Nasdaq futures are up a touch overnight as overnight volatility continues to abate. Volume and range are low-end normal on a balanced session of 2-way trade. The action was contained within yesterday’s range.

The economic calendar is empty again this morning. The market will be tasked with digesting weak trade in IBM after their earnings fell short of investor expectations. More importantly we have Apple reporting earnings after the bell.

Yesterday sellers managed to close the overnight gap early on before initiative buyers stepped back in and continued pushing higher. The action was unidirectional for long stretches of time, but still manages to resemble a normal variation on the market profile. Selling was seen late in the session but was contained above the sessions IB.

Looking out a bit further, we can clearly see a ledge of volume formed at 4650. Keep this level in mind going forward. It can tell us two things—if sellers are unable to push us over the abnormal outcropping then bulls are incredibly strong. Otherwise, and more likely, we tip over the ledge which is likely to trigger some liquidation due to the air pocket structure below it.

Heading into today, my primary expectation is for the market to enter ‘wait-and-see’ mode. Look for two way trade with some profit taking. Look for the overnight low to be taken out 4667.50 setting up a test of 4660. Responsive buyers in this area but they’re contained south of swing high 4686.

Hypo 2 sellers push down through 4660 setting up a move toward the ledge at 4650. If they can push over it, then look for liquidation down to the LVN at 4640.

Hypo 3 buyers push up through overnight high 4683 to continue higher. Look for a move to the ATR target high 4708.50.

Levels:

Nasdaq futures continue to drift higher as we head into a fresh week. Volume was light but normal overnight on a session that featured little rotation on its continued ascent to new highs.

This week the economic calendar is somewhat quiet, and today we have no economic releases. Morgan Stanley is up pre-market after reporting earnings.

Last week was spent pushing higher, aggressively at times, and looking for sellers. They were nowhere to be found. As a result the pushed through the upper bound of our recent range to break out. The other majors (S&P, DOW, Russell) lagged behind a bit and are still inside their respective ranges.

Whenever we take out a major level, I like to pull up a long term chart of the Nasdaq composite to see where we are trading. This is the equivalent of pulling out the national interstate map when you cross a state line. As you can see, we are up in blue skies where theoretically anyone who ever invested in the Nasdaq is profitable. Also notice, last week was the first time we closed above the all-time high set back in 2000:

Heading into today, my primary expectation is for price to continue drift higher. I don’t do much up at these prices. We’ve exceeded my measured move targets.

Hypo 2 is seller push into the overnight inventory and close the weekly gap down to 4651.25. Look for sellers to target the overnight low 4646.50. From here look for buyers to defend 4639, otherwise a test down to the LVN at 4627.75.

Levels:

Nasdaq futures are higher overnight on a session featuring normal volume and range, but a session that spent the duration trending higher. The action has pushed price to new contract high.

Initial/Continuing claims data came in a bit better than expected this morning and received little-to-no reaction then a delayed buy. The economic calendar is loaded this morning. Investors will most closely be observing day two of Yellen in Washington—today delivering a testimonial to the Senate Banking Panel. Also on the docket is Philadelphia Fed at 10am, NAHB Housing Index at 10am, and Net Long-term TIC Flows at 4pm.

Yesterday we opened gap up for the 4^th day in a row. Price churned about while investors listened to Yellen testify to the House. Late in the morning we went range extension up but quickly fell back into IB setting up ripe conditions for a gap fill. Sellers pushed the overnight gap shut and overshot the gap while putting us neutral. Responsive buyers pushed us back up toward session high to end the day.

Intermediate term we are back at bracket high. Short term memory says look for sellers to defend here and whack us back through the range. To expect anything different would be to ignore recent history. The caveat is our current velocity. When we come into a key reference point at high speed, you expect to see the rejection/reversal happen quickly. Otherwise it’s likely we continue through it.

Heading into today, my primary expectation is for sellers to push down into the overnight inventory to close the overnight gap down to 4537.25. From there I’ll look for a continued push to 4530 where we see responsive buying a two way trade take hold.

Hypo 2 is we sustain trade up at new contract high and go hunting for buy stops. Measured move targets are 4578.75 and 4594.75.

Hypo 3 is liquidation. Sellers reject a new contract high harshly, push down fast to 4530 where buyers mount a weak defense but are ultimately overrun. Look for continuation down to 4515.

Levels:

Nasdaq futures are higher overnight on a balanced session of trade featuring normal range and volume. The most prominent feature of the session is a unidirectional rotation up that occurred from about 8-9pm eastern. The action managed to exceed yesterday’s range high slightly before finding responsive sellers and churning in the upper quadrant of Tuesday’s range.

