Nasdaq futures are up on abnormal volume and managed to print an abnormal 2nd sigma range as well. The globex session managed to print out a low by about 6pm eastern time and spent the rest of the session trading higher. Around Europe open it began trading lower but found initiative buyers around 4417.
The economic calendar is quiet today and the market is more likely to take its cues from natural order flow, earnings, and macro currents.
Heading into today my primary expectation is for sellers to work into the overnight inventory and attempt a gap fill. If they can close the range gap (4417) they might have a chance at it. However, early on I expect buyers to defend ahead of 4417 and make a push to take out overnight high 4441.
Hypo 2 is buyers drive off the open, squeezing higher to target the HVN at 4450.75 before finding responsive sellers and 2-way trade ensues.
Hypo 3 is a full gap fill down to 4407.25 and a break of overnight low 4402.75. This may lead to a liquidation especially if trade goes below 4396.50.
Levels:
