NASDAQ futures are coming into Friday flat after an overnight session featuring normal range and volume. Price worked higher and 1-ticked Thursday’s high before settling above its midpoint.
The only two economic events today are ISM Manufacturing at 10am and the Baker Hughes rig count at 1pm.
Yesterday we printed a double distribution trend up. It was the 3’rd consecutive up day, a unilateral occurrence that elevates the probability of a down day today.
Heading into today my primary expectation is for buyers to continue working the market higher, up to the MCVPOC at 4425. Look for responsive sellers here and two way trade to ensue.
Hypo 2 sellers push lower, down through overnight low 4386.25. Look for responsive buyers down at 4377 and two way trade to ensue.
Hypo 3 strong buyers push a bit higher, up to 4440.75 before two way trade ensues.
Hypo 4 strong selling pushes down through 4377 and sustains trade below it setting up a move down to 4367. Stretch downside target is 4350.
Levels:
Volume profiles, gaps, and measured moves:
