NASDAQ futures are coming into Tuesday pro gap up after an overnight session featuring extreme range and volume. Price worked higher overnight, extending the trend up gains acquired Monday. Price stalled just three ticks below the prior all-time high set on July 13th. As we approach cash open, price is trading up beyond 11,000.

There are no economic events today.

Yesterday we printed a trend up. The session began with an open-test-drive inside last Friday’s range. After a brief test lower buyers stepped in and spent the entire session in control, driving price higher, taking us to levels unseen since July 13th. We ended the day about 80 points below all-time high.

Heading into today my primary expectation is for buyers to gap-and-go higher, taking out all-time high 11,058.50. Look for sellers up at 11,100 and two way trade ensues.

Hypo 2 sellers work into the overnight inventory and close the gap down to 10,953. Buyers reject a move back into the Monday range high 10,964.50 and two way trade ensues.

Hypo 3 stronger sellers reverse Monday’s trend, driving down to 10,900 early on then continuing to 10,800.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the second to last week of July, the week after OPEX, gap up after an overnight session featuring extreme range and volume. Price was choppy overnight, first selling off until about 10pm New York. Sellers were unable to work price down below last Friday’s low before buyers stepped in and stabilized prices. Price was balanced until about 4:40am when buyers stepped in and reversed the Sunday evening selling. As we approach cash open, price is hovering near last Friday’s high. Like the Sunday evening sellers, this morning’s buyers have not exceeded Friday’s range.

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

Last week the NASDAQ started out stronger than the other major indice, but by New York lunch had topped out and printed its weekly high. After a hard sell off late Monday and into Tuesday morning, the tech-heavy index marked time and traded sideways. Meanwhile the Russell was a bit stronger, suggesting investor’s risk appetite is running high. The last week performance of each major index is shown below:

On Friday the NASDAQ printed a normal variation up. The day began with a gap up near the Thursday high. During an open two-way auction buyers briefly exceeded the Thursday high by a few points before sellers began a campaign lower. The selling campaign completed within the first hour of trade and ended before sellers could close the overnight gap. After a responsive buyers (responsive relative to Friday’s open, initiative relative to Thursday’s close) sharply reversed price back up through the daily midpoint, the majority of the session was spent flagging sideways along the midpoint with buyers steadily defending the mid. Around 2:15pm price spiked higher and went range extension up. Then we flagged into the close, eventually selling off a wee bit.

Heading into today my primary expectation is for buyers to gap and go higher, tagging 10,702.75 before two way trade ensues.

Hypo 2 stronger buyers work up to 10,729.50 before two way trade ensues.

Hypo 3 sellers press down into the overnight inventory and close the gap down to 10,603.75. Look for buyers down at 10,600 and two way trade to ensue.

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 worked lower overnight, steadily campaigning lower in a methodical manner. At 8:30am jobless claims, Philadelphia Fed and retail sales data all came out. Data was mixed. As we approach cash open, price is hovering in the lower quadrant of Wednesday’s range.

Also on the economic calendar today we have business inventories and housing market index at 10am followed by 4- and 8-week T-bill auctions at 11:30am.

Yesterday we printed a normal variation down. The day began with a gap up and open auction outside range. Sellers eventually stepped in and close the overnight gap, but not before buyers drove up through overnight high. The selling continued down past Tuesday’s naked volume point of control before discovering a responsive bid around lunchtime New York. The rest of the day was spent campaigning higher, with a brief pause at the midpoint before chopping along it and closing above it.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 10,684.50. From here we continue higher, up through ovenrigh high 10,698.25. Sellers defend 11,000 and two way trade ensues.

Hypo 2 sellers defend their overnight selling, putting up a wall at 10,617. Sellers press down through overnight low 10,485 setting up a move down to 10,450 before two way trade ensues.

Hypo 3 stronger sellers trigger a liquidation down to 10,400. Stretch targets to the downside are 10,300 then 10,285.50.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Wednesday with a slight gap up after an overnight session featuring extreme range and volume. Price was balanced overnight. First the market worked up through the Tuesday high then it marked time above it. As we approach cash open, price is hovering somewhere below Monday’s midpoint and above Tuesday’s high.

On the economic calendar today we have industrial production at 9:15am, crude oil inventories at 10:30am and Fed Beige Book at 2pm.

Yesterday we printed normal variation up. The day began with a gap down outside of Monday’s range. Buyers drove higher off the open, rapidly filing the overnight gap before finding strong sellers who asserted enough pressure to reverse the open drive and press to lower lows on the morning. Before 10:30am however, we discovered a strong responsive bid. Said buyers stepped in just a point above the July 4th open gap. Buyers had control of the tap from then onward, steadily campaigning price up through the midpoint then eventually to range extension up. We ended the day on the high, trading back up into Monday’s range.

Really choppy and fast week so far.

Heading into today my primary expectation is for buyers to gap-and-go higher, trading up through overnight high 10,755. Look for sellers up at 10792.75 and two way trade to ensue.

Hypo 2 sellers work into the overnight inventory and close the gap down to 10,648.25.  Look for buyers down at 10,629.25 and two way trade to ensue.

Hypo 3 stronger buyers sustain trade above 10,800 setting up a run to 10,900.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Monday pro gap up, up a quick +100 after an overnight session featuring extreme range and volume. Price has been steadily ascending overnight, despite a bit of back-and-forth when the market tagged the 10,900 level. As we approach cash open, price is hovering at all-time highs, above 10,900.

On the economic calendar today we have 3- and 6-month T-bill auctions at 11:30am followed by a look at the Treasury budget at 2pm.

Last week started out gap up also. The NASDAQ took the gap up and ran with it, while the other major indices consolidated sideways through time. All major indices rallied into the weekend, with several ending on the weekly high. The Russell lagged behind. The last week performance of each major index is shown below:

On Friday the NASDAQ printed a double distribution trend up. The day began with with a slight gap up followed by an open-drive down. Before the first hour was complete responsive buyers were on the scene, forming a sharp excess low along the Thursday midpoint. The rest of the session was spent campaigning higher—working up to a new weekly high by mid afternoon before ramping into unexplored heights into closing bell. We closed on session high.

Heading into today my primary expectation is for buyers to gap-and-go higher, trading up to 11,000 before two way trade ensues.

Hypo 2 stronger buyers tag 11,043.25 before two way trade ensues.

Hypo 3 sellers press into the overnight inventory and close the gap down to 10,838.25. Sellers continue lower, trading down through overnight low 10,834.50. Look for buyers down at 10,775 and two way trade to ensue.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Tuesday down -40 after an overnight session featuring extreme range and volume. Price worked to a new record high overnight before giving up a portion of the gains. As we approach cash open, price is hovering near Monday’s midpoint.

On the economic calendar today we have JOLTS jobs openings at 10am followed by a 3-year note auction at 1pm.\

Yesterday we printed a normal variation up. Monday kicked off with a pro gap up followed by a test drive auction higher. The buying continued clean through the morning, stalling out just before New York lunch. Sellers retraced price back down to the midpoint before responsive buyers (responsive relative to the daily high, initiative relative to the Monday open) defended the mid and worked price higher. We ended the day near session high but did not make a new high during regular trading hours.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 10,600. From here we continue higher, up through overnight high 10,664.50 before two way trade ensues.

Hypo 2 sellers gap-and-go lower, tagging 10,500 before two way trade ensues.

Hypo 3 stronger sellers trade down to 10,045.25 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Wednesday with a slight gap down after an overnight session featuring elevated range and volume. Price was balanced overnight, chopping along the upper quadrant of Tuesday’s range. As we approach cash open, price is hovering in the upper quadrant of Tuesday’s range.

On the economic calendar today we have ISM manufacturing and construction spending at 10am followed by FOMC minutes at 2pm.

