NASDAQ futures are coming into Monday gap up after an overnight session featuring elevated volume on extreme range. Price worked down into the 11/14 range before finding a strong responsive bid and trading up into last Thursday’s trend down.
The economic agenda is light to start the first full week of December. At 11:30am we have a 3- and 6-month T-bill auction.
Last week the NASDAQ was under pressure while the Dow worked higher:
On Friday the NASDAQ printed a normal day. Price poked just below the Thursday low before revealing a strong responsive bidder. However, said buyers were unable to press a range extension ahead of the weekend.
Heading into today my primary expectation is for buyers to reject a move back into Friday’s high 4759 which sets up a move to take out overnight high 4776.75 to target 4786.50 before two way trade ensues.
Hypo 2 sellers regain Friday range and close the gap down to 4736.25 before two way trade ensues.
Volume profiles, gaps, and measured moves: