NASDAQ futures are coming into Friday flat after an overnight session featuring normal range and volume. Price briefly exceeded the session high from yesterday, just after Alphabet released earnings. Then price went into balanced trade above Thursday’s midpoint for the rest of the night. At 8:30am GDP readings came out below expectations.
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Also on the economic docket today we have the final reading of U. of Michigan Confidence and the Baker Hughes rig count at 1pm.
Yesterday we printed a normal variation up. The market opened gap down, chopped about all morning, then resumed the higher-time frame trend, which is higher. During the settlement period Amazon put out positive earnings spiking the market up on the close.
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Heading into today my primary expectation is for buyers to work higher, up through overnight high 4733 to target 4736.75 before two way trade ensues.
Hypo 2 strong buyers trend the market higher into the weekend. Open air above.
Hypo 3 sellers work down through overnight low 4710.25 setting up a move to target the 4700 century mark before two way trade ensues.
Hypo 4 profit taking ahead of August triggers a liquidation. Trade is sustained below 4700 and the market explores 4695 then 4687. If trade sustains below 4687 we could accelerate lower.
Levels:
Volume profiles, gaps, and measured moves:
How is the market not getting it’s nuts pushed in with that GDP #? That was horrible.
Data, fundamentals, impending debt non-performance, terrorist attack, etc do no matter until they do. We are not in a negative news cycle ATM. This is why we practice auction theory ONLY when it comes to trade execution. It [helps] keep you objective and sane.
The range is these last few days are tighter than …. (be creative)