NASDAQ futures are coming into Friday up a quick +40 after an overnight session featuring extreme range and volume. Price worked higher overnight, chopping a bit at 8300 before continuing its ascent to new all-time high prices. At 8:30 advance retail sales data came out stronger-than-expected. As we approach cash open, price is hovering at all-time highs, about 10 points above 8300.
Also on the economic calendar today we have industrial/manufacturing production data at 9:15am followed by business inventories at 10am.
After the bell Thursday, major semiconductor component Nvidia reported stronger than expected earnings:
NVIDIA Q3 Adj. EPS $1.78 Beats $1.58 Estimate, Sales $3.01B Beat $2.92B Estimate NVIDIA (NASDAQ:NVDA) reported quarterly earnings of $1.78 per share which beat the analyst consensus estimate of $1.58 by 12.66 percent. This is a 3.26 percent decrease over earnings of $1.84 per share from the same period last year. The company reported quarterly sales of $3.01 billion which beat the analyst consensus estimate of $2.92 billion by 3.08 percent. This is a 5.38 percent decrease over sales of $3.181 billion the same period last year.
Shares of NVDA are unchanged in pre-market trade.
Yesterday we printed a neutral extreme up. The day began with a gap down and two way auction. Buyers eventually stepped in and started working the gap fill but stalled out a few points shy of it before sellers drove price down to new low of day. The selling pushed down near Monday’s midpoint before responsive buyers stepped in. Said buyers reversed all the selling, and more, working up into a neutral print and eventually closing on session high, a few points above the Wednesday close.
Heading into today my primary expectation is for buyers to gap-and-go higher, trading up to 8336 before two way trade ensues.
Hypo 2 stronger buyers pivot up-and-away from 8336 to tag 8350.
Hypo 3 sellers press into the overnight inventory and close the gap down to 8265.50. Look for a tag of the massive composite VPOC at 8255.50 before two way trade ensues.
Volume profiles, gaps, and measured moves: