NASDAQ futures are coming into Thursday pro gap up after an overnight session featuring extreme range and volume. Price drove higher last night, unidirectional, steadily rotating higher during the entire globex session. As we approach cash open, price is hovering up near the high print set back on 04/29 during globex hours. At 8:30am initial/continuing jobless claims data came out worse than expected.

Also on the economic calendar today we have 4- and 8-week T-bill auctions at 11:30am followed by consumer credit at 3pm.

Yesterday we printed a normal variation up. The day began with a gap up and after a brief two-way open auction buyers stepped in, leaving that overnight gap unfilled. Buyers took out Tuesday high and closed the 04/29 open gap. After exceeding it by a few ticks and sustaining the gains thru most of the session, sellers pressed in late day and returned us back down to the session low.

Heading into today my primary expectation is for buyers to probe above swing high 9144.75. Look for sellers up at 9179.50 and two way trade to ensue.

Hypo 2 full-on bull run, get up into the open gap zone and trend up to 9459.25.

Hypo 3 sellers press into the overnight inventory and close the gap down to 8952. Look for buyers at 8950 and two way trade to ensue.

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 broke free from Monday’s range early in the Globex session, around 9pm New York, and sustainted trade above it for the remainder of the night. Price worked up into last Thursday’s range before finding responsive sellers who rotated price back down to Monday’s range. Buyers rejected a return to the range and as we approach cash open, price is hovering up inside of last Thursday’s range.

On the economic calendar today we have ISM non-manufacturing at 10am followed by 4- and 8-week T-bill announcements at 11am.

Yesterday we printed a double distribution trend up. The day began with a gap down and after a battle of an open two-way auction buyers stepped in and quickly resolved the overnight gap. BUyers then continued higher, tagging last Friday’s midpoint before falling back to the daily mid. Buyers then rotated higher for the rest of the session closing on high of day, up in the top quadrant of last Friday’s range.

Heading into today my primary expectation is for buyers to gap-and-go higher, trading up and closing last Thursday’s gap 8934.50. Look for sellers up at 8948.25 and two way trade to ensue.

Hypo 2 stronger buyers tag 8988.50 before two way trade ensues.

Hypo 3 sellers work into the overnight inventory and close the gap down to 8796.25 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Monday gap down after an overnight session featuring extreme range and volume. Price drove lower Sunday afternoon when the Globex markets opened for trade, eventually working down into the April 22nd range (two Wednesday’s back) before a responsive bid stepped in. After buyers worked back into last Friday’s range, we spent the rest of the session in balance. As we approach cash open, price is hovering just below Friday’s low.

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

Last week kicked off with a gap up. Monday was choppy. Tuesday was trend down. Wednesday trend up. Thursday choppy at the highs, Friday we went back down to weekly lows. Throughout the week the Russell 2000 demonstrated relative strength. 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 down below the prior two sessions’ ranges. Buyer worked into the overnight inventory early on but were unable to reclaim the Friday low. Instead sellers stepped in and reversed early progress made by buyers and drove lower, trading down into the lower quadrant of Tuesday’s range before settling into a balance along the lows. We ended the week near weekly lows.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 8716.75. Look for sellers up at 8728 and two way trade to ensue.

Hypo 2 sellers active ahead of 8681 setting up a gap-and-go lower, down through overnight low 8556.25. Look for buyers down at 8527 and two way trade to ensue.

Hypo 3 stronger sellers tag 8485.25 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the first day of May and the last trading day of the week down a quick -200 after an overnight session featuring extreme range and volume. Price drove lower overnight, perhaps driven by earnings out of major components Amazon and Apple, which both traded lower following their earnings announcements Thursday afternoon. NASDAQ gave back its Wednesday gains before coming into balance, and as we approach cash open price is hovering near Tuesday’s close.

On the economic calendar today we have PMI manufacturing index at 9:45am and ISM manufacturing index along with construction spending at 10am.

Yesterday we printed a normal variation down. The day began with a slight gap down. Sellers spiked the open after a brief open two way auction, and buyers were seen pretty high up into Wednesday’s range, near the upper quadrant defending. These buyers were eventually overrun as we went down and tagged the Wednesday VPOC before a choppy balance ensued into the close. There was a ramp higher into the bell before the Amazon and Apple earnings, which during settlement pushed price back down near the lows.

Heading into today my primary expectation is for buyers to work into the overnight inventory and trade up to 8846.50. A battle ensues here before we eventually continue higher and close the overnight gap up to 8934.50.

