Nasdaq futures are flat overnight on a session that featured heavy volume and two way trade. Price pushed higher first, but stalled in the lower quadrant of yesterday’s trend day before traversing lower and extending beyond yesterday’s low. Buyers showed up right where they needed to so far and we spent the rest of the session chopping along the middle of the globex range.
Today we had ADP Employment Change at 8:15am, the number yielded a muted reaction. At 9:15 Fed Yellen and Lagarde are on a panel in Washington, and at 10:30am the Crude/Gas Inventory stats are out. It will be interesting to see the reaction in oil this week as the commodity continues to press higher for another week.
Just below where the Nasdaq currently trades is the 4/20 conviction day. It was tested last Thursday and we found responsive buyers. However, once again, we are here, and they are again tasked with playing defense.
Heading into today, my primary expectation is for sellers to push off the open. Whether or not they can take out the overnight low will be telling, because below 4395.50 there is potential for liquidation. However, today I look for buyers to hold the low and press higher to target 4433.
Hypo 2 is buyers push up through 4433 and climb and reverse much of yesterday’s action, targeting 4450.
Hypo 3 we take out overnight low, but find responsive buyers just below last Thursday’s low 4386.50 to trap shorts and push higher.
Hypo 4 we take out overnight low and 4386.50 setting up a liquidity event to target 4354.75.
Level:
Hypo 1 kinda plays out like this: https://vine.co/v/O96EpHJqq0B
LMAO perfect imagery
The cheetah just knocked the cellphone out of the Arab’s hand. We’ll see how good his reflexes are…
i see the strings that control the system.