NASDAQ futures are coming into Thursday gap down after an overnight session featuring extreme volume on elevated range.  Price was balanced overnight, holding Wednesday range after briefly poking above it around 10pm New York.  At 7am Walmart reported stronger than expected earnings but missed on quarterly sales.  They raised their fiscal year 2020 guidance:

Walmart (NYSE:WMT) reported quarterly earnings of $1.16 per share which beat
the analyst consensus estimate of $1.09 by 6.42 percent. This is a 7.41 percent
increase over earnings of $1.08 per share from the same period last year. The
company reported quarterly sales of $128 billion which missed the analyst
consensus estimate of $128.63 billion by 0.49 percent. This is a 2.49 percent
increase over sales of $124.894 billion the same period last year.

Walmart Raises FY20 Adj. EPS Guidance, Says Now Expected To Be Slight Increase
Over FY19 Adj. EPS Level

So far NASDAQ futures are not reacting to the announcement, WMT shares are about +2.8% higher in pre-market trade.  Reminder: major semiconductor manufacturer Nvidia is set to report earnings after the bell.

As we approach cash open, price is hovering along the Wednesday lows.

Also on the economic calendar today we have Federal Reserve chairman Jay Powell going before the House Budget committee at 10am, crude oil inventories at 11am and 4- and 8-wek T-bill auctions at 11:30am.

Yesterday we printed a normal variation up.  The day began with a gap down that buyers slowly resolved higher.  Price then took out overnight high by a few ticks before sellers stepped in and drove price lower.  Said sellers were unable to press the futures into a neutral print, instead we rallied back up through the midpoint and saw buyers defending the mid into the bell.

Heading into today my primary expectation is for buyers to work into the overnight inventory, closing the gap up to 8266.50 then continuing up through overnight high 8285.50.  Look for sellers up at 8300 and two way trade to ensue.

Hypo 2 stronger buyers trade up to 8336 before two way trade ensues.

Hypo 3 sellers press down through overnight low 8237.50 setting up a move down to 8200 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Wednesday gap down after an overnight session featuring extreme volume on elevated range. Price worked lower overnight, trading down through the Tuesday low and down into the lower quadrant of Monday’s range before discovering a bid.  As we approach cash open, price is hovering inside the lower quad of yesterday’s range.

On the economic calendar today we have Federal Reserve Chairman Jay Powell speaking to congress at 11am followed by a monthly budget statement at 2pm.

Yesterday we printed a neutral day.  The day began with a slight gap up and drive higher, trading up to 8300 before settling into a tight range.  Then, around 2:15pm New York sellers made a hard move lower, making a new low of day and pushing us neutral.  Then buyers ramped price back to the midpoint by day-end.

Neutral.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 8271.75.  From here we continue higher, up through overnight high 8275.50.  This sets up a move to probe beyond Tuesday high 8300.25.  Look for sellers up at 8336 and two way trade to ensue.

Hypo 2 buyers close gap 8271.75 then stall just above overnight high 8275.50 and balance out.

Hypo 3 sellers press down through overnight low 8220 setting up a move to target 8200.  Look for buyers down at 8187.75 and two way trade to ensue.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Tuesday flat after an overnight session featuring elevated range and volume.  Price was choppy overnight, dropping back to the Monday midpoint before rotating up through the Monday high.  We did not take out all-time highs but we came close to it.  As we approach cash open, price is hovering above the Monday high.

On the economic calendar today we have 13- and 26-week T-bill auctions at 12:30pm.  Also President Donald Trump is set talk trade policy at the New York economic club at 1pm.

Yesterday we printed a normal variation up.  The day began with a gap down inside range.  After some initial selling took out overnight low responsive buyers stepped in and began working the gap fill.  The rest of the session featured a slow ascent higher, with the day ending just a few point shy of the gap fill.

Heading into today my primary expectation is for buyers to work up through overnight high 8274 setting up a move to tag 8300 before two way trade ensues.

Hypo 2 sellers press down through overnight low 8228.50, look for buyers down at 8200 and two way trade to ensue.

Hypo 3 stronger buyers tag 8336 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 elevated range on elevated volume.  Price worked lower overnight, making one slow, uni-directional downward move throughout the Globex session.  As we approach cash open, price is hovering below last Friday’s midpoint.

There are no economic events scheduled for today, possibly because it is Armistice Day.

