NASDAQ futures are gap up about +40 heading into Monday after an overnight session featuring normal range on elevated volume.  Price worked higher during a balanced session, working up record highs.  As we approach cash open, price is right up at globex high.

On the economic calendar today we have 13- and 26-week T-bill auctions at 11:30am.

We also have Google parent Alphabet, Inc. set to report earnings after-the-bell.

Last week featured a quiet Monday, with a slight up drift.  Tuesday was a trend down that ended on the lows.  Wednesday price consolidated in the lower quad of Tuesday for most of the day before ramping into the bell.  The rest of the week was spent auctioning higher, with relative strength seen in the NASDAQ.  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 a slight gap up and drive higher, trading up through the weekly highs by late morning and continuing to extend the gains into New York lunch.  Then we flagged along the highs, balancing for the rest of the day before ramping into the close.

Heading into today my primary expectation is for buyers to gap-and-go higher, trading up to 8100 before two way trade ensues.

Hypo 2 stronger buyers trade up to 8131.75 before two way trade ensues.

Hypo 3 sellers work into the overnight inventor and close the gap down to8034.75 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Friday flat after an overnight session featuring elevated volume on normal range.  Price was balanced overnight, chopping along the lower quadrant of Thursday’s range.  As we approach cash open, price is hovering near the Thursday low.

On the economic calendar today we have the final October reading of Sentiment from the University of Michigan at 10am.

Yesterday we printed a normal variation up.  The day began with a gap up and two way auction.  Seller then stepped in and began working down into the gap.  Buyers rejected a move back into the Wednesday range, forming an excess low before the auction turned and went range extension up.  Said buyers were unable to take out weekly highs before we settled into chop just above the daily midpoint.  Amazon earnings during settlement spiked price back down near session low.

Heading into today my primary expectation is for sellers to press down through overnight low 7918.50 setting up a gap fill down to 7902.50.  Look for buyers down at 7896 and two way trade to ensue.

Hypo 2 buyers press up through overnight high 7946.50 setting up a test above the Thursday high 7984.  Look for sellers up at 8000 and two way trade to ensue.

Hypo 3 stronger sellers trade down to 7872.50 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 volume on elevated range.  Price worked higher overnight, drifting up into the upper quadrant of Monday’s range.  At 8:30AM durable goods and initial/continuing jobless claims data both came out worse-than-expected. As we approach cash open, price is holding near Globex high.

Also on the economic calendar today we have Markit composite PMI at 9:45am, new home sales at 10am, 4- and 8-week T-bill auctions at 11:30am, and a 7-year note auction at 1pm.

Also be aware that Amazon is set to report earnings after the bell.

Yesterday we printed a normal variation up.  The day began with a gap up that was resolved during the morning two-way auction.  Sellers were unable to take out Monday’s trend day low.  Instead buyers stepped in and worked us range extension up by late morning.  We then chopped along the midpoint before spiking back up to session high during settlement, in part due to strong earnings from Tesla.

Heading into today my primary expectation is for buyers to gap-and-go higher, trading up to 7963.75 before two way trade ensues.

Hypo 2 stronger buyers trade up to 7977 before two way trade ensues.

Hypo 3 sellers press into the overnight inventory and close the gap down to 7902.50.  Look for buyers down at 7896 and two way trade to ensue.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Wednesday flat after an overnight session featuring extreme range and volume.  Price worked lower overnight, trading down through the lows of the last 8 days, poking into the October 1st range before rotating back into yesterday’s range and coming into balance.  As we approach cash open, price is hovering inside the lower quadrant of yesterday’s range.

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

After the bell, we’ll hear earnings from three major NASDAQ components: Microsoft, Paypal, and Tesla.

Yesterday we printed a trend down.  The day began with a gap up near the current swing high.  After a two-way auction sellers stepped in and began working price lower, closing the overnight gap and continuing lower, down through Monday’s low and eventually accelerating to the downside late in the day to close in the lower quadrant of last Friday’s range.

Heading into today my primary expectation is for sellers to press down through Tuesday low 7850.25.  This sets up a move down through overnight low 7810.25.  Look for buyers down at 7800 and two way trade to ensue.

Hypo 2 buyers press up through overnight high 7872 setting up a move to target 7880 before two way trade ensues.

Hypo 3 stronger sellers trade us down to 7783.75 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 volume on elevated range.  Price was balanced overnight, chopping along the highs of Monday and beyond.  As we approach cash open, price is hovering near globex high, which is up near last week’s high print from last Thursday.

On the economic calendar today we have existing home sales at 10am followed by a 2-year note auction at 1pm.

There are major tech earnings due out this week, but they do not kick-off until Wednesday after-market-close.

Yesterday we printed a normal variation up.  The day began with a gap up and two way auction, with price compressing into a tight range above last Friday’s midpoint.  Sellers made an early attempt to close the overnight gap up but were met with strong responsive buying ahead of the Friday naked VPOC.  This turned the auction higher, and we spent the rest of the day slowly grinding higher, never taking out last Friday’s high but closing near high of day.

Heading into today my primary expectation is for buyers to gap-and-go higher, trading up through overnight high 7979.25 and taking out Thursday high 7992.25. Look for sellers up at 8000 and two way trade to ensue.

Hypo 2 sellers work into the overnight inventory and close the gap down to 7948 then continue down through overnight low 7935.  Look for buyers down at 7931 and two way trade to ensue.

