trading down through overnight low 5140.25 to test 5131.75.  Buyers show up here and two way trade ensues.

Hypo 2 buyers work into the overnight inventory and close the gap up to 5162.  While doing so they take out overnight high 5160.50.  Look for sellers right around 5162 and two way trade to ensue.

Hypo 3 strong sellers sustain trade below 5130 setting up a test below the Wednesday low 5123.50.  Look for buyers down at 5110.75 and two way trade to ensue.

Hypo 4 strong buyers sustain trade above 5161.25 setting up a test of current swing high 5167.50.  Stretch target is 5193.75.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ future are heading into Friday trade gap up after an overnight session feauting normal range and volume.  Price chopped around overnight, briefly trading below the Thursday cash low before traversing the entire range early this morning—mostly after 6am.  At 8:30am GDP and Durable Goods orders data were both below expectations.

Also on the economic docket we have the final January reading of U of Michigan Confidence at 10am and the rig count at 1pm.

Yesterday we printed a normal variation down.  Price chopped sideways, mostly, after extending all-time highs.  At the end of the day sellers spiked onto the tape.

Heading into Friday my primary expectation is for sellers to work into the overnight inventory and close the gap down to 5146.75.  Buyers defend around these prices and we work higher, up through overnight high 5160.75 and probe above the Thursday high 5163.25 before two way trade ensues.

Hypo 2 gap and go, take out overnight high 5160.75 early on and sustain trade above Thursday high 5163.25 setting up a week-ending rally.

Hypo 3 sellers close gap down to 5146.75 then take out overnight low 5139.25 setting up a move to target 5131.75 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Thursday gap up after an overnight session featuring normal range and volume.  Price worked more than 20 points beyond Wednesday’s high before sellers stepped in and neutralized the market.  A spatter of data was released at 8:30am including Advance Goods Trade Balance, Wholesale Inventories, and Initial/Continuing jobless claims.

Also on the economic docket today are several low-impact economic releases including Markit Composit/Services PMI at 9:45am, and both New Home Sales and Leading Indicators at 10am.  There is also a 7-year Treasury Note auction at 1pm.

Yesterday we printed a stretched normal variation up.  Price opened gap up, out of balance, at all-time highs and after an open auction buyers stepped in and initiated risk.  They continued doing so throughout the session resulting in a slow ascent into closing bell.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 5146.25.  From here sellers continue lower, down through overnight low 5144.25 setting up a move down to 5131.75 before two way trade ensues.

Hypo 2 buyers defend an attempt back into Wednesday high 5148.50.  Buyers then work higher to target overnight high 5168.50 and probe above it before two way trade ensures.

Hypo 3 choppy, two-way trade along the Wednesday high 5148.50.

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 on abnormally low volume.  Price worked higher overnight, slowly, taking out the Monday high just before cash open.

The economic calendar has a few low/medium impact events to be aware of today.  At 9:45am Markit will announce the Manufacturing PMI number, at 10am Existing Home Sales, at 11:30am there’s a 4-week T-bill auction, and at 1pm a 2-year Note auction.

Yesterday we printed a normal variation down.  Price started the week gap down.  Sellers quickly pressed higher, closing the gap (and then some) before a responsive seller stepped in and reversed prices lower—down through last Wednesday’s low before a responsive bid stepped in.  We then formed a sharp excess low and buyers spent the rest of the day reclaiming much of the morning sell off.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 5063.25.  This sets up a move to take out overnight low 5060.  Look for buyers down at 5053 and two way trade to ensue.

Hypo 2, fifth consecutive day to start with a sharp spike higher early on, up through overnight high 5072.25 and a test above swing high 5083 before reversing the entire move and trading down to 5053..

Hypo 3 buyers work higher, up through swing high 5083 and sustain trade in this region, setting up a rally.  Stretch target is 5095.75 then 5100.

Hypo 4 strong sellers press down through 5053 and sustain trade below it setting up a move to 5041.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into the Monday after the U.S. Presidential inauguration and the week before Chinese New Year with a slight gap down after an overnight session featuring normal range and volume.  Price worked down near the low from last Thursday before buyers stepped in and two way trade ensued.

The economic docket is light today.  The only events on the calendar are a 3- and 6-month 11:30am.  There are no major economic events scheduled this week.  We do have earnings from Google [MUH Alphabet] Thursday after-market-close.

Last week the NASDAQ drifted higher, the Russell was weak, and the Dow and S&P marked time.  The performance of each major index is shown below:

On Friday the NASDAQ printed a double distribution trend down.  After opening gap up and spiking to a new high, responsive sellers stepped in and worked price lower.  They became initiative in the afternoon but could not penetrate the lower quadrant from Thursday before two way trade ensued.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 5058.75.  From here buyers continue higher, up through overnight high 5059.75.  Look for sellers up at 5065 and two way trade to ensue.

Hypo 2 sellers work down through overnight low 5037.25 triggering a quick liquidation down to 5021.50 before two way trade ensues.

Hypo 3 choppy range trade from 5055 to 5040.

Levels:

Volume profiles, gaps, and measured moves:

 

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NASDAQ futures are coming into Wednesday gap up after an overnight session featuring normal range and volume.  Price worked higher overnight, continually rising until finding sellers up near value high from late-last week.  At 7am MBA Mortgage applications came in worse than last week.  At 8:30am CPI data was in-line with expectations.  It appears earnings from Goldman Sachs $GS may have been the early market-moving event, however.

Also on the economic docket today we have Industrial/Manufacturing production at 9:15am, NAHB housing market index at 10am, Fed chair Yellen is speaking in San Fransisco at 3pm, and long term TIC flows at 4pm.

Yesterday we printed a normal variation up.  After beginning the holiday shortened week gap down we experienced an early selling drive.  However buyers stepped in and defended the upper-quad of last Thursday’s trend day and we worked range extension up.  Then price settled into two-way balance.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 5040.50.  From here we take out overnight low 5037.25.  Look for buyers ahead of 5030 and two way trade to ensue.

Hypo 2 stronger sellers work us down to 5021.25 before two way trade ensues.

Hypo 3 buyers press up through overnight high 5057.25 to target 5059.50 before two way trade ensues.

Hypo 4 strong buyers sustain trade above 5059.50 setting up a trend day.  Stretch target is 5106.

Levels:

Volume profiles, gaps, and measured moves:

 

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