NASDAQ futures are set to open gap up after an overnight session featuring normal range and volume.  Price held yesterday’s range before thrusting higher, back up to the Tuesday midpoint.

On the economic calendar today we have Existing Home Sales at 10am and Crude Oil Inventories at 10:30am.  No major tech earnings are due out today, but the reacting to yesterday evenings Intel earnings will be useful context as we navigate today’s NASDAQ trade.

See Also: Take a Close Look at Semiconductors Ahead of Intel Earnings

Yesterday we printed a normal variation down.  The day started with a drive down which set the tone on the session.  A strong secondary rotation pushed price to test the micro-composite value area high [MCVAH] where responsive buyers stepped in and squeezed price back to the mid.

Heading into today my primary expectation is for buyers to make an early push above overnight high 4538.  Look for responsive sellers up near 4548 and two way trade ensues.

Hypo 2 sellers work into the overnight inventory and close the gap down to 4526.75.  Responsive buyers step in around 4518 and work higher to take out overnight high 4538 before two way trade ensues.

Hypo 3 sellers close overnight gap down to 4526.75 then set their sights on overnight low 4509.  This sets up a move down to 4503.50.  Stretch target is the open gap down at 4489.75.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are heading into Tuesday gap up after an overnight session featuring a strong upward rotation.  The buying started around 1am and lasted until 6–pushing price up near the ‘Red Monday’ gap, the big gap down to start 2016 back on 01/04.  Range is elevated on normal volume, and at 8:30am both Housing Starts and Building Permits data came in way below expectations.

Also on the economic docket today we have a 4-week T-Bill auction at 11:30am. Also, both Intel [INTC] and Yahoo [YHOO] report earnings after the bell.

Yesterday we printed a normal variation up.  After starting the day with a strong drive up the market went into balance and two way trade ensued along the swing high.  At the end of the session, during settlement period, their was a seller’s push back down to the daily mid.

Heading into today my primary expectation is for buyers to take out overnight high 4584.50 and target the red Monday gap up at 4591.50.  Look for responsive sellers above at 4596 then two way trade ensues.

Hypo 2 sellers work into the overnight inventory and close the gap down to 4546.25.  Look for responsive buyers right near these levels and two way trade ensues.

Hypo 3 strong selling closes overnight gap down to 4546.25 then targets overnight low 4544.25.  Look for sellers to continue probing lower, down to 4530.50 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are set to open with a modest gap down after an interesting overnight session.  Range and volume were normal but the session kicked off with a gap down, something we haven’t seen in 2016.  Price pushed down and tested the value area established earlier this month before a responsive bid came in and two way trade ensued.

The economic calendar is light all week.  Today we have the NAHB Housing Market Index at 10am, also a 3- and 6-month T-bill auction at 11:30am.

While the economic calendar is light, earnings season kicks into high gear.  After the bell today we will hear from IBM and Netflix.

Last week started out with sellers attempting lower.  Their campaign continued into Tuesday morning before an extremely strong responsive bid stepped in–so strong it pushed higher for the whole session.  This led into a gap up Wednesday and continued upward action though Thursday before responsive sellers were found.

Friday price worked lower before finding a bid and settling into two way trade.

Heading into today my primary expectation is for sellers to work into the overnight inventory.  Normally, when we are coming into the session gap down I am looking for the opposite, buyers, but last night’s session opened gap down then worked higher, suggesting inventory is long.  Look for sellers to work down to 4504.50 before responsive buyers step in and work higher, eventually taking out overnight high 4534.50 before two way trade ensues.

Hypo 2 sellers take out overnight low 4501 and target the open gap down at 4489.75 before two way trade ensues.

Hypo 3 buyers work higher off the open, take out overnight high 4534.50 and sustain trade above 4536.50 setting up a move to 4549.75 before two way trade ensues.

Levels:

Volume profiles, gaps, measured moves:

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NASDaQ futures are set to enter Friday with a slight gap down after an overnight session featuring normal range and volume.  Price is testing Thursday’s low as we head into the open, but so far we have held the prior day’s range.

On the economic calendar today we have Industrial Production at 9:15am, U of Michigan Confidence at 10am, Baker Hughs Rig count at 1pm and Net Long-term TIC Flows at 4pm.

Yesterday we printed a normal variation up.  In a quiet session price continued to slowly grind higher, with sellers showing up in the afternoon.

Heading into today my primary expectation is for price to pin sideways.  There are two areas we could potentially pin to–around 4547 or down near 4486.75.  Primary expectation is we pin to the former via buyers pushing into the overnight inventory and closing the gap up at 4547.  From here look for a move to take out overnight high 4554.50 then finding responsive sellers before two way trade ensues.

Hypo 2 sellers take out overnight low, a double low with Thursday’s low, down at 4534.50.  Look for responsive buyers down at 4507 who are overrun as price seeks to pin at 4486.25.

Hypo 3 strong buyers take out overnight high 4554.50 and sustain trade above it setting up a move to test above yesterday’s high 4563.25.  Look for responsive sellers up at 4569.50 otherwise price continues higher to target the RED Monday gap up at 4591.50.

PROGRAMMING NOTE: I will be going live at 1pm eastern to demonstrate some of the most powerful tools inside Exodus.  Be sure to tune in!  Link below:

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are set to enter Thursday flat after an overnight session featuring normal range and volume.  Price held Wednesday’s range in balanced trade.

At 8:30am we’ll hear a slew of data pertaining to the Consumer Price Index.  Also on the economic docket today we have a 30-year Bond reopening auction at 1pm.

Yesterday we printed a normal variation up.  Price opened gap up and initiative buyers quickly stepped in and bid the market.  Price worked higher to close the open gap left behind on 04/06 and lingered at this high water mark, eventually ramping higher into the close.

Successful Ramp into the highs. Thanks for playing.

— Ramp Capital™♿️ (@RampCapitalLLC) April 13, 2016

Heading into today my primary expectation is for buyers to push up and test above Wednesday’s high 4553.75.  From here I’m looking for a move up to 4570 before two way trade ensues.

Hypo 2 sellers push into the slightly long overnight inventory and take out overnight low 4530.50.  Look for responsive buyers down at 4506.75 and two way trade ensues.

Hypo 3 strong selling sustains trade below 4500 setting up a move down to 4463.25 before two way trade ensues.

Hypo 4 strong buyers sustain trade above 4570 and work higher to target 4589 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

 

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NASDAQ futures are coming into the session gap up after an overnight session featuring normal range and volume.  Price pushed lower, extending the weekly low, briefly before buyers stepped in and the market went back into balance.

On the economic calendar today we have a 4-week T-bill auction at 11:30am, 3-year Note auction at 1pm, and a Monthly Budget Statement at 2pm.

Yesterday we printed a normal variation down.  After coming into the week gap up, an early rally was faded and price went into chop before ultimately fading lower to end the day on session low.

Heading into today my primary expectation is for sellers to push into the overnight inventory and close the gap down to 4451.25.  From here look for a test below overnight low 4440.75 before responsive buyers step in and two way trade ensues.

Hypo 2 sellers close overnight gap down to 4451.25 then take out overnight low 4440.75.  Price continues lower and takes out 4428 trigger a fast liquidation trade down to 4402.50 before two way trade ensues.

Hypo 3 buyers defend ahead of a gap fill and work higher to take out overnight high 4472.75.  Look for responsive sellers ahead of the 4500 century mark and two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are set to begin the week gap up after an overnight session featuring an elevated range on normal volume.  Price briefly took out last week’s low before a hard spike rotation took price higher.  Since then the action has been consolidating up above Friday’s MID.

There are only a few economic events to be aware of today–first are the 3- and 6-month T-bill auctions at 11:30am and second Fed Chair Yellen is meeting with President Obama at 3pm.

See also: Obama To Meet Yellen Tomorrow To Discuss Ways To Screw Wall Street

Last week price went sideways.  After we spent all of Tuesday consolidating a gap down, Wednesday featured a trend up which was promptly negated Thursday by a trend down.  Friday price opened gap up and faded lower, bouncing along the lows as we wrapped up the week.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 4468.50.  Look for responsive buyers down near 4454 and two way trade to ensue, slowly working higher to eventually take out overnight high 4498.

Hypo 2 buyers defend north of the low volume node at 4477.50 setting up a move to take out overnight high 4498.  After a bit of struggle around the 4500 century mark price continues higher to test above Friday high 4509.75.  Look for responsive sellers up at 4523.75 and two way trade ensues.

Hypo 3 sellers close overnight gap down to 4468.50 then set their sights on overnight low 4446.50.  This triggers a liquidation move down to 4415.50  before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Friday gap up after an overnight session featuring elevated range on normal volume.  Price held yesterday’s low before pushing higher, up through the pocket-zone (see green/red volume profile on chart below) and settling in the upper quadrant of Thursday’s range.

The economic calendar is light as we close out the week.  At 10am we have Wholesale Inventories and at 1pm the Baker Hughes rig count.

Yesterday we printed a double distribution trend down.  Which is interesting because Wednesday was a trend up. Thus yesterday’s action came as an unpleasant surprise to bulls.

Market Profile theory states that any entry in the direction of a trend day is “risk free” heading into the following session because we take out the session’s high (if trend up) by at least a tick more often (I have not run this study independently).

However, when you consider the current range, spanning about 7 days, since the major trend day back on 3/29, it makes more sense viewing these last two days of up and down trend.  The intermediate term time frame is battling it out after a multi-month rally higher.

Heading into today my primary expectation is for sellers to push down into the overnight inventory and trade down to 4490.25.  Look for buyers here and a move to target overnight high 4504.75.  This sets up a fast move to 4524 before two way trade ensues.

Hypo 2 sellers push a full gap fill down to 4470.50.  Look for buyers around here and two way trade to ensue, but for price to stay range bound between 4500 and 4460.

Hypo 3 strong sellers fill overnight gap down to 4470.50 then set their sights on overnight low 4458.25 setting up a move to test Thursday’s low 4450.75 before two way trade ensues.

Hypo 4 strong buyers push up through 4524 and sustain trade above it setting up a move to close Wednesday’s open gap up at 4535. Stretch upside targets are 4538, 4545.50, then 4569.

Levels:

Volume profiles, gaps, & measured moves:

 

 

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NASDAQ futures are priced to enter Thursday gap down after an overnight session featuring normal range and volume.  Price held balance in yesterday’s upper quadrant for most of the evening before succumbing to selling early this morning.  The selling was truncated well above yesterday’s midpoint before two way trade resumed.  The ECB talked dovish very early this morning, and t 8:30am Initial/Continuing jobless claims data came out in-line with expectations.

Also on the economic docket today we have consumer credit at 3pm and at 5:30pm Fed’s Yellen is having a talk with former Fed Chairs Volcker, Greenspan, and Bernanke.

See also: Masters of The Universe (Past and Present) Plan Ceremonial Meetup Tonight in NYC

Yesterday the NASDAQ printed a trend up.  The day started flat, and an early attempt by responsive sellers to defend against a test above Tuesday’s high was overrun by strong initiative buying.  The accumulation continued throughout the entire session, trading up through the open gaps left behind Tuesday (4/4 close, 4499.25) and Monday morning (4/1 close, 4529).  Price trended right up through the close.

Heading into today my primary expectation is for buyers to push into the overnight inventory and close the gap up to 4535.  From there look for a continued move up through overnight high 4539.50.  Look for responsive sellers up at 4546.25 before two way trade ensues.

Hypo 2 sellers defend ahead of 4522 setting up a move to take out overnight low 4508.50.  Look for responsive buyers down at 4487.50 and two way trade ensues.

Hypo 3 strong selling off the open pushes down through 4487.50 to target 4472.  Look for responsive buyers down at 4468 before two way trade ensues.

UPDATED Levels, volume profiles, gaps, and measured move:

 

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NASDAQ futures are set to come into the week gap up after an overnight session featuring normal range on abnormally low volume.  Price managed to push up above last Wednesday’s high briefly before settling back into the day’s range.

At 8:30am we have two big data points, Advance Goods Trade Balance and Personal Consumption Expenditure.

Last week price started the week flat and continued sideways until Tuesday when a gap down found strong responsive buyers.  Said buyers were overrun on Wednesday.

Thursday was the last trading day of the holiday shortened week and started gap down.  The rest of the session was spent slowly trading higher.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 4397.50.  Look for responsive buyers at 4391.50 and two way trade to ensue.

Hypo 2 sellers continue pushing lower, down through 4391.50 setting up a move to target 4377.50 before two way trade ensues.

Hypo 3 buyers defend ahead of the 4400 century market and begin working higher.  Price pushes up through overnight high 4425.75 and buyers target the overhead gap at 4435.25 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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