The economic calendar heats up today, with Industrial/Manufacturing Production stats at 9:15am followed by Fed Chair Yellen’s Semi-Annual Testimony to The House Financial Panel. At 10:30am we have crude/distillate inventory data, at 2pm the Fed Beige Book, and at 3pm Fed Williams is talking economic outlook in Phoenix.

Yesterday we continued auctioning higher for a third day. The action was dynamic enough to leave behind yet another open gap after buyers came in and drove price higher off the open. Buyers managed to push up into the upper-most volume distribution which established a clear MCVPOC at 4530. Sellers were responsive at these levels and we faded slightly into closing bell.

Heading into today, my primary expectation is for a choppy open. Between the 9:15am data and Ms. Yellen starting her talk at 10am I suspect the market will go into wait-and-see mode. At some point I will look for sellers to push into the overnight inventory and close the open gap down to 4518. From there I will look for sellers to take out overnight low 4515.50 to ultimately target the 4500 century mark.

Hypo 2 buyers hold the overnight gap and we continue pushing higher to take out overnight high 4532.50 and potentially make new swing high.

Levels:

Nasdaq futures were quiet overnight, trading a balanced session with normal volume and range. The session featured a slight drift higher. The action took place in the upper quad of yesterday’s range, slightly exceeding it and testing the key LVN at 4493.50.

At 8:30 am Advance Retail Sales came in below expectations. The initial reaction is muted-to-positive. Also on the economic docket today we have China GDP at 10pm. Tomorrow morning Fed Chair Yellen will deliver her semi-annual testimony to the House Financial Panel.

Intermediate term, we can see the Nasdaq is contained within bracketed/neutral trade. It has been like a ping-pong match since about February. Last week we bounced along the bottom of the range before the Friday gap up.

Yesterday we opened to a big gap up and drove higher. Buyers became initiative during the session and we continued higher to close the 6/26 open gap and more. Overall the session has the structure of a double distribution trend day.

Heading into today, my primary expectation is for buyers to push above overnight high 4495.50 and test up to the LVN zone at 4512. Here I will look for responsive sellers and two-way trade to ensue.

Hypo 2 sellers push into the overnight inventory to close the gap to 4487.50 then continue lower to test down to 4480. Look for buyers to defend here and balanced trade inside the upper quadrant of yesterday’s range.

Hypo 3 sellers push down through 4480 to test the conviction of yesterday morning’s open drive buyers around 4467. If buyers no show, look for liquidation to take hold, pushing down through to 4444. Stretch targets on the downside are 4434.50, 4427.25, then a full weekend gap fill down to 4409.

Levels:

Nasdaq futures are coming into the week higher after a grinder of a session. Price opened gap down yesterday evening but it wasn’t long before buyers started working into the tape. We then spent the rest of the session trading higher, traversing over 80 points worth of range on abnormal volume. The action stalled up just a tick before the 6/17 open gap.

On the economic calendar today, we start quiet, with only a Monthly Budget Statement at 2pm. As the week progresses however, it will become increasingly heavier with economic data points and Fed’s Yellen performing her semi-annual testimonies in Washington.

Last week volatility ratcheted up both during RTH and globex. The choppy action only managed to take price a touch lower on the week after a big up gap and push higher Friday. The only problem contextually with our swing low is the gap left behind at 4337. Recent history has shown that no gap is left behind in our marketplace.

Heading into today, my primary expectation is for choppy, two-way trade. We’re set to open right atop the annual VPOC and typically we see murky trade around these highly trafficked areas. I suspect the action will give way to sellers who test down to Friday’s range high 4426.50. This level was a key resistance for the entire month of July thus far, therefore I am interested to see if buyers can convert it into support. Look for buyers to defend north of 4426.50 and a push higher to target 4466.25. Stretch target is the open gap at 4481.75.

Hypo 2 sellers push down through 4426.50, closing the range gap and setting up a full overnight gap fill down to 4409.

Hypo 3 buyers gap-and-go higher, take out 4466.25 early, sustain trade above it, and then muster up a secondary leg higher to 4481.75 and then the LVN at 4493.50. Look for responsive sellers in this region.

I plan to book a few position trades into this strength today, in particular my QLD long.

Levels:

Nasdaq futures are higher again this morning, this time on news of a Greek resolution and a vigorous bounce in Chinese share prices. The overnight range is beyond second sigma on above average volume. The session managed to very briefly trade new lows at the start of globex before sharply reversing higher.

The economic calendar is interesting today. We have Wholesale Inventories at 10am and then we’ll hear from Fed Chair Yellen who is speaking in Ohio. We also have the Baker Hughes Rig Count at 1pm.

Yesterday started with a big gap up, right to the top-end of our developing value area. Buyers tested up to the key MCLVN at 4402.50 and were met by strong selling. These responsive sellers became initiative and we essentially formed a trend day down, going back and closing the entire gap and making new swing low.

Thus it likely comes as a surprise, for bears, to see price up this much into Friday. It speaks to the choppy nature of our market. However, amid the noise we have some clear price levels to build context upon. Foremost, the MCLVN at 4402.50.

Heading into today, my primary expectation is for a gap-and-go up to test the low volume area in and around 4402.50. Yesterday’s high in particular will be telling, 4407.25. If buyers can push and sustain above yesterday’s high I will look for a short squeeze to fill the gap up to 4422.50.

Hypo 2 sellers push into the overnight inventory working us back to the MCVPOC at 4390.  Look for buyers to sustain price above 4360 as we continue to trade inside balance.

Hypo 3 sellers push down through VAL 4360 and work the overnight gap fill down to 4337 to target overnight low 4331.75. Caution below 4320.

Levels:

Nasdaq futures are set to gap up this Thursday after a globex session featuring a grind up on slightly elevated volume. The action worked up into yesterday’s big gap down and we’re now lingering just above the high printed yesterday.

At 8:30am we had initial/continuing jobless claims data out but saw little reaction from it. The economic calendar is otherwise open until tomorrow.

Yesterday we printed a double distribution trend day down whose range was inside Tuesday’s. The inside day overall looked weak due to the amount of time we spent trading down near the low.

Overall the market profile structure suggests balance—albeit a big balance, nearly 50 points wide.

Heading into today’s session, my primary expectation is for sellers to push into the overnight inventory and trade lower. Look for buyers to defend the gap, showing up around 4370 and then a push to test the MCLVN at 4402.50.

Hypo 2 gap and go higher. Sustain trade above 4402.50 early and set up a leg up to close Tuesday’s gap at 4422.50.

Hypo 3 sellers push a full gap fill to 4345.75. Look for liquidation to take hold if we breach 4320.

Levels:

Nasdaq futures are trading flat after working higher for most of the overnight session. Price stalled out just ahead of the major CVN and just below the session high from two Monday’s back (the first Greek gap down). Range and volume were both elevated a touch above first sigma.

On the economic docket we saw Trade Balance data come out inline with expectations. At 3pm we have Consumer Credit. More importantly, we’ll hear minutes from The Fed’s June 16^th meeting tomorrow at 2pm. Keep in mind there is also a Eurozone summit taking place right now pertaining to the Greek Referendum.

Yesterday started gap down but not nearly as extreme as futures were pricing Sunday night, instead open within the range/balance we’ve formed these last several weeks. The dilemma now, when it comes to participating with strength, is the nature of our current low—set during globex.

The market has been setting up context pieces like this, and methodically settling them. Take open gaps for example. Yesterday we went and closed up the 6/30 gap before finding responsive buyers then reversing the auction higher and closing the overnight gap.

Overall the market looks balanced/choppy. My primary expectation today is for buyers to push into the early morning short inventory. Look for a push up to take out overnight high 4448 and close the open gap up at 4454. From here, look for sellers to defend the 6/26 range and roll us over.

Hypo 2 is sellers work lower off the open, take out overnight low 4419.50 and push to target the VPOC at 4413.25. From here look for 2-way trade to ensue with buyers sustaining prices north of the 4400 century mark.

Hypo 3 liquidation takes hold, we press down through 4400 and set our sights on 4370.50.

Levels:

Nasdaq futures are lower heading into Monday’s trade. The 3-day holiday weekend came to an end with news that Greece citizens voted against the proposed referendum. The news sent US equity futures sharply lower when they opened yesterday evening. Since then we have printed an abnormal range, nearly 60 points, on abnormal volume. We’ve spent most of the session squeezing higher.

At 10 am we have ISM Non-Manufacturing Composite stats and looking forward we have FOMC minutes scheduled for release 2pm Wednesday.

We closed out last week churning inside of Monday’s big trend down range. The market overall showed signs of balance which, in a way, suggests participants were accepting prices lower. We’re heading into today within that range, but with a questionable globex swing low.

The chart looks like a giant crime scene, with 4 gaps littered across it. We’ll be opening right near the 6/30 gap, so that one will vanish leacing only the three overhead gaps.

Heading into today, my primary expectation is for buyers to push into the overnight inventory and work the gap fill higher. Look to take out overnight high 4402.75 then attempt a full gap fill up to 4428.25 but stall out around 4416.50. Sellers defend this area and two way trade ensues.

Hypo 2 buyers stall ahead of overnight high 4402.75 and we push down through 4381.75 setting up a liquidation down to test overnight low 4344.

Hypo 3 full gap fill up, trade through to 4428.25 early and continue to test 4434.50.

Levels: