NASDAQ futures are coming into Thursday with a slight gap down after an overnight session featuring extreme range and volume. Price was balanced overnight, briefly taking out the Wednesday low before a strong rotation higher sent price firmly back into Wednesday range and balance. The 10,000 level continues to behave like a magnet as investors digest new information. At 8:30am durable goods, gpd, and jobless claims data came out. They were mixed and invoked little in the way of a reaction. As we approach cash open, price is hovering in the lower quadrant of Wednesday’s range.

Also on the economic calendar today we have a 7-year note auction at 1pm.

Yesterday we printed a double distribution trend down. The day began with a gap down in range. Buyers resolved the overnight gap and tagged the Tuesday naked volume point of control during the open auction in range. Shortly after sellers drove lower, trading down through Tuesday low and closing the Monday gap. Selling continued through the morning, then the rest of the session was spent balancing along the lows but never making a new daily low. We ended the day in the lower quadrant of range.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 10,016.50. From here we continue higher, up through overnight high 10,048.50. This sets up a run to 10,100 before two way trade ensues.

Hypo 2 sellers press down through overnight low 9893.75, closing the open gap at 9919.50 along the way. Look for buyers down at 9900 and two way trade to ensue.

Hypo 3 stronger sellers trade down to 9874.50 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 extreme range and volume. Price was balanced overnight, balancing along the bottom-side of Tuesday’s midpoint until about 3am, an increasingly popular hour for volatility, when sellers drove price down through the Tuesday low. Said selling briefly probed into the Monday highs before buyers rejected the attempt. Since then there has been a slow rotation higher, and as we approach cash open price is hovering around inside the bottom quadrant of Tuesday’s range.

On the economic calendar today we have crude oil inventories at 10:30am followed by a 2-year FRN note auction at 11:30am and a 5-year note auction at 1pm.

Yesterday we printed a normal variation up. The day began with a gap up up to new all-time high. After a brief open two-way auction outside range buyers stepped in and began working up into open air. Buyers led a slow campaign higher until about 2:15pm New York when responsive sellers stepped in. Said sellers arrived right near the 1.172 Fibonacci extension of the 06/10 – 6/15 sell-off. Sellers managed to knock price off the high and reclaim the daily midpoint, holding price below it into end-of-day.

Not much of a victory for bears. Merely a methodical auction making orderly rotations to-and-from logical price levels.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 10,196. From here we continue higher, up through overnight high 10,242. Look for sellers up at 10,227.25 and two way trade to ensue.

Hypo 2 sellers press down through overnight low 10,106. Sellers fail to reclaim 10,100 and two way trade ensues.

Hypo 3 stronger sellers trade down through 10,100 and tag 10,064.25 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Tuesday gap up after an overnight session featuring extreme range and volume. Price was drifting higher overnight until about 7:20pm when White House adviser Peter Navarro seemed to suggest the trade deal was over. This sent price down near Monday’s low before President Donald Trump tweeted that the agreement was “fully intact” and buyers emerged to reverse the sell spike. As we approach cash open, price is trading up at all-time highs.

On the economic calendar today we have PMI composite flash at 9:45am, new home sales at 10am and a 2-year note auction at 1pm.

Yesterday we printed a double distribution trend up. The day began with a gap up in range, with price beginning the week just below last Friday’s midpoint. After an open two-way auction buyers drove higher, taking price up through 10,000 and sustaining trade above it. We were range extension up before lunchtime, and continued to discover higher prices throughout the session. We ended the day in the upper quadrant of the June 10th (prior swing high) range.

Heading into today my primary expectation is for buyers to gap-and-go higher, trading up to 10,274 before two way trade ensues.

Hypo 2 sellers work into the overnight inventory and close the gap down to 10,130.75. Look for buyers down at 10,100 and two way trade to ensue.

Hypo 3 stronger sellers trade down to 10,065 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the week up at quick +85 after an overnight session featuring extreme range and volume. Price gapped lower Sunday night, probing down into last Tuesday’s range for about 15 minutes. The rest of the Globex session was dominated by buyers who steadily campaigned price back up into last Friday’s range and eventually back up to Friday’s midpoint. As we approach cash open, price is sticking to the 10,000 level.

