Nasdaq futures were thrown out of balance overnight after the Bank of Japan announced they were expanding their massive stimulus package. The reaction was large enough to put the index to new swing highs meaning participants are coming to market this morning at prices dramatically different from the closing bell. The volume and range on the globex session are beyond normal as you might expect putting us in pro gap territory.
On the economic calendar for today we have Chicago Purchasing Manager at 9:45am and U. of Michigan Confidence stats at 9:55. We are also in the thick of earnings season as the month-end trade takes us into the weekend.
Prices at the open will be trading levels unseen since March of 2000. Given the lack of price history available, I need to work using available support levels and measured move targets. I have noted the measured moves and support levels I will be observing on the following volume profile mash up chart:
odd how that fib target 4138.65 saw responsive (to the open) buyers this morning