Last week began with a gap up and sideways drift through late Tuesday.  Then sellers pressed late Tuesday and into Wednesday before discovering a responsive bid.  Buyers then auctioned price higher through Thursday afternoon before we balanced out into the weekend.  The Russell lagged throughout the week.  Here is the last week performance of each major index:

On Friday the NASDAQ printed a normal variation up.  The da began with a gap down that buyers quickly resolved with an open drive up.  Sellers then pushed down through the Thursday low before forming a sharp excess low.  The rest of the day was spent auctioning higher, including a strong ramp near end of day.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 8256.25.  From here we continue higher, taking out overnight high 8264.25.  Look for a tag of the naked Thursday VPOC at 8267.50 before two way trade ensues.

Hypo 2 sellers press down through overnight low 8213.75 setting up a move to target 8200 before two way trade ensues.

Hypo 3 stronger sellers tag 8187.75 before two way trade ensues.

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 volume on elevated range.  Price worked higher overnight, making a new record high before finding sellers just ahead of 8250 and coming into balance.  As we approach cash open, price is hovering just above the Monday high.

On the economic calendar today we have trade balance at 9:30am, ISM non-manufacturing/services PMI at 11am, 52-week T-bill auction at 12:30pm then a 3-year note auction at 2pm.

Yesterday we printed a normal variation down.  The day began with a gap up to new all-time highs.  After a two-way auction sellers stepped in and slowly worked price lower.  Their campaign ended around 12:15pm New York lunch when buyers stepped in and rotated price back up and through the daily midpoint.  We oscillated back into the lower quadrant once more, not making making new lows before returning to the midpoint by end-of-day.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 8215.75.  From here we continue lower, down through overnight low 8206.  Look for buyers ahead of 8200 and two way trade to ensue.

Hypo 2 stronger sellers work down into the weekend gap and fill the gap down to 8159.25 before two way trade ensues.

Hypo 3 buyers gap-and-go higher trading up through overnight high 8248 and probing open air.  Look for sellers up at 8300 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 on elevated volume.  Price drove higher overnight, discovering higher record prices throughout the globex session.  As we approach cash open, price is hovering above 8200 up at record high prices.

On the economic calendar today we have durable/factory goods orders at 11 am followed by 13- and 26-week T-bill auctions at 12:30pm.

Last week also kicked off with a gap up Monday.  Then Monday featured a slow grind higher all session until settlement, when price spiked lower and erased most of the intra-day gains.  Tuesday saw sellers continuing to pressure the tape, eventually climaxing with a sharp move lower Wednesday morning.  This formed an excess low, closed the Monday gap and served as the low-of-week going forward.  After making time for several hours Wednesday the Fed cut interest rates by 25 basis point as was expected, this introduced buying into the market.  Thursday was choppy before Friday saw price work to new highs.  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 and drive higher.  Sellers stepped in before the market could establish an early range extension up and sellers pressed RE down.  They were unable however to reclaim the Thursday range.  Instead buyers stepped in and worked price back up through the daily midpoint.  Then, late in the session buyers worked us to a new high-of-day (neutral) and closed out the session on the highs (neutral extreme).

Heading into today my primary expectation is for sellers to work into the overnight inventory and trade down to close the gap at 8159.25 and take overnight low out by a few ticks 8158.50 before two way trade ensues.

Hypo 2 buyers gap-and-go higher trading up to 8246.75 before two way trade ensues.

Hypo 3 stronger buyers sustain trade above 8246.75 setting up a continued discovery of open air above.  Look for resistance at 8250 and 8300.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Friday gap up after an overnight session featuring elevated volume and range.  Price worked higher overnight, trading  up through the Thursday high just before midnight New York before settling into balance above Thursday’s midpoint.  Then at 8:30am Non-farm payroll data came out well above expectations and sent price on a spike higher to a new overnight high.  As we approach cash open, price is hovering just about 20 points below all-time record NASDAQ highs.

Also on the economic calendar today we have ISM employment/manufacturing at 10am.

Yesterday we printed a normal variation down.  The day began flat, and the open featured a selling drive down.  Sellers traded down and tagged the naked VPOC left behind Wednesday before we formed a sharp excess low.  We then bounced back up and through the midpoint before chop ensued, chopping along the bottom-side of the mid before a late-day ramp took price back up above the midpoint.

Heading into today my primary expectation is for buyers to gap-and-go higher, trading up through record high 8141 to tag 8150 before two way trade ensues.

Hypo 2 stronger buyers trade up to 8200 before two way trade ensues.

