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Most extreme overnight session since election night has NASDAQ futures gap down into Friday, here is the trading plan

NASDAQ futures are coming into Friday gap down after an overnight session featuring extreme range and volume.  Both measurements are the highest seen since election night in November 2016.  Partially driving the action was earnings from Big Tech, including Apple, Amazon, and Google.  Apple is a touch lower than its Thursday close, Google lower, and Amazon higher.  At 8:30am non-farm payroll data came out strong.

Also on the economic docket today we have factory/durable goods orders at 10am and U. of Michigan will issue their final read of January sentiment at 10am also.

Yesterday we printed a neutral extreme down.  The day began with a gap down just below the Wednesday range.  Buyers worked the gap filled but could not rally up beyond the Wednesday high before sellers stepped in and worked price back down to the lows—taking out overnight low late in the session and closing the day near session low.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 6896.25.  From here we continue higher, up to 6900 before two way trade ensues.

Hypo 2 stronger buyers take us up to 6927.75 before two way trade ensues.

Hypo 3 sellers push down through overnight low 6844.50 and trade down to 6831.25 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ bounces along lows, still in balance [barely] ahead of Big Tech earnings, here is the trading plan

NASDAQ futures are coming into Thursday gap down after an overnight session featuring extreme range and volume.  Price was all over the place during extended trade.  We briefly took out the Wednesday cash low then rallied back up near the highs as investors reacted to earnings out of Facebook and Microsoft.  Then, as the evening progressed we sold off, non-stop, traversing the entire range of a large balance that has been building since January 29th.  At 8:30am Initial/Continuing jobless claims data came out mixed.

Also on the economic docket today we have ISM manufacturing/employment at 10am.

After the bell Apple, Google, and Amazon report earnings.  These are major, market moving events.

Yesterday we printed a normal variation down.  The day began gap up.  And after a “farewell Yellen” morning raly up through overnight rally we stalled.  We stalled just 1.5 points ahead of the open gap left behind on 1/29.  This was a slight hint of weakness.  From then on the market began working lower, closing the overnight gap before finding a responsive bid late in the day.

Heading into today my primary expectation is for buyers to work into the overnight inventory and test back up into the Wednesday range 6922.  Look for buyers to succeed and continue higher, up to close the overnight gap up at 6950.75 before violent, choppy two-way trade ensues.

Hypo 2 sellers press down to 6880.75 before violent choppy two way trade ensues.

Hypo 3 stronger sellers take us down top 6850 before violent choppy two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures gap up ahead of final Yellen Fed decision, here is the trading plan

NASDAQ futures are coming into Wednesday gap up after an overnight session featuring elevated range and volume.  Price was balanced overnight, briefly poking above the Tuesday high during the POTUS SOTU address.  As we approach cash open price is hovering just above the Tuesday high.

Today is a transition day, economically and socially.  A sad day for many.  Fed chair Yellen, who has presided over one of the strongest market ever, will finish her final rate decision meeting today at 2pm.

Other less important economic items include pending home sales at 10am and crude oil inventory at 10:30am.

Also and remember, Microsoft and Facebook report earnings after the bell.  Alibaba reports before market open Thursday.

It is also January 31st.

Yesterday we printed a normal variation up.  The day opened pro gap down and a battle ensued off the open.  Sellers pressed down through last Tuesday’s low before finding a strong responsive bid late-morning and choppy, two-way trade ensuing.

Heading into today my primary expectation is for a gap-and-go ‘farewell J.Yell’ rally higher.  Look for buyers to reject a move back into the Tuesday range 6969.25 triggering a rally up to the gap at 6992.50 ahead of the FOMC decision.  Use 3rd reaction after the Fed decision to dictate direction into the close.

Hypo 2 sellers to work back down into the Tuesday range 6969.25 and close the overnight gap 6936 before continuing lower thorough overnight low 6935.25.  Look for buyers ahead of 6920.  Use 3rd reaction after the Fed decision to dictate direction into the close.

Hypo 3 stronger buyers rally us to 7017.50 ahead of FOMC decision.  Use 3rd reaction after the Fed decision to dictate direction into the close.

Levels:

Volume profiles, gaps, and measured moves:

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Extreme overnight trade takes NASDAQ back down into last Thursday’s gap

NASDAQ futures are coming into Tuesday pro-gap down after an overnight session featuring extreme range and volume.  Price worked lower, hard and fast overnight, trading down to the open gap left behind last Friday morning.

On the economic calendar today we have consumer confidence at 10am and a 4- and 52-week T-bill auction at 11:30am.  The Presidential State of The Union Address is at 9pm.

Yesterday we printed a neutral extreme down.  The day began gap down and after a choppy opening battle we went range extension down.  By late lunch we had traversed the entire daily range and gone up through initial balance high, making us neutral.  However buyers could not close the overnight gap and we worked back down into the lower third of the range, earning the neutral extreme designation.

Heading into today my primary expectation is for a gap-and-go lower, down though overnight low 6925.75.  Look for buyers down at 6918.50 and two way trade to ensue.

Hypo 2 buyers work higher and attempt a move back into the Monday range 6980.  Sellers defend here and two way trade ensues.

Hypo 3 stronger sellers trade us down to 6880.75 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ active overnight, here is the Monday trading plan

NASDAQ futures are coming into the week gap down after an overnight session featuring elevated range and volume. Price worked up to a new record high before fading back down to 7000.  At 8:30am personal consumption expenditure data came out in-line with expectations.

Also on the economic agenda today we have Dallas Fed manufacturing activity at 10am, then a 3- and 6-month T-bill auction at 11:30am.