Yesterday we printed a trend up. The day began with a slight gap down that buyers quickly resolved with an open drive up. The drive continued all morning, tagging 10,100 before coming into balance for a bit. Then the trend resumed around 2:45pm, working higher into the bell and ending up in last Wednesday’s range.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap  up to 10,132.25. From here we continue higher, up through overnight high 10,157.75. Look for sellers up at 10,200 and two way trade to ensue.

Hypo 2 stronger buyers trade up to 10,227.75 before two way trade ensues.

Hypo 3 sellers press down through overnight low 10,075. Look for buyers down at 10,056.75 and two way trade to ensue.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the final day of the second quarter with a slight gap down after an overnight session featuring elevated range and volume. Price was balanced overnight, balancing up beyond the Monday high for most of Globex before using the 3:30am action to push slightly lower. As we approach cash open, price is hovering in the upper quadrant of Monday’s range.

On the economic calendar today we have consumer confidence at 10am followed by Fed Chairman Jerome Powell giving testimony at 12:30pm.

Yesterday we printed a trend up. The day began with a slight gap down then a test drive lower. Sellers probed down into the conviction buying zone established back on June 16th and discovered buyers who were defended the area. The tape was in buyer control for the majority of the day after that. At 3pm a small blip of selling took price off the highs, but ultimately it set up a strong ramp higher into the close. We closed at session highs.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 9973.50. From here we continue higher, taking out overnight high 10028.25 on our way to tagging 10,100 before two way trade ensues.

Hypo 2 sellers gap-and-go lower, trading down to 9920.50 before two way trade ensues.

Hypo 3 stronger sellers trade down to 9827 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the holiday shortened week with a slight gap down after an overnight session featuring extreme range and volume. Price was balanced overnight. After kicking off Globex trade Sunday evening with a slight gap down, buyers quickly regained their footing and managed to slowly campaign price back into last Friday’s range. Since then we’ve been chopping along the lower quadrant of Friday’s range, marking time. As we approach cash open, price is hovering a few points above last Friday’s low.

On the economic calendar today we have pending home sales at 10am followed by 3- and 6-month T-bill auctions at 11:30am.

Last week began with a gap up that buyers took and ran with, rallying us clean through lunch Tuesday. From then onward sellers took control of the tape, eventually making new weekly lows across the board. We ended on the lows. The last week performance of each major index is shown below:

On Friday the NASDAQ printed a double distribution trend down. The day began with a slight gap down. Buyers were unable to resolve the overnight gap before an open test drive down took hold. Sellers quickly worked price down trough the Thursday low before discovering a responsive bid just below it. Said bid sent price back up to the daily midpoint. Sellers defended the midpoint and we drove lower again. There was one more upward rotation before price ultimately made new daily lows. We ended the week near the lows.

Heading into today my primary expectation is for sellers to gap-and-go lower, trading down through overnight low 9781. This sets up a move down to 9724.25 before two way trade ensues.

Hypo 2 stronger sellers trade down through 9700 and sustain trade below it setting up a move down to 9630.25.

Hypo 3 buyers work into the overnight inventory and close the gap up to 9866.75. From here they continue higher, up to 9900 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Friday with a slight gap down after an overnight session featuring elevated range and volume. Price was balanced overnight, balancing along and occasionally exceeding the Thursday high. As we approach cash open, price is hovering in the upper quadrant of Thursday’s range.

On the economic calendar today we have consumer sentiment at 10am.

Yesterday we printed a normal variation up. The day began with a slight gap down. Buyers closed the gap during the opening swing before sellers drove down and took out the Wednesday low. That would be all the control sellers would have for the session though, by 10am sharp responsive buying had stepped in and the auction reversed higher. The rest of the session was chop along the top side of the daily midpoint before a strong ramp into the close saw price up through Wednesday’s midpoint.

Heading into today my primary expectation is for sellers to work down through overnight low 10033 setting up a tag of 10022 before two way trade ensues.

Hypo 2 stronger sellers trade down and tag 10000 on their way to 9968.50.

Hypo 3 buyers work into overnight inventory and take out overnight high 10120.50 setting up a move to 10131.

Levels:

Volume profiles, gaps, and measured moves:

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