Nasdaq futures are stable and traded a normal range and volume overnight despite the earnings reaction in Apple shares, the riots in Baltimore, and the continued uncertainty in Greece. As important as those events are, participants may already have their attention on Wednesday when we will hear the GDP stats in the morning and FOMC rate decision in the afternoon.
Yesterday we started strong but soon reversed and spent most of the session trading lower.
Heading into today, my primary expectation is for buyers to push into the overnight inventory and target the overnight high 4533. Look for sellers to show up near 4539 and two way trade to ensue.
Hypo 2 we stall out around 4530 and churn sideways between there and 4515.
Hypo 3 sellers work back in to target overnight low 4514.25 then 4509 to open up a gap trade down to 4482.50.