NASDAQ futures are coming into Friday down a touch after an overnight session featuring normal range and volume. Price held Thursday’s range in slow and balanced trade.
On the economic calendar today we have Markit Manufacturing PMI at 9:45am, a panel of Fed bankers speaking at noon, and the Baker Hughes rig count at 1pm.
Yesterday we printed a normal variation up. The market opened gap up to fresh highs and an early open auction gave way to more initiative buying. Up near the Fibonacci measured move target sellers stepped in and 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 4886.50. Look for a test above the Thursday high 4892.25, to to tag the 4900 century mark before two way trade ensues.
Hypo 2 sellers keep price below 4882 and work down through overnight low 4875.25. They tag 4867 before finding buyers who balance the market into the weekend.
Hypo 3 strong sellers push down and close Wednesday’s gap down to 4849.50.
Volume profiles, gaps, and measured moves: