NASDAQ futures are coming into Thursday pro gap down after an overnight session featuring extreme range and volume.  Price began working lower around 2am New York after spending most of the night in balance.  At 8:30am Initial/Continuing jobless claims data came out better-than-expected.

Also on the economic docket today we have manufacturing PMI at 9:45am, leading indicators at 10am, service/composite PMI at 10:45am, and a 10-year TIPS auction at 1pm.

Yesterday we printed a neutral extreme down. The day began gap down in range.  Buyers close gap, take out overnight high.  Then Jerome Powell’s Fed lifted benchmark borrowing rate 25 basis points.  During his presser the market went 3rd reaction down.  There was a bit of a bounce late in the day that was sold into.

Heading into today my primary expectation is for sellers to gap-and-go lower, down to 6741 before two way trade ensues.

Hypo 2 buyers work into the overnight inventory and do a half gap up to 6800 before two way trade ensues.

Hypo 3 full on liquidation, next downside targets are 6683.50 then 6623.

Levels:

Volume profiles, gaps, and measured moves:

Want to learn how these reports and charts help me consistently trade the NASDAQ futures for profit?  Come to my free event Tuesday, March 27th at Benzinga Headquarters in downtown Detroit.  Link to RSVP: https://www.meetup.com/Detroit-Investors-Traders-StockTwits-Meetups/events/248652154/

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NASDAQ futures are coming into Wednesday gap down after an overnight session featuring elevated range and volume.  Price briefly poked above the Tuesday RTH high before balancing out below the Tuesday midpoint.

On the economic agenda today we have existing home sales at 10am, crude oil inventories at 10:30am, and most importantly an FOMC rate decision at 2pm followed by a Jerome Powell conference at 2:30pm.

Traders down at the CME are currently pricing a 97.2% probability of a 25 basis point rate hike today.

Yesterday we printed a neutral day.  The day began gap down and sellers quickly filled the overnight gap before stalling out.  We then went range extension down, then responsive buyers stepped in.  Late in the session we went range extension up, putting us neutral.

Holding pattern.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 6917.75.  From here we continue higher, up through overnight high 6923.50 before settling into two-way trade.  Look for the third reaction after the fed rate decision to dictate direction into the rest of the day.

Hypo 2 sellers press down through overnight low 6881.50 setting up a move to target 6835 before two way trade ensues.  Look for the third reaction after the fed rate decision to dictate direction into the rest of the day.

Hypo 3 stronger buyers sustain trade above 6933.75 triggering a rally up to 6963.25 ahead of the FOMC minutes.  Look for the third reaction after the fed rate decision to dictate direction into the rest of the day.

Levels:

Volume profiles, gaps, and measured moves:

Want to learn how these reports and charts help me consistently trade the NASDAQ futures for profit?  Come to my free event Tuesday, March 27th at Benzinga Headquarters in downtown Detroit.  Link to RSVP: https://www.meetup.com/Detroit-Investors-Traders-StockTwits-Meetups/events/248652154/

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NASDAQ futures are coming into Tuesday with a slight gap down after an overnight session featuring extreme volume on elevated range.  Price was balanced overnight, chopping along on the Monday midpoint for much of the session.

At 11:30am today the US Treasury will auction off some 4-week T-bills.

Yesterday we printed a double distribution trend down.  The week began with a pro-gap down to prices unseen since March 8th.  Sellers drove lower off the open and continue working lower until balancing out during the afternoon.  Towards the end of the day a strong responsive bid stepped in.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 6915.50.  From here we continue higher, up beyond overnight high 6927.75 setting up a move to target 6933.75 before two way trade ensues.

Hypo 2 stronger buyers work up to 6963 before two way trade ensues.

Hypo 2 sellers work down through overnight low 6875 then set their targets on the NVPOC at 6860.25.  Look for buyers ahead of 6835.25 and two way trade to ensue.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into the week pro gap down after an overnight session featuring extreme range and volume.  Price methodically worked lower overnight, trading down to prices not seen since March 7th before coming into balance.

The economic calendar is light to start the week.  We have a 3- and 6-month T-bill auction at 11:30am.

Last week markets started strong and by late Tuesday morning sellers were making themselves known.  We then spent the rest of the week chopping along the weekly lows.  The performance of each major index last week is shown below:

On Friday the NASDAQ printed a normal variation down.  The day began with a slight gap up and after a morning 2-way auction sellers stepped in.  They were not able to take out the Thursday low, instead bouncing along it as we headed into the weekend.

Heading into today my primary expectation is for buyers to work into the overnight inventory and work a half gap up to 7000 before two way trade ensues.

Hypo 2 sellers gap-and-go lower, taking out overnight low 6928 and continuing lower, down to 6907.25 before two way trade ensues.

Hypo 3 stronger buyers work a full gap fill up to 7043.75 then continue higher, up through overnight high 7045.75 before two way trade ensues.

Levels:

Want to learn how these reports and charts help me consistently trade the NASDAQ futures for profit?  Come to my free event Tuesday, March 27th at Benzinga Headquarters in downtown Detroit.  Link to RSVP: https://www.meetup.com/Detroit-Investors-Traders-StockTwits-Meetups/events/248652154/

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NASDAQ futures are coming into Thursday gap up after an overnight session featuring elevated range on extreme volume.  Price poked below the Wednesday cash low before settling into balance.  At 8:30am initial/continuing jobless claims data came out better-than-expected.

