NASDAQ futures are coming into Friday flat after an overnight session featuring abnormally low range on normal volume. Price extended up the gains made Thursday overnight before coming into balance. At 8:30am annualized GDP came in below expectations, at 0.80% vs 0.90% estimate. The initial reaction is some selling.
Also on the economic docket today we have final May reading of U. of Michigan Confidence at 10am, Fed Chair Yellen talking at the Harvard Radcliffe Day at 10:3am, then Baker Hughs Rig count at 1pm.
Yesterday we printed a normal variation up. The session was balanced until late in the afternoon when buyers stepped in and pushed the market higher, ending the day at session high.
Heading into today my primary expectation is for chop. Look for buyers to continue working higher, with 4524.75 putting a cap on upward action.
Hypo 2 sellers come in and book some gains ahead of the holiday weekend/month end. Look for a move down to 4485 before two way trade ensues.
Hypo 3 Yellen says something that triggers a bit more liquidation. We reenter the lower value and explore it, with sellers targeting 4470.50 before we come into two way trade.
Levels:
Volume profiles, gaps, and measured moves:
