NASDAQ futures are coming into Friday gap down after an overnight session featuring elevated range and normal volume.  Price worked to a new record high overnight.  Then, at 8:30am non-farm payroll data came out mixed and sellers introduced themselves to the market.  So far they have pressed back down to the midpoint from Thursday.

The only other economic event of note today is consumer credit at 3pm.

Yesterday we printed a double distribution trend up.  The day began with a gap up above all prior highs.  Buyers defended an attempt back down into the Wednesday range and we spent the rest of the day rallying.  We took a brief pause at the strategy session measured move high 6050 but made one final push into the close.

Heading into today my primary expectation is for buyers to work into the overnight inventory and trade up to 6055.25.  From here we trade lower, down through overnight low 6040.  Look for buyers down at 6021.25 and two way trade to ensue.

Hypo 2 stronger buyers fill the gap up to 6066 and continue higher, up through overnight (record) high 6071.50.  Open air.

Hypo 3 stronger sellers press a gap fill down to 6004.50.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Wednesday gap down after an overnight session featuring normal range and volume.  Price worked a touch lower overnight, ultimately trading inside of the Tuesday range.  At 7am MBA mortgage applications came out in-line with last week and at 8:15am ADP employment change came out in-line with expectations.

Also on the economic agenda today we have ISM service/non-manufacturing composite data at 10am and crude oil inventories at 10:30am.

Yesterday we printed a normal day.  The gap up was sold into and once the gap was closed a mild responsive bid stepped in.  We never extended the range of the first hour during the calm drift, hence the ‘normal’ designation despite the day-type being anything but normal.  It only occurs about 5% of the time.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 5998.25.  From there we continue higher, up through overnight high 6000.75.  Look for sellers up at 6027.25 and two way trade to ensue.

Hypo 2 sellers press down through overnight low 5984 and continue lower, down to 5974.25 before two way trade ensues.

Hypo 3 a tight chop between 6000 and 5985.

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 a touch, well into the selling rotation we saw late Monday morning.

The economic calendar is light today.  Only a 4-week T-bill auction at 11:30am to concern yourself with.

Yesterday we printed a normal variation down.  The week began gap up and after a brief morning push higher, responsive sellers stepped in and worked up range extension down, filled the overnight gap, and ultimately tagged the naked VPOC below 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 5979.75.  From here we continue lower, down through overnight low 5978.75.  Look for buyers down at 5974.25 and two way trade to ensue.

Hypo 2 stronger sellers force a liquidation down through Monday low 5958.50.  Look for buyers down at 5945.50 and two way trade to ensue.

Hypo 3 buyers press up through overnight high 5995.50 negating the expectation for selling.  Look for a move up to 6003 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into October with a slight gap up after an overnight session featuring normal range and volume.  Price worked higher overnight, breaching last Friday’s high before coming into balance.

The economic calendar starts off slowly this week.  At 10am we have ISM employment/manufacturing data.  Also we have a 3- and 6-month T-bill auction at 11:30am.

Last week we had weakness on Monday.  The selling discovered a strong responsive bid and we spent the rest of the week rallying.  The Russell was particularly strong.  The performance of each major index last week is shown below:

Last Friday the NASDAQ printed a double distribution trend up.  The gap up was sold into, closing the overnight gap before discovering a strong responsive bid and rallying to a new high for the week.  Price balanced out after closing the gap left behind on 9/20.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 5977.75.  From here we continue lower, down to 5973.50 before two way trade ensues.

Hypo 2 stronger sellers press us down to 5945.50 before two way trade ensues.

Hypo 3 buyers work up through overnight high 5999.50 and continue higher, up to 6006.50 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Friday higher after an overnight session featuring normal range and volume.  Price worked higher, slowly overnight exceeding the Thursday high as we head into cash open. At 8:30am Personal Consumption data came out below expectations.

There are no other economic events today.

Yesterday we printed a normal variation up.  The day began with a gap down inside range with support below.  After a brief two-way open we worked higher to close the overnight gap before settling into a dull two-way range.

Heading into today my primary expectation is for buyers to gap-and-go up, targeting a move to 5961.25 before two way trade ensues.

Hypo 2 stronger buyers press to 5979.50 before two way trade ensues.

Hypo 3 sellers work into overnight inventory and close the gap down to 5938.75 then down through overnight low 5933.75.   Look for buyers down at 5922.50 and two way trade to ensue.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Thursday gap down after an overnight session featuring normal range and volume.  Price worked lower overnight but held inside the Wednesday range.  At 8:30am several economic data were released including GDP, advance goods trade balance, and initial/continuing jobless claims.  All were better than expected save for initial/continuing claims data which were mixed.

The only other economic event is a 7-year note auction at 1pm.