Volume profiles, gaps, and measured moves:

 

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NASDAQ futures are coming into Friday nearly flat after an overnight session featuring elevated range on extreme volume.  Price was balanced overnight, balancing along the lower half of Thursday’s range after briefly exceeding the Thursday cash low around 3:30am New York.  As we approach cash open, price is hovering just below the Thursday midpoint.

On the economic calendar today we have Leading Indicators at 10am.

Yesterday we printed a normal variation down.  The day began with a gap up to a new weekly high and after a two-way auction sellers stepped in and worked the overnight gap shut.  Sellers continued a bit lower, tagging the Wednesday naked VPOC before settling into a tight range below the daily midpoint.

Heading into today my primary expectation is for buyers to work up through overnight high 7963.25 top tag 7973 before two way trade ensues.

Hypo 2 stronger buyers trade up to 7988.25 before two way trade ensues.

Hypo 3 sellers press down through overnight low 7917.25 setting up a move to tag 7900 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 worked higher overnight, trading up near (but not exceeding) the swing high set back on 09/12, a day which itself was nearly at record highs.  Then we came into a tight balance.  At 8:30am several economic data came out—initial/continuing jobless claims data and Philly Fed business outlook were worse than expected, building permits/housing starts were mixed.  As we approach cash open, price is hovering above the Wednesday high, in the upper quadrant of the 09/12 range.

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

Yesterday we printed a normal variation up.  The day began with a gap down and two way auction.  Sellers had a try lower but couldn’t work much below the Tuesday midpoint before responsive sellers came in and formed a sharp excess low.  We then pressed range extension up before grinding back down near the daily low.  Late in the day we ramped back up to the high.

Heading into today my primary expectation is for a gap and go higher.  Look for buyers to trade up beyond the 8000 century mark and sustain trade above it, setting up a rally up to 8031 before two way trade ensues.

Hypo 2 stronger buyers rally to record highs, trading up through 8053 and sustaining trade above it, open air.

Hypo 3 sellers press down into overnight inventory and close the gap down to 7948 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 normal range.  Price was balanced overnight, chopping along the upper quadrant of Tuesday’s range.  As we approach cash open, price is hovering in the upper quad.

On the economic calendar today we have business inventories at 10am, NAHB Housing Market index at 10:45am, Fed’s Beige Book at 2pm and Long-term TIC flows at 4pm.

Yesterday we printed a double distribution trend up.  The day began with a gap up and and drive higher, with price rallying up beyond the 09/20 liquidation down day’s high early on.  Price then formed a tight consolidation along the highs before extending the gains later in the session and closing near session high.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up at 7959.50 before continuing higher through overnight high 7962.50. Look for sellers up at 7976 and two way trade to ensue.

Hypo 2 strong buyers rally up to 8000 before two way trade ensues.

Hypo 3 sellers press down through overnight low 7925.75 setting up a move down to 7900 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 elevated range on extreme volume.  Price worked higher overnight, trading up through the Monday high and tagging 7900 (primary hypo from the Monday report) before fading lower.  As we approach cash open, price is hovering a few ticks above the Monday high.

On the economic calendar today we have two odd Treasury auctions, 13- and 26-week T-bill auctions at 11:30am.

Yesterday we printed a normal variation up.  The day began with a slight gap down.  During an open two-way auction sellers were unable to trade down through the Friday low, instead stopping right on the bottom tick before the auction turned higher.  After a brief range extension up, price spent the rest of the session chopping along the top-side of the daily mid, eventually closing a few ticks below it.  This tight range came after a heavy flow of news over the weekend including President Donald Trump tweeting about positive developments in the ongoing trade negotiations with China and military skirmishes in the Middle East.

Heading into today my primary expectation is for buyers to gap-and-go higher, trading up through overnight high 7908.25 and continuing up to 7919.75 before two way trade ensues.

Hypo 2 stronger buyers trade up to 7941.75 before two way trade ensues.

Hypo 3 sellers press down through overnight low 7854.75 setting up a move to target 7800 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into the second full week of October, option expiration week with a slight gap down after an overnight session featuring extreme range and volume.  Price was balanced for most of the Globex session before making a sell rotation around 5am New York.  The selling pressed into the open gap left behind last Friday before discovering responsive buyers ahead of the Monday/Thursday highs.  As we approach cash open, price is hovering along last Friday’s low.

There are no economic events today. The U.S. Government is taking a holiday.

Last week began with a slight gap down also.  Monday was strong early on before fading late in the day.  There was a big gap down Tuesday that found buyers before reversing and closing on the lows .  Wednesday gap up and slow rotation higher that continued through Thursday before a big gap up Friday and drive higher early on before chopping lower into the close.  The last week performance of each major index is shown below:

On Friday the NASDAQ printed a neutral extreme down.  The day began with a gap up and drive higher, trading up to prices unseen since 09/20 before coming into balance.  09/20 was a strong liquidation sell day and buyers were still present at these levels.  There was a considerable amount of volatility Friday, with price oscillating from daily high, to low, then back to a new high before going back to the low and closing near it.  Signs of higher timeframe activity and a market out of balance.

Neutral extreme down.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 7857.50.  From here we continue higher, up through overnight high 7894.75.  Look for sellers up at 7900 and two way trade to ensue.

Hypo 2 sellers press down through overnight low 7807 setting up a move to tag 7800 before two way trade ensues.

Hypo 3 stronger sellers trade down to 7781.25 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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