NASDAQ futures are priced to gap up into Black Friday after a globex session that featured normal range on elevated volume. Price managed to press up into the excess high formed Monday morning before responsive sellers stepped in and pushed price down through the Wednesday cash close.
The economic calendar is clear today, but we do have an early close. Trade will end at 1:15pm today.
If I could, I would remove the Thursday trade bars from my chart. They are not actual cash trade since the underlying stocks were not trading. Wednesday we printed a normal variation up, barely, in a balanced, churn of a session.
Heading into today my primary expectation is for buyers to push up through the overnight high 4703.25, barely, and then two way trade ensues around 4697.
Hypo 2 sellers push into the overnight inventory and close the gap down to 4677.25. Look for a responsive bid near 4675.75 and two way trade ensues.
Hypo 3 no action. Churn range between 4697 and 4681.
Levels:
