Overnight we printed a balanced session of trade into 8:30am, where the markets appear to be catching a slight bid. Overall we are mostly unchanged across the board.
The opening action yesterday whispered of long timeframe activity, where aggressive buyers came in and disregarded day timeframe price zones. Thus although the Think or Swim volume-at-price is highly inaccurate, it proved sufficient for measuring intermediate term activity.
Sticking with the intermediate term, and by no means is it my choice, I again turn your attention to the Think or Swim platform, where the NASDAQ futures are working through a consolidation pattern with some interesting volume reference points to gauge market sentiment upon:
My first vision is for resolution of this consolidation. I would like to see sellers push off the open, perhaps down to the 3539 LVN, where I will look for signs of buyers. If they are not present, a second thrust lower to 3527.50 may be in order.
Ideally, this weakness is met with aggressive/reactive rejection from buyers which propels us up above the highlighted consolidation formation.
My second vision is a slow grind over the MCHVN at 3558 and over the top of this distribution to my upside target of 3576.
