The economic calendar is quiet to start the week and many of the headline companies have already reported earnings. Thus much of what has been made known is public to the market and the market is tasked with establishing value according to these facts.
The Nasdaq has gone lower for two sessions after balancing out near annual highs. It carried some major speed to the downside and the selling managed to recapture nearly all of the progress made in July. Around lunchtime we saw our first signs of responsive buying significant enough to stick around for a few hours. Futures continued drifting higher overnight and as we approach cash open we are set to gap higher by just about 9 points.
I carefully reviewed the current intermediate term balance and highlighted the key prices levels within this balance below:
Furthermore, I have highlighted the prices levels I consider in play early on using the following market profile chart:
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