Hypo 2 sellers take out overnight low 8725.25 and go a tad lower, down to 8695.50 before a choppy balance ensues.

Hypo 3 stronger sellers liquidate down to 8618.75 before two way trade ensues.

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 for much of the overnight session after springing higher during settlement on the wings of strong earnings from Microsoft, Tesla and Facebook. We traded into levels untouched since late February before settling into a chop above Wednesday’s high. Then around 7:45am New York prices eased off the highs. At 8:30am initial/continuing jobless claims data came out worse than expected. As we approach cash open price is hovering in the upper quadrant of Wednesday’s range.

Also on the economic calendar today we have Chicago PMI at 9:45am and 4- and 8-week T-bill auctions at 11:30am.

Yesterday we printed a double distribution trend up. The day began with a gap up in range, with price opening above Tuesday’s midpoint. Buyers drove higher after a brief two-way opening auction, trading to a new weekly high before settling into a tight flag. Then, after the 2:30pm Fed Chair presser buyers stepped in and campaigned a fresh leg of discovery higher. The close was choppy but we ultimately went out at session high.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 9038.25. Look for sellers up at 9097.25 and two way trade to ensue.

Hypo 2 sellers gap-and-go lower, sustaining trade below 9000 to set up a move down to 8950 before two way trade ensues.

Hypo 3 stronger sellers trade down to 8900 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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Big day for the markets.

NASDAQ futures are coming into Wednesday gap up after an overnight session featuring extreme range and volume. Price worked higher overnight springing up through Tuesday’s midpoint around 9pm New York and sustaining trade above it for the duration of the session. At 8:30am GDP data came out weaker than expected. As we approach cash open price is hovering near the upper quadrant of Tuesday’s range.

Also on the economic docket today we have pending home sales at 10am followed by crude oil inventories at 10:30am. At 2pm we have an FOMC meeting annoucement with consensus being that the Fed is out of options and likely to stay the course of their current target 0% interest rates. At 2:30pm there is a Fed Chair presser and this is likely to drum up more of a reaction than the actual meeting announcement.

After the bell Tuesday Google parent Alphabet, Inc. reported earnings:

Alphabet Q1 EPS $9.870 May Not Compare To $10.330 Estimate, Sales $41.160B Beat $40.380B Estimate

Shares of the major NASDAQ component are +8% in pre-market trade.

Today after the bell we have more key NASDAQ components reporting. Microsoft, Tesla and Facebook are set to report earnings after the bell.

Yesterday we printed a double distribution trend down. The day began with a gap up to new swing high then a open sell drive down. Sellers quickly reversed all of Monday’s gains and closed the weekend gap before continuing lower, down through last Friday’s midpoint. The sellers met some responsive buying by late morning and we chopped along the session low for most of the day, eventually closing near the low before a spike higher during settlement (likely due to Alphabet earnings).

Heading into today my primary expectation is for buyers to gap-and-go higher, trad up to 8931 before two way trade ensues.

Hypo 2 stronger buyers trade up to 9000 before two way trade ensues.

Hypo 3 sellers press into the overnight inventory and close the gap down to 8720.25. Look for buyers down at 8700 and two way trade to ensue.

Levels:

 

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Monday pro gap up after an overnight session featuring extreme range and volume. Price worked higher overnight after being in balance until about 10pm New York. Since then price has exceeded recent swing high and as we approach cash open, we are hovering at the 03/04 open gap.

On the economic calendar today we have 6-month T-bill and 2-year Note auctions at 11:30am, then 3-month T-bill and 5-year Note auctions at 1pm. Likely to be purchased by the Federal Reserve.

Last week began with a gap down across all major indices. Early Monday strength gave way to afternoon selling that extended into much of Tuesday. Responsive buyers showed up late Tuesday and that set up a strong reversal trend up Wednesday. We then had big chop Thursday and Friday, which eventually resolved with us ending about flat on the week. The last week performance of each index is shown below:

On Friday the NASDAQ printed a double distribution trend up. The day began with a slight gap up. Sellers closed the overnight gap in early trade and exceeded Thursday’s low before a strong responsive bid stepped in. Buyers then reclaimed the midpoint then began a steady campaign higher, eventually trading up near Thursday’s high and closing near it (but not exceeding it).

