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A Turkey on Every Table: NASDAQ Extends Rally into Wednesday

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:

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NASDAQ Presses Back Near Record Highs Overnight

NASDAQ futures are coming into Tuesday gap up after an overnight session featuring normal range and volume.  Price worked higher for most of the night, uninterrupted, regaining the ground lost last Friday and Monday.

The economic calendar is light today.  We have Existing Home Sales data at 10am, a 2-year Note auction at 11:30am, and a 4-week T-bill auction at 11:30am.

Yesterday we printed a normal variation down.  The week began gap up and sellers slowly closed the gap.  Then we briefly went range extension down before two way trade ensued.

Heading into today primary expectation is for a gap-and-go higher, up through overnight high 6348.50.  Look for sellers up at 6354 and two way trade to ensue.

Hypo 2 sustained trade above 6354 sets up a move to target 6363.25.

Hypo 3 sellers work into the overnight inventory and attempt back into the Monday range 6329.25, struggling around here, but eventually closing the overnight gap down to 6315.75.  Look for buyers down at 6311.75 and two way trade to ensue.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ Probes Below Thursday Trend Overnight During Active Session

NASDAQ futures are coming into the week gap up after an extended trade featuring normal range on elevated volume.  Price worked lower overnight, briefly trading below the low set early last Thursday before the day became a trend up.  Responsive buyers stepped in soon after price tested below the Thursday low and the rest of the session has been spent working higher.

The economic calendar is light during the holiday shortened week.  The only items on the docket today are a 3- and 6-month T-bill auction at 11:30am.

Last week most indices essentially marked time. The traded lower, then higher, then faded.  The performance of each major index is shown below:

On Friday we printed a double distribution trend down.  The day began flat and after a two-way auction sellers stepped in late in the afternoon and slowly worked price lower—down through the midpoint of the trend day seen Thursday.

Heading into today my primary expectation is for an early push up to 6331.50.  From here sellers step in and two-way trade ensues, eventually closing the gap down to 6312.75.

Hypo 2 sellers push into overnight inventory and close the gap down to 6312.75 then we take out overnight low 6291.25.  Look for buyers down at 6280 and two way trade to ensue.

Hypo 3 buyers sustain trade above 6332.75 setting up a move to target 6351.50 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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Bulls Set To Take Friday Victory Lap // Here Is Your NASDAQ Trading Plan

NASDAQ futures are coming into Friday gap up after an overnight session featuring elevated volume on normal range.  Price was balanced overnight, holding up along the upper quadrant of the Thursday trend day.

Any economic events to concern yourself with are already public knowledge.  At 8:30am both Housing Starts and Building Permits were solid beats.  Strong economy.

Yesterday we printed a trend day.  A pro gap up set the NASDAQ up to open along the top-edge of the Tuesday range.  Buyers immediately drove higher off the open, pressing to a new record high then continuing to slowly press all day.  A bit of profit taking came in near the end of the day.

Heading into today my primary expectation is for buyers to work higher, up through overnight high 6351.75 and poke beyond the Thursday high 6358.50.  Look for sellers up at 6364.75 and two way trade to ensue.

Hypo 2 buyers sustain prices above 6364.75 triggering a continuation of the trending higher. Open air.

It really is that simple.

Hypo 3 sellers take out overnight low 6335.75.   Look for buyers ahead of 6327 and two way trade to ensue.

Levels:

Volume profiles, gaps, and measured moves:

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Extreme Volume Trades on The NASDAQ Overnight // Here Are The Levels To Watch Today

NASDAQ futures are trading near the Tuesday cash lower after an overnight session featuring elevated range and extreme volume.  Price worked lower overnight, slowly, helping to form the current microcomposite distribution we are in. At 8:30am both CPI and Retail Sales data come out mixed.

Also on the economic docket today we have crude oil inventory at 10:30am and long-term TIC flows at 4pm.

Yesterday we printed a normal variation up.  The day began with a gap down and early push lower.  This discovered a responsive bid and we traversed the entire morning range and eventually went range extension up.  After that another hard sell came in but it could not take out the day low.  Instead we drifted higher through ramping hour and into the close.

Heading into today my primary expectation is for sellers to press lower off the open, down through overnight low 6256.25 to tag 6241.25 before two way trade ensues.

Hypo 2 buyers to work in to the overnight inventory and close the gap up to 6293.50.  From here we continue higher, up through overnight high 6296.25 and close the gap up at 6312 before two way trade ensues.

Hypo 3 stronger sellers trigger a move down to 6218 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

 

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NASDAQ Balanced Amid Perceived Global Uncertainty

NASDAQ futures are coming into Tuesday gap down after an overnight session featuring normal range and volume.  Price worked sideways most of the night in a balanced session before making a small push lower heading into cash open.  At 5am USA’s best Federal Reserve Chairman Janet Yellen spoke as part of a panel over at the European Central Bank.

The only other item on today’s economic docket is a 4-week T-bill auction at 11:30am.

Yesterday we printed a normal variation up.  The day began gap down inside of the Friday range.  Buyers immediately stepped in and close the overnight gap.  The market then flagged out for much of the day before making a second leg higher.  This discovered a responsive sale towards the end of the day.

Heading into today my primary expectation is for sellers to press down to 6289.75 before two way trade ensues.

Hypo 2 buyers work into the overnight inventory and close the gap up to 6312.  From here we continue higher, up through overnight high 6318.25.  Look for sellers up at 6332.50 and two way trade to ensue.

Hypo 3 stronger sellers trigger a liquidation down to 6253.75 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ Active Overnight // Lower Heading into The Week

NASDAQ futures are coming into Monday gap down after an overnight session featuring elevated range and volume.  Price traversed beyond both the high and low of last Friday’s range, in that order, and as we approach cash open prices are hovering along the Friday low.

The economic calendar is light to start the week.  We have a 3- and 6-month T-bill auction at 11:30am then a Monthly Budget Statement at 2pm.

Last week we slow drift rallied through Wednesday, sold off Thursday morning, discovered a responsive bid Thursday afternoon and rallied into the weekend.  The Russell lagged.  The performance of each major index from last week is shown below:

On Friday the NASDAQ printed a neutral extreme up.  It was a mild day, but price managed to take out initial balance low and high.  The day began with a gap down, inside the Thursday range.  After a two-way auction, price briefly poked below IB low before spending the rest of the day slowly rallying and ultimately closing the overnight gap to-the-tick.

Methodical.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 6309.25.  From here we continue higher, to about 6310 before two way trade ensues.

Hypo 2 sellers press down to 6253.75 before two way trade ensues.

Hypo 3 stronger sellers press down to 6241.25 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ Still Hovering Near Record Levels Heading into Friday

NASDAQ futures are coming into Friday gap down after an overnight session featuring elevated range and volume.  Price worked lower overnight, tagging the Thursday midpoint before discovering a responsive bid and coming into balance.

We have two economic events to watch out for today.  At 10am the University of Michigan will deliver their primary November reading of sentiment.  Then at 2pm a monthly budget statement.

Yesterday we printed a neutral extreme up.  The day began with a significant gap down.  An early gap-and-go-lower-type push discovered an early bid and buyers made an attempt higher.  Their efforts were thwarted.  Sellers defended an attempt back up into the Wednesday range and this set the stage for a continuation move lower.  Price pressed lower through lunch, tagging the naked VPOC left behind last Friday, November 3rd before discovering a strong responsive bid.  We then worked higher for the rest of the day, eventually taking out the initial balance high and closing above it, earning the day a neutral extreme designation.

Heading into today my primary expectation is  for a move higher to close the overnight gap up at 6314.25.  From here we continue higher, up through overnight high 6321.  Look for sellers up at 6333 and two way trade to ensue.

Hypo 2 stronger buyers press up and close the Wednesday open gap at 6341.50 before two way trade ensues.

Hypo 3 sellers work down through overnight low 6286.25 and we find a bid around 6272 and two way trade ensues.\

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ Makes Extreme Move Lower After Tagging Weekly Upside Target

Futures of the NASDAQ are coming into Thursday gap down after an overnight session featuring extreme range and volume.  Price pushed a touch beyond record highs during extended trade before a strong responsive bid stepped in and knocked the market more than 60 points off its high.  As we approach cash open buyers are attempting to make a move back into the Wednesday range.  At 8:30am Initial/Continuing jobless claims data were mixed.

Also on the economic docket today we have a 30-year bond auction at 1pm.

Yesterday we printed a trend up.  The day began flat and after a two-way auction we began discovering higher prices, slowly, tagging the weekly ATR band above and stalling at the end of the day.

Heading into today my primary expectation is for sellers to reject a move back into Wednesday’s low 6307.75 setting up a move to take out overnight low 6286.25.  From here we poke down to 6283 before two way trade ensues.

Hypo 2 stronger sellers press down to 6263.50.

Hypo 3 buyers reclaim the Wednesday low 6286.25 setting up a gap fill up to 6341.50.  Look for sellers right around here and two way trade to ensue.

Levels:

Volume profiles, gaps, and measured moves:

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Calm NASDAQ Drifts Flat into Tuesday

NASDAQ futures are down about a half point ahead of opening bell Tuesday morning after an overnight session featuring normal range and volume.  Price poked up and made another new record high overnight before falling into balance.

On the economic docket today we have JOLTS job openings at 10am, both a 52- and 4-week T-bill auction at 11:30am, a 3-year Note auction at 1pm, and Consumer Credit at 3pm.

Yesterday we printed a normal variation up.  The day began flat.  We drifted higher, then lower, forming a healthy two-way auction before ultimately drifting slowly higher into the afternoon and close.

Heading into today my primary expectation is for a push up through overnight high 6331.50 and a tag of 6343.25 before two way trade ensues.

Hypo 2 push down through overnight low 6305.25 and tag 6283.25 before two way trade ensues.

Hypo 3 strong buyers sustain trade above 6343.25 triggering a trend-like move higher, up through open air.

Levels:

Volume profiles, gaps, and measured moves:

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