NASDAQ futures are coming into Friday slight gap down after an overnight session featuring normal range and volume. Price traded a tight balance inside Thursday’s range for the duration of the Globex. At 8:30am both Advance Trade Goods Balance and GDP came in better than expected. There was no reaction to the news.
Investors are more interested to hear what Fed Chair Janet Yellen has to say at 10am, when she speaks from Jackson Hole. Also on the economic docket we have U. of Michigan offering their final August reading of Confidence at 10am and the Baker Hughes rig count at 1pm.
Yesterday we printed a normal variation up. Price opened gap down and after a brief probe of the week’s low buyers worked into the overnight inventory and closed the gap. Then sellers stepped in and we balanced out–marking time until the close.
Heading into today my primary expectation is for buyers to push into the overnight inventory and close the gap up to 4782.50. From here we continue higher, up through overnight high 4786.50 to 4808.50 before two way trade ensues.
Hypo 2 sellers push down through overnight low 4775.75 then test below the week’s low 4768.25 setting up a liquidation down to 4756.75 before two way trade ensues.
Hypo 3 strong buying takes us up to 4815 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
Is that Raul dropping into Corbets?
Lol no, its more of a tumble when i drop in