Heading into today my primary expectation is for buyers to gap and go higher, trading up through overnight high 8898. Look for sellers up at 9000 and two way trade to ensue.

Hypo 2 stronger buyers trade up to 8934.50 before two way trade ensues.

Hypo 3 sellers press into the overnight inventory and close the gap down to 8767.50. Sellers take out overnight low 8730 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Friday gap up +50 after an overnight session featuring extreme range and volume. Price continued lower Thursday evening after an afternoon bout of selling continued into Globex. Said selling saw price briefly trade below the Wednesday low before responsive buyers stepped in. Said buyers reversed the evening selling and more, reclaiming Thursday’s range. At 8:30am durable goods orders came out weaker than expected. As we approach cash open, price is hovering below Thursday’s midpoint.

Intel reported stronger than expected earnings after the bell Thursday but investors received the guidance poorly. Shares of the chip maker are about -5% lower in pre market trade.

Also on the economic calendar today we have U. of Michigan’s final April reading of sentiment at 10am.

Yesterday we printed a neutral extreme down. The day began with a gap up and drive higher, with price tagging the NVPOC at 8743.25 before pausing a bit then continuing higher. The auction stalled out around Monday’s midpoint. Then sellers stepped in and reversed the entire morning move. After a few chops along the bottom side of the daily midpoint, sellers drove lower into the close, closing near session low.

Neutral extreme down.

Heading into today my primary expectation is for buyers to gap-and-go higher, trading up to 8684 before two way trade ensues.

Hypo 2 stronger buyers trade up to 8796.75 and potentially tag the naked VPOC at 8820 before two way trade ensues.

Hypo 3 sellers work into the overnight inventory and close the gap down to 8600.50. From here they continue lower, down through overnight low 8498.25 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Thursday gap up after an overnight session featuring extreme range and volume. Price was balanced overnight, chopping along the top side of Wednesday’s midpoint for the most part until the 8:30am initial/continuing jobless claims data. That data came out in-line with expectations (albeit really troubling). Since then NASDAQ futures have risen about 30 handles. As we approach cash open, price is hovering near yesterday’s high.

Also on the economic calendar today we have Markit composit/manufacturing/services PMI data at 9:45am, new home sales at 10am, 4- and 8-week T-bill auctions at 11:30am and a 5-year TIPS auction at 1pm.

Be aware we also have our first major earnings event of this quarter after the bell, with Intel set to report.

Yesterday we printed a double distribution trend up. The day began with a gap up and after a brief two way auctions buyers stepped in and began a steady campaign higher, eventually closing the 04/20 gap left behind early Tuesday. Some sellers pressed us back down near the midpoint at end-of-day.

Heading into today my primary expectation is for buyers to gap-and-go higher, trading up to 8743.5. Look for sellers up at 8797.75 and two way trade to ensue.

Hypo 2 stronger buyers trade up through 8800 and sustain trade above it, setting up a run to close the open gap at 8892.50.

Hypo 3 sellers work into the overnight inventory and close the gap down to 8635.50. Sellers continue lower, down through overnight low 8580.50. Look for buyers down at 8532.50 and two way trade to ensue.

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, chopping along the bottom-side of Tuesday’s midpoint until about 2am when buyers stepped in and initiated higher prices. As we approach cash open, price is hovering about 60 point above the Tuesday mid.

On the economic calendar today we have crude oil inventories at 10:30am. Investors are likely to be keen on this data after seeing front month oil futures briefly trade negative on Monday.

Yesterday we printed a double distribution trend down. The day began with a pro gap down below the Friday and Monday range. Sellers drove lower off the open, trading down to the lower weekly ATR band where price paused for a moment before making a more significant leg lower. This second leg saw price trading down near the open gap left behind on 04/13 but not quite filling it. Instead responsive buyers defended a conviction buy zone they created from 04/13 at 11:21 am until 04/14 at 3:50pm. This led to a strong spike, all the way back up to the daily midpoint. we ended the day chopping along the lower quadrant of range.

Heading into today my primary expectation is for buyers to gap-and-go higher, trading up to 8666 before two way trade ensues.

Hypo 2 stronger buyers close the Monday gap up at 8690.75. Look for sellers up at 8798.25 and two way trade to ensue.

Hypo 3 sellers press into the overnight inventory and close the gap down to 8431.25. Sellers continue lower, down through overnight low 8400. Look for buyers just below at 8388 and for two way trade to ensue.

Levels:

Volume profiles, gaps and measured moves:

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