NASDAQ futures are coming into the week flat after an overnight session featuring normal range and volume. Price worked lower for much of the evening, probing to the midpoint from last Thursday before an early-morning round of buying put the market back to unchanged.
On the economic calendar today we have Industrial Production at 9:15am, and both 3- and 6-month T-Bills us for auction at 11:30am.
Last week was choppy but overall markets worked lower. Here is the performance of each major index last week:
Reminder: the Russell 2000 may lead the market this week
On Friday, the NASDSQ printed an ugly normal variation down. After a gap up and morning drive higher, buyers fizzled out. Sellers then negated the morning drive and gap before 2-way trade ensued.
Heading into today my primary expectation is for sellers to work into the early morning inventory. Look for a move down to 4788 to reveal buyers who work up through overnight high 4806. Look for sellers ahead of 4820 and two way trade to ensue.
Hypo 2 strong buyers off the open take out overnight high 4806 and continue higher through the Friday weak high at 4841. Look for sellers up at 4850 and two way trade to ensue.
Hypo 3 sellers work down through overnight low 4781 and target 4751.25 before two way trade ensues.
Volume profiles, gaps, and measured moves: