NASDAQ futures are coming into Thursday gap down after an overnight session featuring normal range and volume.  Price worked lower overnight, in a one-way auction lower, trading down to the open gap from Monday’s close before turning higher.  At 8:30am Initial/Continuing jobless claims data was better than expected.

Initial jobless claims are at their lowest levels in 28 years. https://t.co/DO6dYvviTj

— Joe Weisenthal (@TheStalwart) May 11, 2017

There are no other economic events scheduled for today.

Yesterday we printed a neutral day.  A neutral day the day after a normal day, interesting.  Price opened gap up and sellers pushed off the open, ultimately stalling before filling the gap down at 5655 which was the primary hypothesis from Wednesday morning’s trading report.  Price then traversed the entire daily range to make a new high of day, going neutral, before settling into two-way trade.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 5675.  Action gets choppy from here, but we manage to take out overnight high 5676.50 before it is all said and done.

Hypo 2 we push down through overnight low 5655 and find a bid just below, at 5652.25 before two way trade ensues.

Hypo 3 strong sellers press down to 5639.50 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moved:

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NASDAQ futures are coming into Wednesday flat after an overnight session featuring normal range and volume.  Price was seen treading water overnight.  We held the Tuesday range without much volatility present.  At 7am MBA Mortgage Applications came out better than last week.

Also on the economic docket today we have crude oil inventories at 10:30am, the US Treasury is auctioning off $23B worth of 10-year Notes at 1pm, and there is a Monthly Budget Statement at 2pm.

Yesterday the NASDAQ printed a quite rare normal day which is anything but normal.  According to my (needs to be updated) study, normal days only occur 5.66% of the time.  The day began with a gap up beyond the Monday range.  Then a strong rally pushed through, one that fizzled out a few ticks ahead of our measured move target.  The dynamic morning action set a wide initial balance and we spent the rest of the day trading inside it.  Investors were not initiating fresh risk for the rest of the day, as if they were expecting news.

Heading into today my primary expectation is for sellers to push down through overnight low 5667.75 and close the gap down to 5655.  Look for buyers down at 5652.50 and two way trade to ensue.

Hypo 2 buyers work up through overnight high 5682.25 and probe all-time highs at 5687.75.  Open air above, rally ensues.

Hypo 3 stronger sellers push down to 5639.25 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, slowly and nonstop, positioning the market to new all-time highs as we approach cash open.

The economic calendar is light today.  We have Wholesale Inventories at 10am, a 4-week T-bill auction at 11:30am, and a 3-year Note auction at 1pm.

Yesterday we printed a normal variation up.  The week began flat and we spent the day treading water with a slight upward drift.

Heading into today my primary expectation is for buyers to work higher early on, probing the open air above.  Look for sellers up at 5688.50 and two way trade to ensue.

Hypo 2 sellers work into the overnight inventory and close the gap down to 5655 then continue lower, down through overnight low 5650.75.  Look for buyers down at 5648 and two way trade to ensue.

Hypo 3 strong sellers press down to 5621.50 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Friday gap up after an overnight session featuring normal range and volume.  Price held range for most of the evening and then broke through the Thursday high around 8:30am just after a strong jobs report.

USA Nonfarm Payrolls for Apr 211.0K vs 185.0K Est; Prior 98.0K

Unemployment Rate for Apr 4.40% vs 4.60% Est; Prior 4.50%

Also on the economic docket today we have the Baker Hughes rig count at 1pm, Yellen giving a low-impact speech at Brown University at 1:30pm, then Consumer Credit at 3pm.

Yesterday we printed a normal variation up.  Price held onto upper balance, sort of churning around in the value zone (pictured below).

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 5626.25 before two way trade ensues.

Hypo 2 buyers reject a move back into Thursday’s range 5631 and we work up through overnight high 5639.50 then close the gap up at 5640.  Trade sustains above that level setting up a rally into the weekend.

Hypo 3 sellers close gap down to 5626.25 then continue lower, down through overnight low 5612.50.  Look for buyers down at 5595 and two way trade to ensue.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Thursday gap up after an overnight session featuring normal range and volume.  Price worked higher overnight, taking out the Wednesday high before settling into two-way trade.  At 8:30am Initial/Continuing jobless claims data was better than expected.

Also on the economic calendar today we have Factory/Durable goods orders at 10am.

Yesterday we printed a normal variation down.  Price opened gap down and liquidation occurred during the first hour of trade.  Buyers stepped in ahead of the Monday low 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 5612.50.  Price continues lower, down through overnight low 5607.50 setting up a move to target 5595.25 before two way trade ensues.

Hypo 2 buyers work up through overnight high 5634 and target the gap up at 5640 before two way trade ensues.

Hypo 3 strong selling pushes price down to the open gap at 5581.25 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are heading into Tuesday gap up after an overnight session featuring normal range and volume.  Price slowly drifted to a new record high in calm trade.

The economic calendar is light today.  We have a 4-week T-bill auction at 11:30am.

Keep in mind we also have Apple earnings after the close.

Yesterday we printed a trend up.  After beginning the week gap up, right at last Friday’s high, buyers rejected an attempt back down into the Friday range setting up a rally which lasted the entire day.

Heading into today my primary expectation is for buyers to work up through overnight high 5639.25 but stall out just above it before two way trade ensues.

Hypo 2 sellers work down through overnight low 5628.50 and down to 5618.25 before two way trade ensues.

Hypo 3 strong sellers trigger a liquidation down to 5595.25 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures came into the first day of May gap up after an overnight session featuring normal range and volume.  Price worked higher, uninterrupted, overnight, pushing the index to new all-time highs ahead of the opening bell.  At 8:30am Personal Expenditure core data came out mixed, slightly below expectations.

At 10am ISM Manufacturing came out below expectations.  Sellers pushed on the release and are gaining some traction.

Also on the economic docket today we have a 3- and 6-month T-bill auctions, $39bln and $33bln respectively.

Last week began with a strong gap up and buyers continuing their campaign higher for most of the week.  The performance of each major index last week can be seen below:

On Friday the NASDAQ printed a normal variation down.  The day started out flat and sellers worked price lower, pushing into the spike seen Thursday afternoon after Amazon reported strong earnings.  The NASDAQ eventually balanced out Friday, closing near the session midpoint.

This morning began with an open auction outside range.  The first break from the range was higher after buyers rejected an attempt to move back into last Friday’s range.

My primary expectation today is for buyers to continue working higher.  There are no reference points above, but look for two-way trade to ensue around 5620.

Hypo 2 sellers work into Friday’s range and probe down to 5559 before two way trade ensues.

Hypo 3 strong buyers work up through 5625.25 and sustain trade above it, setting up a trend day.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are heading into Friday flat after an overnight session featuring normal range and volume.  Price worked sideways after a spike higher during Thursday settlement period, fueled by earnings from Amazon.  At 8:30am annual GDP data were released, worse than expected, and cause little effect to the market.

Also on the economic docket today we have Chicago Purchasing Manager at 9:45am and Baker Hughes rig count at 1pm.

Yesterday we printed a normal variation up that morphed into a double distribution-type trend day during settlement period.  Thursday morning marked the third gap up left behind during the week, including the major gap up Monday following the French election results.

Heading into today my primary expectation is for buyers to work higher, up through overnight high 5597.75 and continue probing all-time highs. Price stalls just beyond 5600 and two way trade ensues.

Hypo 2 sellers push down through overnight low 5582.75 and flush lower, down to 5559.25 before two way trade ensues.

Hypo 3 sellers push lower, down to about 5575 before two way trade ensues.

Hypo 4 buyers work up through 5600 and continue working higher, into open air as we wrap up the week.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are starting Thursday gap up after an overnight session featuring normal range and volume.  Price worked higher overnight after briefly poking below the Wednesday low yesterday evening.  At 8:30am a slew of economic data were released including Advance Good Trade Balance (beat), Durable Goods Order (miss), and Initial/Continuing jobless claims (mixed).

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.  After a brief spike to all time highs shortly after the open, the session was quiet, working sideways with a slight downward drift.

Heading into today my primary expectation is for buyers to work higher, up to test all-time high 5562.50 before two way trade ensues.

Hypo 2 sellers work down through overnight low 5534.25, down to 5511.50 before two way trade ensues.

Hypo 3 tight chop, range bound from about 5553 to 5527.25.

Levels:

Volume profiles, gaps, and measured moves:

 

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NASDAQ futures are flat heading into Wednesday after an overnight session featuring normal range and volume. Trade was balanced overnight, holding inside the upper quadrant of Tuesday’s range.  At 7am MBA mortgage applications came out better than last week.

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

Yesterday we printed a double distribution trend up.  Price opened gap up and ran higher nearly the entire day, exploring the open-air of all-time highs.

Heading into today my primary expectation is for sellers to push into the overnight inventory and close the gap down to 5548.75 then continue lower, down through overnight low 5543.75.  Look for buyers down around 5530.50 and two way trade to ensue.

Hypo 2 buyers work up through overnight high 5554.75 then test up above all-time high mark 5557.25 and continue exploring higher prices.

Hypo 3 strong sellers trigger a liquidation down to 5511.25 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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