NASDAQ futures are coming into Tuesday up a quick +60 after an overnight session featuring extreme range on elevated volume. Price initially drove higher overnight, pressing up beyond last week’s high until about 3:33am. Since then we have been in balance along last week’s high. At 8:30am retail sales data came out well below expectations. Price has not shown much reaction to the data and as we approach cash open price is hovering above last week’s high.

Also on the economic calendar today we have industrial production at 9:15am, business inventories and housing market index at 10am and a 20-year bond auction at 1pm.

Yesterday we printed a neutral extreme up. The day began with a slight gap down. Buyers resolved the down gap during an open two-way auction in range and after a small try lower buyers drove up beyond last Friday’s high. Price was choppy for the next several hours, walking all over the midpoint and eventually pressing a brief range extension down around 11:35am New York. This was met with a strong responsive buy and by a bit after 12pm buyers had reclaimed the mid and by 2:20pm we were into a new high of day and a neutral print. The rest of the day was all buying, with the steady campaign effectively closing the gap left behind last Thursday. We ended near session high.

Heading into today my primary expectation is for buyers to gap-and-go higher, tagging 12,200 before two way trade ensues.

Hypo 2 stronger buyers squeeze up to 13,253.50 before two way trade ensues.

Hypo 3 sellers work into the overnight inventory and close the gap down to 13,073.75. Look for buyers down at 13,000 and for two way trade to ensue.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the week with a slight gap down after an overnight session featuring extreme range and volume. Price was choppy overnight, trading up beyond the Friday high for a bit, up to about the Thursday midpoint, before chopping back down into the Friday range. As we approach cash open, price is hovering about 10 points below the Friday high.

On the economic calendar today we have 3- and 6-month T-bill auctions at 11:30am.

Last week we saw buyers in control all week long everywhere except the NASDAQ. The NASDAQ saw a hard sell Monday then sort of chopped higher for the rest of the week.

The last week performance of each major index is shown below:

On Friday the NASDAQ printed a neutral extreme up. The day began with a gap down below the Thursday range. After an open two-way auction outside range buyers made a try back up into the Thursday range. Sellers rejected the move, sending price down through the opening swing and into an early range extension down. This move also served to close the open gap left behind Wednesday. From then on it was buyers in control. First they reclaimed the mid then the sprung up from it, pressing into a neutral print. Buyers defended a check back to the mid and eventually pressed neutral. The buying managed to reclaim the Thursday range but not really explore it much. We closed on session high.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 12,925.75. From here buyers continue higher, tagging 13,000 before two way trade ensues.

Hypo 2 stronger buyers trade up to and close the Thursday gap 13,051.50 before two way trade ensues.

Hypo 3 sellers press down through overnight low 12,862.50 setting up a run down to 12,700.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are heading into the second day of the second week of March up about +250 after an overnight session featuring extreme range and volume. Price steadily climbed higher overnight, via one small than one large rotation higher, ascending up past the Monday VPOC before finding sellersaround 7am New York. Since then a choppy balance has formed and as we approach cash opne price is hovering a bit below the Monday VPOC and above its mid.

On the economic calendar today we have a 3-year note auction at 1pm. With the recent lack of demand for Treasuries, the outcome of these auctions is likely to be more keenly attended to by investors.

Yesterday we printed a neutral extreme down. The day began with a slight gap down in range and after a quick open drive down buyers emerged and pressed the gap fill and beyond, briefly tagging 12,700. This all happened within the first 15 minutes. Price then fell back to the midpoint, buyers defended and sent us to a new daily high and brief range extension up. That was the end of the buyer control for the day. The rest of the session was spent auctioning lower, eventually pressing neutral and closing on the daily low. This move effectively tagged the odd VPOC left behind at the lows last Friday (see the second chart below). However, value migrated a bit higher during Monday’s action despite being a neutral extreme down.

Heading into today my primary expectation is for buyers to gap-and-go higher, trading up to 12,648.75 before two way trade ensues.

Hypo 2 stronger buyers trade up to 12,767 before two way trade ensues.

Hypo 3 sellers press down and close the overnight gap down at 12,336.50. Look for buyers ahead of 12,300 and for two way trade to ensue.

Levels:

 

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the second week of March down about -100 after an overnight session featuring extreme range and volume. Price first went gap up Sunday evening when Globex opened for trade. Then, after trading up near last Thursday’s range sellers stepped in and took control of the tape, steadily rotating price lower via three pushes lower that eventually worked price a bit down through the Friday midpoint. Around 4:30am bidders reversed the auction, and as we approach cash open price is hovering in the upper quadrant of Friday’s range.