Hypo 3 sellers press into overnight inventory and close the gap down to 8089.50 then continue lower, down through overnight low 8084.50 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Thursday flat after an overnight session featuring extreme range and volume.  Price worked sideways overnight, chopping along the top-side of Wednesday highs for most of the Globex session before rotating back into Wednesday range.  From there onward we held balance in the upper quadrant.  As we approach cash open, price is hovering near Wednesday high.

On the economic calendar today we have Chicago Purchasing Manager at 9:45am followed by 4- and 8-week T-bill auctions at 11:30am.

All important earnings for the week are out after Apple and Facebook appeased investors with strong earnings. Big Tech continues to drive broad market action:

Apple Q4 EPS $3.03  Vs $2.91  Last Year 
Apple Sees Q1 Sales $85.5B-$89.5B vs $86.92B Est. 

Facebook Q3 EPS $2.12 Beats $1.91 Estimate, Sales $17.38B Beat $17.36B Estimate

Yesterday the NASDAQ printed a double distribution up.  The day began with a gap up in range that sellers worked down into during an open drive down.  The selling accelerated into the weekend gap, filling the gap before forming a sharp excess low.  Price then reclaimed the midpoint and chopped sideways all over it before the Fed cut its benchmark borrowing rate by 25 basis points.  The initial reaction to this was mute, but eventually third reaction was up and we worked up to 8100 before chopping into the bell.  During settlement the earnings mentioned above spiked price to a new daily high but did not take out all-time high before cash close.

Heading into today my primary expectation is for buyers to work up through overnight high 8141.  Look for sellers up at 8150 and two way trade to ensue.

Hypo 2 sellers press down through overnight low 8081.50 setting up a move to target 8069.50 before two way trade ensues.

Hypo 3 stronger sellers trade down to 8050 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 normal range and volume.  Price was balanced overnight after briefly probing below the Tuesday low.  As we approach cash open, price is hovering about 10 points below Tuesday’s midpoint.

On the economic calendar today we have crude oil inventories at 10:30am followed by an FOMC rate decision at 2pm and a Jay Powell press conference at 2:30pm.

After the bell we’ll hear earnings from two major NASDAQ components/movers, Apple and Facebook.

Yesterday we printed a normal variation down.  The day began with a slight gap up.  After a two way auction sellers stepped inand worked price down through the Monday low and into the gap zone left behind over the weekend.  Sellers were not, however, able to close the weekend gap.  Instead buyers stepped in and drove price back to the mid point.  Sellers defended the midpoint and we ended the day near session low.

Heading into today my primary expectation is for buyers to gap-and-go higher, trading up through overnight high 8075.25 to set up a run to 8092.25.  Then look for third reaction after the rate cut to dictate direction into the second half of the day.  Then be aware of the likely volatility during settlement at as key earnings are released.

Hypo 2 sellers press into the overnight inventory and close the gap down to 8082.50 then continue lower, down through overnight low 8046.25 setting up a weekend gap fill down to 8034.75. Then look for third reaction after the rate cut to dictate direction into the second half of the day.  Then be aware of the likely volatility during settlement at as key earnings are released.

Hypo 3 stronger sellers trade down to 8014.  Then look for third reaction after the rate cut to dictate direction into the second half of the day.  Then be aware of the likely volatility during settlement at as key earnings are released.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Tuesday flat after an overnight session featuring normal range on elevated volume.  Price was balanced overnight, chopping the Monday midpoint and holding range. As we approach cash open, price is hovering just below the Monday midpoint.

After the bell Monday Google parent company Alphabet Inc. reported earnings, shares are down about -1% in premarket trade:

Alphabet Q3 EPS $10.12 May Not Compare To $12.38 Estimate, Sales $40.499B Beat $40.32B Estimate

On the economic calendar today we have consumer confidence and pending home sales at 10am.

Most of the major economic data and key earnings are out tomorrow.

Yesterday we printed a normal variation up.  The day began with a gap up and drive higher, trending clean through the entire session, steadily gaining higher record prices.  Sellers stepped in during settlement, fueled by Alphabet earnings, and knocked price back down below the daily midpoint.

Heading into today my primary expectation is for buyers to work up through overnight high 8118.75  to tag 8131.75 before two way trade ensues.

Hypo 2 sellers press down through overnight low 8079.50 setting up a weekend gap fill down to 8034.75 before two way trade ensues.

Hypo 3 softer selling trade down to 8066.50 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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