NASDAQ futures are coming into Monday gap up after an overnight session featuring normal range and volume.  Price held the Friday range in balanced trade which is giving way to buying as we approach USA cash open.

The economic calendar is light today with only 3- and 6-month T-bill auctions at 11:30am and a 2-year Note auction at 1pm.

Last week featured a Monday of selling followed by a rally for the remainder of the week.  The Dow lagged behind and the Russell lead.  Here is the performance of each major USA index last week:

On Friday, an early probe higher discovered responsive sellers on the NASDAQ and once it pushed down to its CVPOC at 4808 it spent the rest of the day in a churn around those prices.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 4804.25.  A probe below last Friday’s low 4803 reveals responsive buyers and two way trade ensues around the value at 4809.

Hypo 2 buyers gap and go, make a push above Friday high 4840.50 and target 4846.25 before two way trade ensues.

Hypo 3 stronger buyers push up to 4870.25 before two way trade ensues.

Hypo 4 strong sellers fill overnight gap 4808.25, breach overnight/Friday lows 4803 and trigger a liquidation down to 4768 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Friday flat after an overnight session featuring normal range and volume.  Price worked to a new weekly high overnight before settling into orderly and balanced two-way trade.

The economic calendar is breezy today.  At 10am Leading Indicators will drop, and at 1pm Baker Hughes rig count.  That’s all the scheduled events–really light economic docket.

Yesterday we printed a double distribution trend up.  Two pushes formed the profile–one late in the morning and another in the late afternoon, ramp capital style.

Heading into today my primary expectation is for buyers to work higher, up through overnight high 4837.75 and target 4846.50 before two way trade ensues.

Hypo 2 seller work down through overnight low 4815.75 triggering a sale down to 4800, some back-and-forth, then a secondary wave down to 4768.50 before two way trade ensues.

Hypo 3 strong buyers work up to 4870 before two way trade ensues.

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 and volume.  Price worked to a fresh weekly higher overnight before settling into balanced trade.  At 8:30am several economic data points came out better than expected.

The only other economic event today comes at 1pm, when the US Treasury will reopen the auction of 10-Year TIPS.

Yesterday we printed a normal variation up.  After opening gap down and a spirited morning drive higher, price settled into a tight little balance up in the upper quadrant of the session.

Heading into today my primary expectation is for buyers to make a push higher, up through overnight high 4803.75 setting up a move to target the CVPOC magnet at 4807.  Look for some struggle here before buyers continue higher to 4820 and two-way trade ensues.

Hypo 2 sellers work down through overnight low 4780.75 and test the Wednesday midpoint at 4767.75 before two way trade ensues.

Hypo 3 some kind of liquidation triggers.  Sellers drive down to close the gap at 4695.25 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into midweek gap down after an overnight session featuring elevated range on normal volume.  Price poked above the Tuesday high, briefly, before finding a sharp responsive seller.  We are pressing below the midpoint of Tuesday’s range as we approach cash open.

On the economic calendar today we have Industrial/Manufacturing production data at 9:15am, NAHB Housing Market index at 10, crude oil inventory at 10:30am, and Long-term TIC flows at 4pm.

Yesterday we printed a normal variation up.  Buyers drove the market higher after it opened gap up.  An afternoon rotation back into the morning drive revealed initiative buyers who managed to press a range extension up toward the end of the day.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 4766.25.  Look for sellers near the gap fill who work the market down through overnight low 4743.50.  Buyers defend ahead of 4710 and two way trade ensues.

Hypo 2 sellers drive lower off the open, probe below Tuesday low 4726 setting up a move to target the open gap at 4695.25 before two way trade ensues.

Hypo 3 strong buyers take out overnight high 4783 and trigger a short squeeze up to 4820 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 elevated range on normal volume.  Price was balanced overnight before this morning when Advance Retails Sales data (8:30am) helped propel the market higher.  As we approach opening bell, price is hovering below Monday’s high 4750.75.

See also: Home Depot Beats, Guides Up

There are a few other economic events today including Business Inventories at 10am and 4-Week T-bills being auctioned off at 11:30am.

Yesterday we printed a normal variation down.  The day started with sellers driving price lower, down to a new cash low post election.  Responsive buyers were just below the test level and two way trade ensued, below Monday’s midpoint.

My primary expectation heading into today is for sellers to work into the overnight inventory and close the gap down to 4695.25.  Look for buyers right around here who work price up through overnight high 4732 to target 4750 before two way trade ensues.

Hypo 2 buyers gap and go, up through Monday high 4750.75 and rally to the CVPOC at 4807 before two way trade ensues.

Hypo 3 sellers work gap fill down to 4695.25 then take out overnight low 4688 and continue lower to test Monday low 4672.75.  Look for buyers down at 4663.25 and two way trade to ensue.

Hypo 3 full-on liquidation, down through 4663.25 setting up a move to probe the post election globex low down at 4558.25.

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 on normal volume.  Price worked up beyond the area defended by sellers last Thursday before selling off.  Since then price has held above the Friday midpoint.

The economic calendar is light this week.  Today the only scheduled events come at 11:30am when the US Treasury auctions off both 3- and 6-month T-bills.

Last week was extremely active, starting out with a big gap up and two day rally before the US elections.  Voting results may have triggered a massive sell-off Tuesday evening, but price managed to regain most of the losses before the open of trade Wednesday.  Then, for the rest of the week all indices except the NASDAQ rallied.  The NASDAQ sold off Thursday and came into balance Friday.

Here are the performances of each major index last week:

Heading into today my primary expectation is for sellers to take out overnight low 4733.50 and test below last Friday’s low 4706.  Look for responsive buyers down at 4700 and two way trade to ensue.

Hypo 2 buyers work the overnight gap fill up to 4749.25 and up to 4765.50 before two way trade ensues.

Hypo 3 strong buyers work gap fill up to 4749.25 then take out overnight high 4784.50 triggering a short squeeze up to 4807.25 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 on elevated volume.  Price worked lower overnight, down near the weekly low before bidders stepped in and worked price back to the topside of Thursday’s lower quadrant.

The economic calendar is slow today.  At 10am we have the preliminary November reading of U. of Michigan confidence and at 1pm the Baker Hughes rig count.

Yesterday we printed a normal variation down.  After a gap up and open auction, a strong selling drive pushed into the market and took price to a new low for the week before a strong responsive bid stepped in.  The daily mid acted as a wall toward the end of the day, thwarting any attempts at an afternoon ramp higher.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 4743.  Price takes out overnight high 4745.75, then look for responsive sellers up at 4750 and two way trade to ensue.

Hypo 2 sellers work down though overnight low 4681.75.  Look for responsive buyers down at 4664 and two way trade to ensue.

Hypo 3 strong sellers push down through overnight low 4681.75 and work down to target the weekly gap at 4657.75 before two way trade ensues.

Hypo 4 strong buyers press up to 4800 then 4834.25 before two way trade ensues.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Thursday gap up after an overnight session featuring extreme range and volume.  Price worked higher overnight, campaigning higher prices until finding sellers up near the 10/27 daily high, an area previously defended by sellers.  At 8:30 am Initial/continuing jobless claims data came out mixed.

Also on the economic calendar today we have a 30-year bond auction at 1pm and a Monthly Budget Statement at 2pm.

Yesterday we printed a double distribution trend up.  Price opened pro-gap down but much higher the futures were initially pricing overnight, post Donald Trump victory.  Then, a strong drive higher took hold at the open.  After initially being faded by sellers, a second, intiative wave of buying pushed the market to a fresh high on the week before two way trade ensued.

Heading into today my primary expectation is for sellers to work into the overnight inventory and trade down to 4829.50.  From here buyers show up and two way trade ensues, below 4868.

Hypo 2 sellers work down through 4830 to target a gap fill down to 4820.50 then continue lower to take out overnight low 4809.25.  Look for responsive buyers down at 4786.50 and two way trade to ensue.

Hypo 3 buyers gap and go, up through overnight high 4879.75 to close the gap up at 4888.  Stretch targets are 4900 then 4917.50.

Levels:

Volume profiles, gaps, and measured moves:

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NASDAQ futures are coming into Wednesday gap down after an overnight session featuring extreme range and volume.  Price worked significantly lower overnight as Trump became the likely candidate to win President.

On the economic calendar today we have Wholesale Inventories at 10am, Crude Oil inventories at 10:30am, and a 10-year Note auction at 1pm.

Yesterday we printed a choppy normal variation up. Price action was predominantly bullish.

Heading into today my primary expectation is for big chop between 4716 and 4666.

Hypo 2 sellers drive down through 4666 and work towards overnight low 4558.50 before two way trade ensues.

Hypo 3 buyers work up to 4793.75 before two way trade ensues.

Levels:

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Tonight is adult swim in the NASDAQ futures.  The Globex session is expected to be active and present opportunity for folks who work the futures in a systematic way.

Here are the key NASDAQ levels to trade as the election results start to flow in:

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