Last week the broad indices were volatile Monday, trading higher, consolidated from Tuesday-to-Thursday, then rallied into the weekend. Here is the last week performance of each major index:

On Friday the NASDAQ printed a double distribution trend day.  The day began with a gap higher.  Sellers stalled during an early attempt lower and we took out Thursday high.  Then after flagging along the highs a trend took hold, higher into the weekend.

Heading into today my primary expectation is for sellers to work down to 6987.75 before two way trade ensues south of 7021.

Hypo 2 buyers work into the overnight inventory and close the gap up to 7029.75.  From here they continue higher, up through overnight high 7047.25 before two way trade ensues.

Hypo 3 stronger sellers work down to 6962.25 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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Friday is here, the NASDAQ is gap up, here is today’s trading plan

NASDAQ futures are coming into Friday gap up after an overnight session featuring elevated range and volume.  Price worked higher, balancing out in the upper quadrant of Thursday trade.  At 8:30am advance goods trade balance, GDP, and durable goods all came out below expectations.

There are no other economic events today.

Yesterday the NASDAQ printed a normal variation down.  The day began with a gap up that sellers quickly drove down into.  Then, after a poking through overnight low a responsive bid stepped in and two way trade ensued.  Late in the afternoon the market went range extension down.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 6930.75.  From here we continue lower, down through overnight low 6925.75 before two way trade ensues.

Hypo 2 buyers defend ahead of 6945 and we go higher, up through overnight high 6972.  Look for sellers up at 6996.75 and two way trade to ensue.

Hypo 3 stronger buyers gap-and-go higher, sustain trade above 6998.75 and push us to record highs to end the week.

Levels:

Volume profiles, gaps, and measured moves:

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Edit->undo: Buyers reclaim lost territory with early-morning rally

NASDAQ futures are coming into Thursday gap up after an overnight session featuring extreme range on elevated volume.  Price was balanced overnight, until about 3:30am New York when a strong rally took shape.  At 8:30am initial/continuing jobless claims data came out mixed.

Also on the economic agenda today we have new home sales at 10am and a 7-year Note auction at 1pm.

Yesterday we printed a neutral extreme down.  The day began with a slight gap up and two way auction.  After very briefly going range extension up, sellers defended 7000 and then pushed down through the entire daily range.  The selling accelerated though lunchtime, briefly tagging the naked volume point of control from Tuesday before a responsive bid stepped in and 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 6932.50.  We continue lower, down through overnight low 6921.50 before two way trade ensues.

Hypo 2 buyers defend ahead of 6960 and we work higher, up through overnight high 6987.25.  Look for sellers up at 6996.50 and two way trade to ensue.

Hypo 3 strong buyers gap-and-go higher, sustain trade above 6998.75 and thrust back to record highs.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ at record highs again, here is the Wednesday trading plan

NASDAQ futures are coming into Wednesday gap up after an overnight session featuring elevated range and volume.  Price was balanced for most of the globex session before breaking higher early morning.  At 9am house price index data came out slightly below expectations.

Also on the economic docket today we have manufacturing/composite/service PMI data at 9:45am, existing home sales at 10am, crude oil inventories at 10:30am, a 2-year floating rate auction at 11:30am, and a 5-year note auction at 1pm.

Yesterday we printed a short squeeze shaped, normal variation up.  The day began with a gap up and drive higher.  It quickly went range extension up then flagged sideways for the rest of the day.

Heading into today my primary expectation is for sellers to work into the overnight inventory and attempt to regain the Tuesday high 6975.  Look for buyers to reject a move back into the range and work us up through overnight high 6995.50 before two way trade ensues.

Hypo 2 sellers work a full gap fill down to 6965.50 then continue lower, down Look for buyers down at 6978 and two way trade to ensue.

Hypo 3 stronger sellers take us down to 6961.25 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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Bullish cycle complete, here is the Tuesday NASDAQ trading plan

NASDAQ futures are coming into Tuesday flat after an overnight session featuring elevated range and volume.  Price made a new record high overnight before settling into balance.

Yesterday, close-of-business marked the completion of a 10-day bull cycle that began on Friday, January 5th.  Here is the performance of each major US index over the 10-day period, as represented by their major ETFs:

The economic calendar is light today.  We have a 4-week T-bill auction at 11:30am and a 2-year Note auction at 1pm.

Yesterday we printed a trend up.  The day began with a gap down in range.  Buyers quickly closed this then drove higher all morning, briefly resting during lunch, then continuing their campaign for the rest of the day.

Heading into today my primary expectation is for price to work higher, up through overnight high 6958 before two way trade ensues.

Hypo 2 test down to 6900 before two way trade ensues.

Hypo 3 tight chop from 6945-to-6917.

Levels:

Volume profiles, gaps, and measured moves:

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Active overnight session on the NASDAQ, here is the Friday trading plan

NASDAQ futures are coming into Friday gap up after an overnight session featuring elevated range and volume.  Price was balanced during much of globex before springing higher early Friday morning.

The economic calendar is light today.  We have the preliminary sentiment reading out of University of Michigan at 10am.

Yesterday we printed a normal variation up.  The day began with a gap down that was quickly filled.  Then we chopped along, in balance, eventually breakup up through initial balance high in the afternoon.  Then we settled back down to the midpoint by end-of-day.

Heading into today my primary expectation is for buyers to gap-and-go higher, up through overnight high 6852.75.  From here we continue higher, probing record highs into the weekend.

Hypo 2 sellers ahead of 6844, working into the overnight inventory and closing the gap down to 6812.25.  From here we continue lower, down to 6809.50 before two way trade ensues.

Hypo 3 a liquidation is somehow triggered, taking us down to 6782.50 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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