Measured Moves

Nasdaq futures are trading higher after a very balanced session gave way to buying on a positive employment numbers.  This is not quite “pro gap” territory, so the possibility of playing the overnight gap fill is still in place.  However, taking that short trade may not be an easy endeavor in this environment.

Here’s a look at the short term auction, which is in buyer control:

I prefer trading inside the thick of volume profile, but when the contracts are trading at all time highs I must rely on measured moves.  Today’s upside targets are fibornacci extensions based upon the peak-to-trough of the contract.  It yield the following upside levels.   I have some prior composite support levels (quite a bit lower) noted as well:

I try not to do too much at these levels, instead enjoying the view and managing what I already have on.  Stay patient out there today folks.