On the economic calendar today we have 3- and 6-month T-bill auctions at 11:30am.

Last week had a third sigma NYSE TICK on the open Monday, kicking the month off with a full day of conviction buying. Tuesday erased much of the Monday gains then aggressive sellers formed a sharp trend lower through to mid-Friday. Markets turned around late Friday and rallied into the close. The last week performance of each major index is shown below:

On Friday the NASDAQ printed a neutral extreme up. The day began with a gap up beyond the Thursday midpoint. Sellers quickly resolved the overnight gap and continued lower, trading down through the Thursday low shortly after the first hour of trade, pushing the market into an early range extension down, briefly trading down into price levels unseen since November 30th. Here a strong responsive bid stepped in and price shot up through the daily midpoint and later in the afternoon pushed neutral and eventually closed along the highs.

Neutral extreme up.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 12,656.50. Look for sellers up at 12,679.75 and for two way trade to ensue.

Hypo 2 stronger buyers trade up to 12,765.75 before two way trade ensues.

Hypo 3 sellers press down to 12,420 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NADSAQ future are coming into the final Thursday in February down about -100 after an overnight session featuring extreme range and volume. Price steadily declined overnight, balancing along the Wednesday high until about 3am New York when sellers began campaigning price lower. At 8:30am durable goods orders came out better than expected, GDP results were below forecast and jobless claims data came out better than expected. As we approach cash open price is hovering about +80 above the Wednesday midpoint.

Key semiconductor component NVIDIA reported earnings after the bell Wednesday. Shares of the chip maker are down about -2.25% in pre-market trade.

Also on the economic calendar today we have pending home sales at 10am followed by 4- and 8-week T-bill auctions at 11:30am.

Yesterday we printed a double distribution trend up. The day began with a gap down in range and after an open two-way auction sellers made a slight push lower, nearly tagging the Tuesday VPOC before a sharp excess low formed that would ultimately mark low-of-day. Price slashed through the midpoint then formed a quick and tight little chop just above the mid before beginning a steady campaign higher for the rest of the day. We ended on the highs, up into the Monday range.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 13,329.25. Look for seller up at 13,325 and for two way trade to ensue.

Hypo 2 stronger buyers tag 13,400 before two way trade ensues.

Hypo 3 sellers press down to 13,100 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the final Wednesday of February down about -120 after an overnight session featuring extreme range and volume. Price was balanced overnight, in a choppy sort-of way, first exceeding the Tuesday high around 8pm New York then falling back down to the Tuesday midpoint before walking back up and making a new overnight high. That second high happened around 8am and tagged the 0.618 retrace of this entire sell move (from 2/21 at 8:20pm through to 2/23 at 9:50am). Since then price has dropped about -250 points, and as we approach cash open price is hovering about +100 above the Tuesday midpoint.

On the economic calendar today we have Fed Chairman Powell speaking at 10am, a 2-year note auction at 11:30am then a 5-year note auction at 1pm.

Major semiconductor maker NVIDIA is set to report earnings after the bell.

Yesterday we printed a double distribution trend up. The day began with a pro gap down then a sell drive down at the open. Sellers drove down and closed the gap left behind on MLK day before discovering responsive buyers who formed a sharp excess low. Buyers sent the auction higher, slicing through the daily midpoint and pushing an early range extension up. Price then fell back down to the midpoint and was sort of chopping all over it before buyers reasserted themselves and mounted a huge +300 point ramp into the close. Price closed in the upper quadrant of range.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 13,155.25. Look for sellers ahead of 13,200 and for two way trade to ensue.

Hypo 2 sellers gap-and-go down through overnight low 13,027 and tag 13,000 before two way trade ensues.

Hypo 3 stronger buyers take out overnight high 13,295.50 on their way to tagging 13,300.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Tuesday down a quick -225 after an overnight session featuring extreme range and volume. The selling began around 1am New York and the campaign lower continued unidirectionally until about 5:30am with the market catching a bid down in the lower quadrant of the January 29th range (the last trading day of January). As we approach cash open, price is hovering a touch higher, just below 13k, holding up a bit above the February 1st lows.

On the economic calendar today we have consumer confidence at 10am, a 52-week T-bill auction at 11:30am followed by a 2-year note auction at 1pm.

Yesterday we printed a double distribution trend down. The day began with a gap down below the prior three sessions, down near the lows of February 2nd-4th. After an open auction outside range buyers made the initial push, pushing a bit beyond the opening swing but ultimately stalling and printing an excess high before the first hour was complete. That would mark the high. Sellers pressed down through the range quickly, then made an early range extension down. Price checked back to the midpoint around 2:15pm after one ticking below the prior daily low. Sellers defended, setting up a push lower into the close. We closed on the lows.

Heading into today my primary expectation is for buyers to work into the overnight inventory and work a half gap-fill up to 13,100 before two way trade ensues.

Hypo 2 sellers gap-and-go lower, trading down through overnight low 12,946.50 on their way to closing the open gap down at 12,886.25 (Jan 29th) before two way trade ensues.

Hypo 3 stronger sellers tag the MLK gap down at 12,772.25 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Monday pro gap down after an overnight session featuring extreme range and volume. Price was balanced overnight until about 1am New York. Price was marking time inside the lower half of last Friday’s range before sellers stepped in and drove lower, driving down near but not exceeding the February 2nd low. Since then price has chopped in a little 60 point range along these lows. As we approach cash open, price is hovering inside the February 4th conviction buying range.

On the economic calendar today we have 3- and 6-month T-bill auctions at 11:30am.

Last week markets were closed Monday for President’s Day. The holiday shortened week kicked off Tuesday morning with a gap up to new highs. Sellers pressed into and erased the gap then continued lower through Wednesday morning. There was big chop for the rest of the week with sellers pressuring the tape into Friday’s close.

The last week performance of each major index is shown below:

On Friday the NASDAQ printed a double distribution trend down. The day began a gap up right to the Wednesday close. Sellers drove into the opening bell and made short work of filling the overnight gap. Buyers then mounted a slow rally, back up through the daily mid and nearly up through the morning high. But instead the auction stalled and then made a fast move lower. The selling sent price down below the Thursday midpoint and we spent the rest of the session chopping along the daily low and into the weekend.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 13,569 before two way trade ensues.

Hypo 2 stronger buyers tag 13,600 before two way trade ensues.

Hypo 3 gap-and-go lower, down to 13,327.25 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into option expiration day up a quick +80 after an overnight session featuring extreme range and volume. Price first drove lower overnight, rotating downward until about midnight New York when a bid stepped in right near the Thursday midpoint. Price has been unidrectional up since then, effectively driving up through the Wednesday and Thursday highs. As we approach cash open, price is hovering inside the lower quadrant of Tuesday’s range.

On the economic calendar today we have PMI composite flash at 9:45am followed by existing home sales at 10am.

Yesterday we printed a double distribution trend up. The day began with a gap down into the lower quadrant of Wednesday’s range. After an open two-way auction sellers stepped in and drove price down to 13,500. Price overshot the century mark by about 30 points before a responsive bid stepped in. Said buyers reclaimed the midpoint and rallied about 30 points above it before one last check back to the mid. This check-back overshot the mid to the downside before buyers ultimately held the mid going into New York lunch. The rest of the session was spent rallying, with value shifting higher along the way. Buyers eventually tagged the Wednesday naked VPOC before we sort of chopped along the upper quad to end the day.

Heading into today my primary expectation is for buyers gap-and-go higher, trading up and closing the gap up at 13,749 before two way trade ensues.

Hypo 2 sellers to reject a move back into the Tuesday range, holding price below 13,730 before working into the overnight inventory and closing the gap down to 13,638.50. Look for buyers down at 13,600 and for two way trade to ensue.

Hypo 3 stronger buyers trade up to 13,792 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Thursday gap down after an overnight session featuring extreme range and volume. Price steadily declined overnight, slowly rotating down through the entire Wednesday range at 8:30am a slew of economic data came out. Housing starts in line with expectations, jobless claims higher than expected, Philadelphia Fed stronger than expected as were import export prices. As we approach cash open price is hovering just above the Wednesday low.

Major U.S. emoloyer Wal-Mart is -5% in premarket trade after reporting earnings.

Also on the economic calendar today we have 4- and 8-week T-bill auctions at 11:30am, a 30-year TIPS auction at 1pm and Treasury Secretary Yellen is set to speak on CNBC’s ‘Closing Bell’ show.

Yesterday we printed a neutral extreme up. The day began with a gap down below the Tuesday range. After an open two-way auction buyers made an attempt higher however the auction stalled well before returning to the Tuesday range. Sellers then worked price into a range extension down, trading down near last week’s low but not exceeding it. Instead we saw a strong ramp higher into the close, a ramp that effectively traversed the entire daily range and pushed neutral during settlement and closed on the high.

Neutral extreme up.

Heading into today my primary expectation is for sellers to gap-and-go lower, trading down to 13,500 before two way trade ensues.

Hypo 2 stronger sellers trade down to 13,400 before two way trade ensues.

Hypo 3 buyers work into the overnight inventory and close the gap up to 13,695.75 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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