Nasdaq futures managed to print an abnormal range but volume has returned to normal as we head into Thursday. The session traded inside of yesterday’s range and found responsive buying down near the VPOC of the session (4290.50). The session was balanced.
Yesterday we printed the elusive normal day—a day where the first hour’s range is never exceeded for the remainder of the session. These day types suggest an other time frame was aggressive at the open but never became initiative intraday and 2-way trade ensued. It could be early signs of a pause ahead of tomorrow morning’s NonFarm Payroll change.
Overall, the short term is seller dominant, and the last 2-3 weeks are neutral. We are trading along the peaks of prior resistance and buyers have three times defended their progress. The more tests lower we have, the weaker their ranks become.
My primary hypothesis on the session is for buyers to sustain trade above 4300 and make a push to take out overnight high 4319.75. Look for responsive sellers around 4326 otherwise continue higher to 4338.50.
Hypo 2 is sellers push down through 4300 and push down to 4285 where responsive buying comes in and 2-way trade ensures.
Hypo 3 is a strong selling take out 4285 and test below yesterday’s session low 4275.75 to target 4255.
Levels:
lets ride.
Spot on so far my friend. WOW