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

Last week kicked off with a gap down then a trend day up, with conviction buying all session. The strength continued into Tuesday then we sort of marked time for the rest of the week, slightly drifting higher. Some sell flow showed up Friday. 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 gap up into the 06/10 range (swing high day). After a brief open two-way auction sellers drove price lower, closing the overnight gap and nearly taking out the Thursday low before a responsive bid returned price to the daily midpoint. Sellers defended the mid sending us down through Thursday low by a few ticks before another strong responsive bid shot price back up to the midpoint. Sellers defended the mid a second time around and ended the day down on the lows.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 9919.50. Look for buyers just below at 9911.75 and two way trade to ensue.

Hypo 2 stronger sellers tag 9874.75 before two way trade ensues.

Hypo 3 buyers gap-and-go higher, trading up through overnight high 10029. Look for sellers up at 10071.25 and two way trade to ensue.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Friday up a quick +98 after an overnight session featuring extreme range and volume. Price balanced for a bit overnight before driving higher. Starting around 2am and running higher until about 2:45am, price worked up beyond the open gap left behind on 06/10. As we approach cash open, price is hovering in the upper quadrant of the 06/10 range (the day that marked prior swing high).

On the economic calendar we have Powell speaking again at 1pm.

Yesterday we printed a neutral day. The day began with a modest gap down that was quickly resolved during open trade. The rest of the session was spent marking time, trading sideways along the midpoint, breaking initial balance in both directions before ending the day in the upper quadrant.

Heading into today my primary expectation is for buyers to gap-and-go higher, trading up beyond record high print 10155.50 on our way to tagging 10200.

Hypo 2 choppy between 10,100 and 10,000 into the weekend.

Hypo 3 sellers work into the overnight inventory and close the gap down to 9984.25. Sellers continue lower, down through overnight low 9977.50. Look for buyers down at 9959 and two way trade to ensue.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Thursday with a slight gap down after an overnight session featuring extreme range and volume. Price was balanced overnight, first working down below Wednesday low for a bit, then rotation a bit beyond the Wednesday midpoint, then again rotating lower. At 8:30am jobless claims data was worse than expected and Philadelphia Fed data unexpectedly better.  As we approach cash open, price is hovering near the Wednesday low.

Also on the economic calendar today we have 4- and 8-week T-bill auctions at 11:30am and a 5-year TIPS auction at 1pm.

Yesterday we printed a normal variation up. The day began with a gap up just beyond the Tuesday high. After a brief two-way auction sellers stepped in and closed the overnight gap. Before 10:30am the sellers dried up and the campaign higher resumed. Eventually we went range extension up, nearly tagging the naked VPOC left behind on 06/10 before responsive sellers worked price back down through the daily midpoint. We ended the day with a small ramp, right back to the bottom side of the mid.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 9981.50. Sellers defend just above at 10,000 and two way trade ensues.

Hypo 2 stronger buyers close overnight gap 9981.50 then continue higher, up through overnight high 10,029 setting up a 06/10 gap fill up to 10,083.50 before two way trade ensues.

Hypo 3 sellers gap-and-go lower, trading down through overnight low 9866.50 setting up a move to tag 9800 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

 

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NASDAQ futures are coming into Wednesday gap up after an overnight session featuring extreme range and volume. Price was balanced overnight until the increasingly popular 3:30am hour when buyers emerged and campaigned price up through the Tuesday high. They worked up into last Wednesday’s range before finding sellers who defended the curious support level from that day. As we approach cash open, price is hovering just above yesterday’s high.

On the economic calendar today we have crude oil inventories at 10:30am. At noon Fed Chairman Jay Powell is set to give testimony for his second day on Capitol Hill, today he will meet with the House Financial Services Panel. Then at 1pm we have a 20-year bond auction.

Yesterday we printed a normal variation down. The day began with a pro gap up, with open print being in a gap zone left behind last week Thursday. After a tight open two way auction sellers pressed into the overnight inventory and closed the overnight gap. Just a few points below the gap fill was a strong responsive bid and we formed a sharp excess low before pressing clean up through the daily midpoint. Price never went neutral though. Instead price churned above the midpoint for a few hours. Late in the session an attempt was made by sellers to press down through the mid, but they were ultimately thwarted during the ramping hour. We ended the day in the upper quadrant of range.

Heading into today my primary expectation is for sellers to work into the overnight inventory and reclaim Tuesday’s high 10,001.75 early on, setting up a gap fill down to 9959. From here we continue lower, down through overnight low 9916.25. Look for buyers down at 9890.25 and two way trade to ensue.

Hypo 2 gap-and-go higher, trading up through overnight high 10,038.75 on our way to a gap fill up to 10,083.50 before two-way trade ensues.

Hypo 3 stronger buyers trade up through all time high 10,155.50 and explore open air.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Tuesday pro gap up after an overnight session featuring extreme range and volume. Price worked higher overnight poking up beyond 9900 before settling into a balance along that level. Then at 8:30am retail sales data came out much stronger than expected introducing more buying. As we approach cash open, we are hovering just below 10,000, in a slippery gap area left behind last Tuesday night.

Also on the economic calendar today we have business inventories and housing market index at 10am. At the same time Fed Chairman Jay Powell begins his testimony to the Senate banking committee. We have 4- and 8-week T-bill auctions at 11am followed by a 52-week T-bill auction at 11:30am.

Yesterday we printed a trend up. The day began with a sizable gap down. After a brief open two-way auction saw price poke a few ticks below last Friday’s range, buyers stepped in and controlled the tape for the rest of the session. There was a bit of back-and-forth after closing the overnight gap before buyers resumed their campaign higher. Late in the session news came out of the Fed that they would be buying a broad portfolio of corporate bonds on the open market. This introduced a fresh leg of buying. We ended the session along the highs, but still below last Friday’s high.

Heading into today my primary expectation is for buyers to gap-and-go higher, trading up to 10,013 before two way trade ensues.

Hypo 2 stronger buyers trade up to close the gap at 10,083.50 before two way trade ensues.

Hypo 3 sellers press into the overnight inventory and close the gap down to 9792. From here we continue lower, down through overnight low 9774. Look for buyers right around here and two way trade to ensue.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the first full week of active trade on the September front-month contract down a quick -100 after an overnight session featuring extreme range and volume. Price came into Globex Sunday evening gap down and mostly held balance until about 1:30am New York when sellers became initiative and drove price lower. Sellers traded down intot he 05/27 range and chopped inside of it until 3:30am when the first Americans started coming online and working price higher. As we approach cash open, we are back inside of last Friday’s range.

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

Last week kicked off without a gap. The NASDAQ found a bid early in the week and began working higher while the other major indices were flat. The sideways-to-upward action came to an end Thursday morning when a strong gap down was followed by a trend down. Friday was gap up across the board and sellers quickly erased that gap and achieved new lows by Friday afternoon. a late-Friday ramp returned price back near the respective midpoints of most indices Friday ranges before we called it a week. 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 gap up above Thursday’s midpoint. After a brief open auction sellers stepped in and drove lower, closing the overnight gap and taking out the Thursday low by a few points. Buyers sharply responded here and sent price back up to the daily midpoint. Sellers defended the midpoint and worked down to a new daily low before responsive buyers again drove price back to the midpoint during a closing ramp.

Heading into today my primary expectation is for buyers to work into the overnight inventory and work up through overnight high 9585. From here we continue higher, tagging 9600. Look for sellers up at 9700 and two way trade to ensue.

Hypo 2 sellers press down through overnight low 9368.25 setting up a move down to 9300. Look for buyers down at 9254.75.

Hypo 3 stronger sellers trade down to 9100. Look for buyers down at the 9096.75 open gap and 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 June with a slight gap up after an overnight session featuring extreme volume and range. Sunday evening kicked off with price drifting higher, eventually making a new record high and topping out around 9pm New York before making a gentle rotation lower that found buyers up in the upper quadrant of last Friday’s range. As we approach cash open, price is hovering in the upper quad of last Friday’s range, a few points above the closing print.

On the economic calendar today we have 3- and 6-month T-bill auctions at 11:30am followed by a 1-year note auction at 1pm.

Last week the Russell 2000 charged out in front of the other major stock indices and continued to lead all week. The other indices short of chopped along until Friday then rallied hard. The last week performance of each major index is shown below:

On Friday we printed a double distribution trend up, sort of. The day began with a gap up and after flagging along the highs for about an hour a second leg higher took shape. We then chopped along the highs into the week’s end.

Heading into today my primary expectation is for buyers to trade up through overnight high 9875.50 setting up a tag of 9900 before two way trade ensues.

Hypo 2 stronger buyers trade up to 9973.75 before two way trade ensues.

Hypo 3 sellers press down through overnight low 9785.25 setting up a tag of 9700 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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