Nasdaq futures are higher overnight on a session featuring normal volume and range. Sellers had something going in the early AM hours but by 5am they waffled their opportunity and higher the prices continued.
The economic calendar is quiet this morning. We have Markit Composite/Service PMI at 9:45am. Several sources expressed concern over the lack of participation by semiconductors during last week’s tech rally, and news from AMAT already has the industry in focus again, to start the week. However the most notable external event will likely be Apple earnings, scheduled for release after market close.
Last week we traded higher throughout the week, quickly, leaving three open gaps in our trail. This suggests aggressive other time frame activity occurred during the week. The week was capped off Friday with a big gap up and a double distribution trend day.
Let’s be clear about where the Nasdaq currently stands. Yes, we did manage to mark a new all-time closing high last week. However, the real all-time high, the glory shot, is still about 37 Nasdaqs higher. You can see it below on the following weekly composite chart:
Heading into today, my primary expectation is for seller to push into the overnight inventory and trade down to 4532.75 before two-way trade ensues, leaving another open gap behind.
Hypo 2 is buyers continue exploring higher, right from the open, and we trend higher to 4575.25 before finding responsive selling.
Hypo 3 sellers push a full gap fill down to 4529 before two-way trade ensues.
Levels are highlighted below:
this is the week i normal start to push the chips big time. coming off a big prior week and feeling good. I’m taking a different approach this time. close out my remaining positions for large amounts of coin, and get fruggle with trades. One, maybe 2 this week.
good form, mate