NASDAQ futures are coming into Wednesday with a slight gap up after an overnight session featuring normal range and volume. Price was balanced overnight, balancing along the upper half of Tuesday’s range. At 8:15am ADP employment data came out slightly better than expected, and as we approach cash open price is hovering up near the Tuesday high.

Also on the economic calendar today we have factory orders and ISM service index at 10am, crude oil inventories at 10:30am and the fomc announcement at 2pm followed by the 2:30pm Fed presser.

Yesterday we printed a normal variation up. The day began with a slight gap down in range. Buyers resolved the gap with a drive up. Said drive took price to a new all-time high. Sellers then worked price back to the midpoint, which aligned with the Monday high. Buyers defended here and we slowly worked to a range extension up around lunchtime. Price bounced along the mid for a few hours before ramping back to the highs during the close.

Heading into today my primary expectation is for sellers to gap fill down to 15,957.75 and then for tight chop between 15,950 and 16,000. Then look for the third reaction to the fomc announcement to dictate direction into the second half of the day.

Hypo 2 buyers gap-and-go, sustaining trade above 16,000 to set up a run to 16,050. Then look for the third reaction to the fomc announcement to dictate direction into the second half of the day.

Hypo 3 sellers press down through overnight low 15,937.75 setting up a tag of 15,900. Then look for the third reaction to the fomc announcement to dictate direction into the second half of the day.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Tuesday with a slight gap down after an overnight session featuring normal range and volume. Price was balanced overnight, balancing along the upper half of Monday’s range. As we approach cash open price is hovering up near the Monday high.

On the economic calendar today we have a 52-week T-bill auction at 11:30am.

Yesterday we printed a normal variation up. The day began with a gap up just beyond the Friday range. Sellers drove down into the open, effectively closing the overnight gap and continuing lower slightly overshooting the Friday volume point of control before a sharp excess low formed. There was a battle along the midpoint but before lunch buyers reclaimed the mid and by early afternoon the market went range extension up. Then price checked back to the mid, slightly overshooting it. Then price rallied hard into the close, closing up near the daily high.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 15,879.75. From here buyers continue higher and tag 15,900.

Hypo 2 stronger buyers tag 15,935.

Hypo 3 sellers press down through overnight low 15,849.50. Look for buyers just below at 15,844.

Levels:

 

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the new month with a slight gap up after an overnight session featuring elevated range and volume. Price was balanced overnight, balancing up above the Friday high. As we approach cash open price is hovering just above the Friday high.

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

Last week featured a trend up Monday. Then continuation through Tuesday on the NASDAQ despite some weakness in the other indices. Then a continued rally for the rest of the week.

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

On Friday the NASDAQ printed a trend up. The day began with a gap down to right along the Thursday low. After a brief open two-way auction buyers stepped in and made a strong push. There was a bit of a battle along the Thursday midpoint but by late morning buyers were back to campaigning higher. Midway through New York lunch buyers pushed up beyond the Thursday high and price spent several hours consolidating up on these highs before spiking higher into the close.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 15,849.25 before two way trade ensues.

Hypo 2 stronger sellers trade down to 15,809.25 before two way trade ensues.

Hypo 3 buyers press up through overnight high 15,914.75 and tag 15,935.

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 elevated range on extreme volume. Price was balanced overnight, balancing along the lower half of Tuesday’s range. Major NASDAQ components Microsoft and Alphabet are +2% and -0.5% respectively in premarket trade after reporting earnings Tuesday night. At 8:30am durable goods orders came out in-line with expectations, and as we approach cash open price is hovering about -35 points below the Tuesday midpoint.

There are no other high importance organizations reporting earnings today.

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

Yesterday we printed a normal variation down. The day began with a pro gap up. Buyers drove into the gap up, working price nearly to all-time high within the first hour of trade. Price stalled 0.50 points away from taking out the high and before the market could go range extension up sellers stepped in. They reclaimed the mid and they closed the overnight gap. We spent the rest of the session chopping in the lower quadrant of range, sort of in the gap zone.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 15,541.50. Sellers continue lower, down through overnight low 15,507.25 before two way trade ensues.

Hypo 2 buyers press up through overnight high 15,592.75 and tag 15,603.75.

Hypo 3 stronger buyers rally price up to 15,674.25.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Tuesday gap up about +90 after an overnight session featuring extreme range and volume. Price was balanced overnight, steadily drifting higher in a balanced manner.  The move began shortly after closing bell Monday when major NASDAQ component Facebook reported earnings. The social media firm reported earnings slightly better-than-expected and announced a $50 billion dollar boost in share buyback authorization. Several analysts upgraded their price targets afterwards. Price action in the NASDAQ lifted to levels unseen since September 10th, and as we approach cash open price is hovering inside the 09/10 range.

Facebook shares are +1.13% in premarket trade.

On the economic calendar today we have new home sales and consumer confidence at 10am and a 2-year note auction at 1pm.

Major NASDAQ components Microsoft and Alphabet are set to report earnings after the bell.

Yesterday we printed a double distribution trend up. The day began with a gap up in range. After a brief open-test-higher sellers drove down into the range and resolved the overnight gap. Just below the gap fill responsive buyers stepped in and worked price back up through the daily midpoint. Price steadily ascended higher from here and by New York lunchtime price was range extension up. Price accelerated through the lunch hour taking out last week’s high before flagging a bit and then making another high. Price was fading off the high into the close before settlement action shot price back up to the daily high.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 15,513.25 before two way trade ensues.

Hypo 2 buyers reject a move into Monday high 15,541.25 setting up a run up through overnight high 15,612.25.

Hypo 3 buyers gap-and-go higher, trading up to 15,677.25 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into a busy week of tech earnings with a slight gap up after an overnight session featuring elevated volume and extreme range. Price was balanced overnight, balancing along the Friday midpoint. As we approach cash open price is hovering about +20 points above the Friday midpoint.

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

After the bell major NASDAQ component Facebook is set to report earnings.

Last week saw equity prices trend up Monday and then a continuation rally into Tuesday. The rest of the week was choppy along the weekly high.

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

On Friday the NASDAQ printed a normal variation down. The day began with a slight gap down in range. Buyers resolved the gap after a brief open two-way auction and worked a bit above it before finding responsive sellers who worked price down to the Thursday midpoint. Buyers defended the mid setting up a second push higher, a bit beyond the initial morning push. However this move stalled before 10:30am and before taking out the Thursday high. Sellers quickly regained the midpoint and then became initiative off the mid, pressing into an early range extension down. These sellers briefly took out the Tuesday-Thursday lows, poking into the Monday conviction range before buyers stepped in and worked price back to the mid. Sellers defended the mid twice and we ended the week chopping along the bottom-side of it.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 15,336. Look for buyers down at 15,300 and for two way trade to ensue.

Hypo 2 buyers to gap and go higher, trading up 15,438 before two way trade ensues.

Hypo 3 stronger buyers tag 15,500 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 normal range and elevated volume. Price was balanced overnight, bouncing along the lows of Wednesday and briefly probing below them. As we approach cash open price is hovering inside the Wednesday lows.

Also on the economic calendar today we have existing home sales at 10am followed by 4- and 8-week T-bill auctions at 11:30am. There is also a 5-year TIPS auction at 1pm.

Yesterday major robotics company and NASDAQ component Tesla reported stronger-than-expected earnings, posting a third quarter profit of $1.62 per share vs $1.58 expectations. TSLA shares are about -1.4% in premarket trade.

After the bell today Intel is set to report earnings.

Yesterday we printed a normal variation down. The case could be made that it was a neutral day, but only on a slight technicality. Price did briefly go range extension up just after 10:30am. Very briefly. Soon after sellers took control of the midpoint and from noon onward they defended it, eventually pushing us into a range extension down that push down near (but did not exceed) the Tuesday low. Price sort of chopped along the bottom-side of the midpoint after that and into settlement.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 15,358.50. Look for sellers up at 15,400 and for two way trade to ensue.

Hypo 2 stronger buyers push up through Wednesday high 15,446.50 and tag 15,450 before two way trade ensues.

Hypo 3 sellers push down through overnight low 15,301 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Friday up a modest +50 after an overnight session featuring elevated range on extreme volume. Price was balanced overnight, balancing up above the Thursday high. We briefly traded up into the 09/27 range. At 8:30 am retail sales data came out stronger than expected, and as we approach cash open price is hovering just below the 09/27 lows.

Major NASDAQ component Taiwan semiconductor reported stronger-than-expected earnings on improved margins. Shares of the chip maker are +2.44% in pre-market trade.

Also on the economic calendar today we have business inventories and consumer sentiment at 10am.

Yesterday we printed a trend up. The day began with a pro gap up and after a brief two-way auction outside range price drove higher, pausing for a bit along the 10/07 VPOC before continuing to campaign higher. Price chopped along the 09/28 high for a few hours before ramping up into open air into the close.

Heading into today my primary expectation is for buyers to gap-and-go higher, trading up through overnight high 15,112.75 on the way to tagging 15,141.

Hypo 2 stronger buyers close the 09/27 gap up at 15,185.50.

Hypo 3 sellers work down into overnight inventory and close the gap to 15,049 then take out overnight low 15,020.75 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 up after an overnight session featuring extreme range and volume. Price was fairly balanced overnight, bouncing along the weekly lows a two-ticking below them briefly before a little 3:30am rally saw price decidedly return to the Tuesday midpoint. At 8:30am CPI data came out in-line with expectations. As we approach cash open price is hovering along the Tuesday midpoint.

Also on the economic calendar today we have a 30-year bond auction at 1pm. Then at 2pm we have a Treasury statement along with the FOMC minutes.

Yesterday we printed a normal variation down. The day began with a gap up in range. Sellers quickly resolved the overnight gap and then took out the Monday low. Sellers held the mid for the rest of the session and we chopped below it until settlement period when sellers pressed price back down to the lows.

Heading into today my primary expectation is for buyers press up to 14,800 before two way trade ensues.

Hypo 2 sellers work into the overnight inventory and close the gap down to 14,613.50. This sets up a move down through the overnight low 14,586 before two way trade ensues.

Hypo 3 stronger sellers liquidate down to 14,500.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Tuesday with a slight gap up after an overnight session featuring extreme range and volume. Price initially drove lower overnight, pressing down through the Monday low and about a quarter of the way into last Wednesday’s range. Then price stabilized and we balanced below the Monday range until about 4:45am New York when buyers reclaimed the lows. Since then price has rallied to tag the Monday midpoint briefly, and as we approach cash open price is hovering along the Monday lows.

On the economic calendar today we have JOLTS at 10am, 6-month bill nd 3-year note auctions at 11:30am. Then we have 3-month bill and 10-year note auctions at 1pm.

Yesterday we printed a neutral extreme down. The day began with a gap down below the prior two days ranges. After a brief open auction outside range buyers stepped in and drove higher, effectively closing the overnight gap and continuing higher up through last Friday’s midpoint. Buyers stalled after a brief range extension up and sellers pounced on the tape. Said sellers reclaimed the daily midpoint by about 1:15pm and the defended the mid, setting up a liquidation into settlement that pushed us into a neutral print.

Heading into today my primary expectation is for buyers to press up to 14,859 before two way trade ensues.

Hypo 2 stronger buyers test above Monday high 14,897.25, setting up a run to 14,950.

Hypo 3 sellers press down through overnight low 14,586.50 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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