Yesterday we printed a neutral extreme up.  The day began with a gap up and drive higher, up into resistance noted in hypo 2 from the Wednesday morning report.  Then sellers began working lower, eventually going range extension lower late in the morning.  However, buyers defended an attempt back into the Tuesday range and this triggered a rally back up through the days range to press up into neutral territory and eventually to a close in the upper quad of the day’s range earning the neutral ‘extreme’ designation.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 5941.  From here we continue higher, up through overnight high 5948.25 which sets up a move to 5961.25 before two way trade ensues.

Hypo 2 stronger buyers press to close the gap at 5978.25 before two way trade.

Hypo 3 sellers press down through overnight low 5916.75 and find buyers down at 5914.50 before two way trade ensues.

Hypo 4 stronger sellers press down to close the gap at 5892 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 normal range and volume.  Price worked higher overnight, briefly poking above the Tuesday high before balancing out.  At 8:30am durable goods orders was a solid beat, well above analyst expectations.

Also on the economic calendar today we have pending home sales at 10am, crude oil inventory at 10:30am, a 2-year floating rate auction at 11:30am, and a 5-year note auction at 1pm.

Yesterday we printed a normal variation down.  The day began with a gap up and open auction.  Then sellers stepped in and worked the gap fill.  Sellers continued a touch lower to tag the naked VPOC from Monday before a responsive bid stepped in and two-way trade ensued.

Heading into today my primary expectation is for buyers to gap-and-go up.  Look for a move to 5923.25 before two-way trade ensues.

Hypo 2 stronger buyers drive up to close the open gap at 5934.75 then continue to 5937 before two way trade ensues.

Hypo 3 sellers press into the overnight inventory and close the gap down to 5892.  Sellers continue lower, down through overnight low 5886.50.  Look for buyers ahead of 5883 and two way trade to ensue.

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 and volume.  Price worked higher overnight, balanced at times and then rallying early this morning.  Overall the action was contained inside of the Monday range and as we approach cash open we are hovering near the Monday high.

The economic calendar features consumer confidence at 10am, a 4-week T-bill auction at 11:30am, and a 2-year Note auction at 1pm.

Yesterday we printed a double distribution trend down.  The day/week began with gap down and drive lower.  An initial responsive bid was overrun by more selling, pressing what looked like a morning liquidation.  We probed new monthly lows, testing prices unseen since August 29th.  Then, near the end of the session we ramped higher, back to the day’s midpoint.

Heading into today my primay expectation is for sellers to press into the overnight inventory and close the gap down to 5877.50.  From here we continue lower, down through overnight low 5862.75 before two way trade ensues.

Hypo 2 buyers defend around 5883.25 and we press up through overnight high 5904.25.  Look for sellers up at 5912.25 and two way trade to ensue.

Hypo 3 buyers gap-and-go higher, up through 5912.50 to target 5922 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 and volume.  Price spiked higher Sunday evening, up above the Friday high before finding a responsive sellers.  We then spent the rest of the evening working lower and as we approach cash open price is accelerating down through last week’s low.

The economic calendar is light all week, and today we have only a 3- and 6-month T-bill auction to be concerned with at 11:30am.

Last week the NASDAQ worked lower while the S&P marked time (sideways) and the Dow and Russell rallied.  Here is the performance of each major index last week:

On Friday the NASDAQ printed a normal variation down.  The day began with a gap down and a brief probe below Thursday’s low before a responsive bid stepped in and drove price higher.  Buyers could not, however, close the overnight gap.  Instead we worked back lower again, eventually going range extension down before 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 5934.75.  From here we continue higher, up to close the Thursday gap at 5943.75 before two way trade ensues.

Hypo 2 sellers gap-and-go lower, down to 5884.25 before two way trade ensues.

Hypo 3 stronger buyers press up through overnight high 5954.25.  Look for sellers up at 5961.50 and two way trade to ensue.

Levels:

Volume profiles, gaps, and measured moves:

 

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NASDAQ futures are coming into Friday gap down after an overnight session featuring elevated volume on normal range.  Price worked down through the Thursday low overnight before finding a modest bid.  As we approach cash open, price is hovering right around the Thursday low.

The only economic event of note today is the Markit data dump of Manufacturing/Service/Composite PMI data at 9:45am.

Yesterday we printed a normal variation down.  The day began with a gap down and drive lower, leaving the open gap behind.  After about an hour of sellers controlling the market and pressing to a new low on the week, responsive bidders stepped in and two-way trade ensued.

Heading into today my primary expectation is for a gap-and-go lower.  Look for sellers to press down through overnight low 5911 and tag the 5900 century mark before two way trade ensues.

Hypo 2 buyers sustain trade above 5919.50 setting up a gap fill up to 5943.75.  From here we continue higher, up through overnight high 5947.50.  Look for sellers just above at 5948 and two way trade to ensue.

Hypo 3 stronger sellers press down to 5884.50 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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