Also on the economic docket today we have NAHB housing market index at 10am and TIC flows at 4pm.

Yesterday we printed a normal variation down.  The day began gap up, sellers closed the gap then continued lower, down through overnight low before two way trade ensued.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 7058.  From here we continue lower, down through overnight low 7027.25.  Look for buyers ahead of 7000 and two way trade to ensue.

Hypo 2 buyers gap-and-go up through overnight high 7077 and trade up to tag the NVPOC at 7128.50 before two way trade ensues.

Hypo 3 full-on-liquidation lower.  Price sustains below 7000 setting up a move down to 6970.50.

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 briefly took out the Tuesday RTH low overnight before spending the rest of the session working higher.  As we approach cash open price is trading below the midpoint of Tuesday’s trend down.  At 8:30am advance retail sales data came out below expectations.

Also on the economic agenda today we have business inventories at 10am and crude oil inventories at 10:30am.

Yesterday we printed a trend down.  The day began with a brief push higher which took out overnight high, establishing a more ‘quality’ higher before reversing and going trend down for the rest of the day.  Responsive buyers showed up near last Friday’s open.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 7082.75.  From here we continue lower through overnight low 7042.50.  Look for buyers down at 7034.75 and two way trade to ensue.

Hypo 2 buyer continue their overnight campaign, pushing higher, up through overnight high 7121.50.  Look for sellers up at 7142.50 and two way trade to ensue.

Hypo 3 stronger buyers trade all the way up to 7182 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, slowly working higher, before spiking up on the 8:30am economic data, the often immaterial consumer price index.

The other economic events today are a 4-week T-bill auction at 11:30am and a 30-year bond auction at 1pm.

Yesterday we printed a neutral day.  We came into the week gap up and after a 2-way auction sellers attempted to close the gap.  Their efforts failed ahead of last Friday’s range and we traversed the entire daily range, pushing us neutral.  Then two-way trade ensued, along the daily midpoint.

Neutral.

Heading into today my primary expectation is for a gap-and-go up, through overnight high 7202.50 to tag the measured move target at 7241.75 before two way trade ensues.

Hypo 2 sellers work into the overnight inventory and close the gap down to 7160.25 then continue lower, down through overnight low 7151.25 before two way trade ensues.

Hypo 3 stronger buyers sustain trade above 7241.75 triggering a trend up.  Open air.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into the week gap up, trading at record highs after an overnight session featuring extreme range on extreme volume.  Price slowly campaigned higher overnight before finding sellers around 7150.

Busy day down at the US Treasury today.  There are 3- and 6-month T-bill auctions at 11:30am, 3- and 10-year Note auctions at 1pm.  Then there is a monthly budget statement at 2pm.

Last week markets worked higher.  The week began with a slight gap down and we spent all week working higher.  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 up.  After a brief 2-way auction price began working higher and was trend up all session.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 7123.  From here we continue lower, down through overnight low 7122.25.  Look for buyers down at 7100 and two way trade to ensue.

Hypo 2 buyers gap and go higher, up through overnight high 7177 before two way trade ensues.

Hypo 3 stronger buyers continue to campaign the market higher, look for sellers up at the measured move target of 7241.75.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Thursday gap up after an overnight session featuring elevated range and volume.  Price steadily campaigned higher overnight in a manner akin to 2017 when volatility was nonexistent.  As we approach cash open price is hovering near the high from February 28th, the last day of last month.  At 8:30am initial/continuing jobless claims data came out mixed.

There are no other important economic events today.

Yesterday we printed a neutral extreme up.  The day began with a gap down that buyers quickly filled.  Then we traversed the entire range and took out IB low pushing us neutral.  The next move was back to the mean, like most neutral days do.  Then buyers rallied the market into the bell.

Heading into today my primary expectation is for sellers to work into the overnight inventory and attempt a move back into the Wednesday range 6937.  Buyers defend and reject a move back into Wednesday range and we go higher, up through overnight high 6965.75.  Look for sellers up at 6976.50 and two way trade to ensue.

Hypo 2 sellers work a full gap fill down to 6923 then continue lower, down through overnight low 6913.50.  Look for buyers ahead of 6900 and two way trade to ensue.

Hypo 3 buyers gap-and-go higher, triggering a rally up to 7000 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 range and volume.  Price was balanced overnight after an impulsive drop lower on the unexpected news that Gary Cohen would step down from his role as economic counsel to President Trump.  Price worked down near the Monday low before discovering a bid.  At 7am MBA mortgage applications came in worse than last week.  At 8:15am ADP employment data was better than expected.  At 8:30am Trade Balance data was below expectations.

Also on the economic docket today we have crude oil inventories at 10:30am, Fed beige book at 2pm, and consumer credit at 3pm.

Yesterday we printed a neutral day.  The day began with a gap up and slow move higher.  After briefly going range extension up sellers stepped in and close the overnight gap, taking us RE down along the way.  The rest of the day we spent chopping along the daily midpoint.

Neutral.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the overnight gap up to 6906.  Look for sellers ahead of 6922 and two way trade to ensue.  A check back to the “scene of the crime” to see if sellers truly meant business.

Hypo 2 sellers arrive ahead of 6882 setting up a move to take out overnight low 6798.25 which triggers a liquidation down to 6764.50.  Look for buyers ahead of 6740 and two way trade to ensue.

Hypo 3 stronger buyers rally up through 6920 and sustain trade above it setting up a move to target 6947.75.

Levels:

Volume profiles, gaps, and measured moves:

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