NASDAQ futures are coming into Tuesday gap up after an overnight session featuring normal range and volume.   Price worked back up to record highs overnight, slow-and-steady.

Economic calendar is light today.  We have the Case-Shiller Home Price index at 9am, Consumer Confidence at 10am, and a 4-week T-bill auction at 11:30am.

Yesterday we printed a neutral day.  Monday began with a gap down.  We quickly filled it and then took out overnight high before reversing down through the entire range and poking below overnight low.  Then a responsive bid stepped in to the neutral tape and two-way trade ensued.

Heading into today my primary expectation is for a gap-and-go higher—a move up to 6263.75 before two-way trade ensues.

Hypo 2 sellers press into overnight inventory and close the gap down to 6227 then take out overnight low 6219.25.  Look for buyers ahead of 6200 and two way trade.

Hypo 3 stronger selling down to 6181.50 before two way trade.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures came into the week gap down after an overnight session featuring normal range and volume.  Given the extremely balanced nature of extended trade, given the context of ending last week with a trend day, and given the fact I woke up a touch late I had to buy the futures in the premarket instead of putting my daily report out in time :-/

Anyhow, Personal Spending data came out better than expected at 8:30am.

Paul Manafort, a Trump bro, is being asked to turn himself in to the Feds. I am not sure about what.  I am not a news guy, especially before my morning covfefe.

Also on the economic calendar today we have a 3- and 6-month T-bill auction at 11:30am and a somewhat rare ‘cash management’ bill being auctioned at 1pm.

Last week we drifted, then sold off Thursday, formed an excess low, then trended higher.  The Dow and Russell just sort of marked time during all of this.  The performance of each major index from last week is shown below:

The real story is the NASDAQ.  On Friday it opened pro gap up then trended higher all day.  Huge rally.

Heading into today my primary expectation was for a move to close the overnight gap then take out overnight high 6223.25.  That is complete.

For the rest of the morning my primary expectation is for the NASDAQ to drift sideways, finding balance above 6208.

Hypo 2 we continue discovering higher prices.  Look for sellers way up at 6263.75.

Hypo 3 sellers gain traction and we trade down to 6181.25.

Levels:

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NASDAQ futures are coming into Friday pro-gap up after an overnight session featuring elevated range and volume.  We spent the night trend up, and this began Thursday afternoon when Amazon reported better-than-expected earnings.

Economic events are light for the rest of the week.  We had GDP at 8:30am, it was super strong.  At 10am the final October reading of Confidence comes out of U. of Michigan.  I would imagine confidence is running high.

Yesterday we printed a normal variation up.  The day began flat, we made a little push higher in the morning, then a little push lower in the morning, then went sideways–balance.

Heading into today my primary expectation is for a little push down into the overnight inventory.  Look for buyers ahead of 6100 and a trend higher into the weekend.

Hypo 2 gap-and-go higher.  Trend into the weekend.

Hypo 3 gap fill down to 6084.75.  Look for buyers down at 6067.75 and two way trade to ensue.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Thursday flat after an overnight session featuring normal range and volume.  Price worked sideways overnight in a balanced manner.  At 8:30am three data were dumped out–wholesale inventories, initial/continuing jobless claims, and advance goods trades balance.  Thus far the reaction is muted.

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

Yesterday we printed a normal variation down.  The day began gap down.  Buyers closed and briefly poked above overnight high before a strong responsive seller stepped in.  Sellers then became initiative and pressed us down into the 10/4 trading range before responsive buying stepped in and bought the dip.  We spent the rest of the day working higher, eventually closing above the daily midpoint.

Heading into today my primary expectation is for sellers to work down through the overnight low and trade down to 6030.25 before two way trade ensues.

Hypo 2 we press up through overnight high 6076 and tag 6081 before two way trade ensues.

Hypo 3 stronger buyers press up to 6098.25 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Wednesday with a gap down after an overnight session featuring normal range and volume.  Price worked slightly lower overnight, ultimately balancing inside of the Tuesday range during extended trade.  At 8:30am Durable Goods orders came out better than expected.

Also on the economic docket today we have house price index at 9am, new home sales at 10am, crude oil at 10:30am, a 2-year note auction at 11:30am, and a 5-year note auction at 1pm.

Yesterday we printed a normal variation up.  The day began with a gap up that was quickly faded.  After closing the gap and briefly probing below the overnight low, a strong bid stepped in, reversed all the morning selling, and two way trade ensued.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 6079.  From here we continue higher, up through overnight high 6081.  Look for sellers up at 6098 and two way trade to ensue.

Hypo 2 sellers press down through overnight low 606.75 setting up a liquidation down to 6021.25 before two way trade ensues.

Hypo 3 stronger buyers press up to 6119.75 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 normal range and volume.  Price worked higher overnight, sustaining trade inside of the Monday range in balanced trade that broke higher during the morning.

There are a few items on the economic calendar today.  We have Markit putting out manufacturing, service, and composite PMI at 9:45am.  At 11:30am the US Treasury is auctioning off 4-week T-bills.  Then at 1pm they are auctioning off some 2-year notes.

Yesterday we printed a double distribution trend down.  The week began with a gap up that sellers quickly faded.  The selling continued down to 6089, which was the target level of our primary hypo before settling into 2-way trade ahead of lunch.  Then sellers engaged the market again, making new lows and pressing deep into last Thursday’s range.  We closed near the session low.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 6063.75.  From here we continue lower, down through overnight low 6061.50.  This triggers a move down to 6021.25 before two way trade ensues.

Hypo 2 buyers work up through overnight high 6083 and target 6098 before two way trade ensues.

Hypo 3 stronger buyers press up to 6119.75 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into the last full week of October with a slight gap up after an overnight session featuring normal range and volume.  Price worked sideways overnight, traversing last Friday’s range a few times and briefly exceeding to the upside.

The economic calendar is light today.  The only scheduled event is a 3- and 6-month T-bill auction at 11:30am.

Last week we rallied.  The Dow rallied hard.  The other indices made a bit of progress early in the week, saw a gap and drive lower Thursday morning, then a recovery, and ultimately closed out the week higher.  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 gap up.  After a brief two-way auction price went range extension down.  Buyers defended an attempt back down into the Thursday range and 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 6110.75.  From here we continue lower, down through overnight low 6106.  Then we continue lower and close the gap down at 6089.25 before two way trade ensues.

Hypo 2 buyers refuse any moves into last Friday’s range and we go take out overnight high 6128.  From here we continue higher and probe record high 6131 before two way trade ensues.

Hypo 3 stronger sellers press down to 6076.25 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Thursday with a gap down after an overnight session featuring normal range and volume.  Price worked lower overnight, trading down to to midpoint of Wednesday as we head into cash open.  At 8:30am Initial/Continuing jobless claims came out better than expected.

Also on the economic docket today we have crude oil inventory at 10:30am and a 30-year bond auction at 1pm.

Yesterday we printed a normal variation up.  The day began flat and after a slow opening auction we broke higher and worked back up near record highs.  We did not, however, take out record highs.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 6082.25.  From there we continue higher, up through overnight high 6084.25.  Look for sellers up at the measured move target of 6133.50 and two way trade to ensue.

Hypo 2 sellers press down through overnight low 6071.50.  Look for buyers ahead of 6057.75 and two way trade to ensue.

Hypo 3 some kind of liquidation triggers, pressing price down to 6021.50 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 normal range and volume.  Price worked higher overnight, nearly nonstop, but slowly.

At 11:30am today the US Treasure is auctioning off a variety of short-term debt including 4- and 52-week bills and 3- and 6-month bills.  There are no other major economic events today.

Yesterday we printed a normal variation down.  Trade was slow on Columbus ‘the rapist’ day, with the week beginning gap up.  After a brief probe above the globex (record) high we worked lower and close the overnight gap, eventually going a bit lower later in the afternoon.

Heading into today my primary expectation is for buyers to work higher, up through overnight high 6081 and continue higher to the measured move target at 6113.50 before two way trade ensues.

Hypo 2 sellers press into overnight inventory and close the gap down to 6069.50.  From here they continue lower, down through overnight low 6061.  Look for buyers down at 6053.75 before two way trade ensues.

Hypo 3 stronger sellers press up down to 6048.50 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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Give me a  farmer over a banker any day.  No days off when it’s you verses nature.

NASDAQ futures are beginning the week gap up after an overnight session featuring normal range and volume.  Price worked higher in a balanced and methodical manner, achieving new record highs.

There are no economic events scheduled for today because it is Columbus day and the banks and government outfits are closed in celebration of European colonialism—a spreading around the globe of humans who lived in close proximity to livestock and therefore developed immunity to animal borne viruses.  If you think about it, those people living in North Carolina, which has more pigs than humans, will likely be the humans ruling the world.  Since they are the first to contract swine flu and whatnot, from those delicious cesspools they live around.

Last week the markets rallied.  They rallied all week long.  By midweek the Russell was marking time, but with a slight upward drift.  Below the last week performance of each major index is listed:

On Friday, the NASDAQ printed a normal variation up.  The day began with a gap down and buyers pressing into the overnight inventory.  After some two-way-auctioning, the market went range extension up and eventually closed near high-of-day.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 6064.50 before two way lazy trade ensues.

Hypo 2 gap-and-go higher, open air, take out overnight high 6082.50 before two way trade ensues.

Hypo 3 stronger buyers press up to the measured move target at 6113.50.

Levels:

Volume profiles, gaps, and measured moves:

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