NASDAQ futures are coming into Tuesday flat after an overnight session featuring normal range on elevated volume.  Price worked sideways overnight, holding Tuesday range during a balanced trading session.  At 8:30am CPI data was inline with expectations.

Also on the economic calendar today we have a 4-week T-bill auction at 11:30am, a 30-year bond auction at 1pm, and a monthly budget statement at 2pm.

Yesterday we printed a normal variation up.  The day began with a slight gap down and buyers quickly driving up into it.  Then, after a consolidation drift lower was unable to take out IB-low, a secondary, initiative wave of buying stepped in, pushing us RE up.  We spent the rest of the day churning along the 7200 century mark.

Heading into today my primary expectation is for buyers to work up through overnight high 7211.75 setting up a move to target 7235.75 before two way trade ensues.

Hypo 2 sellers push down through overnight low 7181 setting up a move to target 7155.50 before two way trade ensues.

Hypo 3 stronger buyers press up to 7250 before two way trade ensues.

Overall not expecting much movement with the FOMC meeting beginning today.  We are likely to enter a holding pattern until the Wednesday afternoon Fed rate decision.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ trading action was balanced overnight as the NASDAQ chopped sideways on elevated volume on and normal range.  Price held the Friday range during Globex, and as we approach cash open there is a slight gap down.

The economic calendar is light today and becomes more busy as the week progresses.  The US Treasury is busy today.  We have 3- and 6-month T-bill auctions at 11:30am.  There is a 3-year note auction at 11:30am, and a 10-year note auction at 1pm.

Last week buyers extended the rally that began two weeks ago.  The Dow was particularly strong.  The performance of each major US index is shown below:

On Friday the NASDAQ printed a neutral extreme up.  The day began with a gap down and sellers attempting to reject us down and out of the Thursday range.  However, after briefly going range extension down in the morning, a responsive bid stepped in.  We then spent the rest of the afternoon in a slow algo-grind higher.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 7175.75.  This sets up a move to take out overnight high 7184.75.  Look for sellers up at 7200 and two way trade to ensue.

Hypo 2 sellers press down through overnight low 7150.75 setting up a move to target 7100 before two way trade ensues.

Hypo 3 stronger buyers trade up to 7235.50 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Friday gap down after an overnight session featuring extreme range and volume.  Price worked down into last Friday’s range overnight after most of the week was spent working higher off the gap up into Monday’s open.  As we approach cash open price is hovering just below the Thursday low.

There are no economic events today.  However, most active trading has rolled forward to the September contract.  The price levels in this report are still in reference to the June contract.

Yesterday we printed a normal variation down.  The day began with a gap up and brief push to record highs before reversing and trading lower.  Price worked to just below the Wednesday low before a responsive bid stepped in near end-of-day and pushed price back to the daily mean.

Heading into today my primary expectation is for buyers to reclaim the Thursday low 7140.50 setting up a move to close the overnight gap up to 7164.75 before two way trade ensues.

Hypo 2 sellers reject a move up through 7140.50 setting up a move down through overnight low 7077.75.  Look for buyers down at 7062.50 and two way trade to ensue.

Hypo 3 stronger buyers trade us up to 7212 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures traded higher overnight, extending upon the record highs achieved Wednesday during a globex session having normal range and volume.  As we approach cash open price has drifted lower, and we are coming into the open with a slight gap down.  At 8:30am initial/continuing jobless claims data came out mixed.

Also on the economic calendar today we have consumer credit at 3pm.

Yesterday we printed a neutral extreme up.  The day began flat and with sellers pushing into the tape.  Said sellers pushed us range extension down very briefly but were unable to take out the Tuesday low.  Instead we traversed the entire daily range, putting us into a neutral print.  Then buyers became initiative in the afternoon and rallied the market into the close, ending the session near the high.

Neutral extreme up.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 7215.  From here we continue higher, up through overnight high 7234.25 before two way trade ensues.

Hypo 2 sellers trade us down to 7193.75 before two way trade ensues.

Hypo 3 stronger sellers trade us down to 7166 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Wednesday flat after an overnight session featuring normal range and volume.  Price worked higher overnight, nearly achieving a record higher before settling into two-way trade.  At 8:30am trade balance data was better than expected.

The only other economic event today is crude oil inventories at 10:30am.

Yesterday we printed a neutral day.  You have to squint to notice that we briefly went range extension up in the late morning before responsive sellers stepped in and pushed us neutral, filling the overnight gap along the way.  Then buyers stepped in and returned us back through the range, nearly to session high by end of day.

Neutral, maybe neutral extreme.

Heading into today my primary expectation is for sellers to push down through overnight low 7175.50.  Look for buyers down at 7174 and two way trade to ensue.

Hypo 2 stronger sellers trade down to 7155.25 before two way trade ensues.

Hypo 3 buyers work up through overnight high 7203.75 setting up a move to target 7209.25 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into the week gap up after an overnight session featuring elevated range and volume.  Price worked higher overnight in a steady campaign of buying that took prices to levels unseen since mid-March. As we approach cash open prices are hovering up near overnight high.

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

Last week a three-week-long stalemate broke higher.  The holiday shortened week began weak and finished strong, steadily working higher from Wednesday-thru-Thursday before going into trend up mode Friday. The performance of each major index is shown below:

On Friday the NASDAQ printed a double distribution trend up.  The day began with a gap up and drive higher out of Thursday range.  The morning was violent, with big range and sellers attempting to respond to higher prices.  However their efforts were overrun and we continued to trend higher into the afternoon, eventually coming into balance near session high and drifting into the weekend.

Heading into today my primary expectation is for sellers to work into the overnight inventory but fail to reclaim the Friday range.  Instead, responsive buyers (responsive relative to the open, initiative relative to the Friday close) step in and defend around 7091 setting up a move to take out overnight high 7120.75 before two way trade ensues.

Hypo 2 stronger buyers gap-and-go higher, sustaining trade above overnight high 7120.75 setting up a continued trend up to 7159 before two way trade ensues.

Hypo 3 sellers work a full gap fill down to 7082.25 then continue lower, down through overnight low 7071.75.  Look for buyers down at 7062.50 and two way trade to ensue.

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, slowly and insistently, keeping itself inside of the Thursday range.  As we approach cash open price is hovering near the weekly high.  At 8:30am non-farm payroll data came out better than expected.

At 10am we have a slew of economic numbers including construction spending, ISM manufacturing, ISM employment, and a few other low impact data points.

Yesterday we printed a neutral day.  The day began with with a slight gap down which was filled during the opening chop.  Then we worked lower, making a brief range extension down before discovering responsive buyers who traded us up to range extension up, putting us neutral.  Then we traded back down into the mean, then below the mean, closing in the lower quadrant.

Neutral.

Heading into today my primary expectation is for sellers to push into the overnight inventory.  Look for buyers ahead of the gap fill, around 7000 then a move higher to target 7032.75 before two way trade ensues.

Hypo 2 buyers gap-and-go higher, trading up to 7032.75 then sustaining trade here to set up a move to target 7039 before two way trade ensues.

Hypo 3 sellers work a full gap fill down to 6978.50 setting up a move to take out overnight low 6970.50.  Look for buyers down at 6855 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 up after an overnight session featuring normal range on elevated volume.  Price was balanced overnight before starting to slowly work higher this morning.  At 8:30am both PCE core and initial/continuing jobless claims data came out better-than-expected.

Also on the economic calendar today we have pending home sales at 10am and crude oil inventories at 11am.

Yesterday we printed a normal variation up.  The day began with a slight gap up and choppy trade which served to fill the overnight gap.  Then buyers stepped in and made a light push to range extension up before we drifted into the close.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 6988.25.  Then we work higher, up through overnight high 7003.50 continue higher to target 7023.25 before two way trade ensues.

Hypo 2 stronger buyers work up up to 7032.75 before two way trade ensues.

Hypo 3 sellers work gap fill down to 6988.25 then continue lower, down through overnight low 6970.50 setting up a move to target 6954.75 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

 

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NASDAQ futures are coming into Friday with a small gap down after an overnight session featuring extreme range and volume.  Price worked higher, making a new 7-day high before a sharp responsive sale stepped in around midnight and has continued to impress the market lower since.  At 8:30am durable goods orders came in below expectations.

Jerome Powell will start speaking at 9:20am on the topic of Fed transparency and stability.  This is likely to cause a bit more noise in the early morning trade.  We also have the final May reading of Sentiment from University of Michigan at 10am.

Yesterday we printed a normal variation down.  The day began with a small gap down which buyers quickly filled.  Then we went lower from there rapidly, before stalling ahead of the Wednesday low.  Then we rallied for the rest of the day but never pushed range extension up. Normal variation down.

Heading into today my primary expectation is for a choppy open.  Look for a move down to 6930.50 then buyers step in and close the overnight gap 6956.50 before two way trade ensues.

Hypo 2 buyers work right off the open, up to close the gap 6956.50 then continue higher, working up through overnight high 7003.75 before two way trade ensues.

Hypo 3 stronger sellers trade us down to 6871.50 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Thursday gap down after an overnight session featuring elevated range and volume.  Price worked higher overnight, briefly probing into the 5/14 range before settling into balance.  At 8:30am initial/continuing jobless claims data came out mixed.

Also on the economic calendar today we have existing home sales at 10am and a 7-year note auction at 1pm.

Yesterday we printed a double distribution trend up.  The day began with a gap down-and-out of the large value area that began forming May 15th.  Buyers drove higher off the open and after some two-way trade along the Tuesday low buyers became initiative and the market went trend up into the close.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 6957.  From here we continue higher, up through overnight high 6975 before two way trade ensues.

Hypo 2 stronger buyers sustain trade above 6963 setting up a move to target 6989.50 before two way trade ensues.

Hypo 3 sellers press down through overnight low 6925.25 setting up a move to target 6900 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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