NASDAQ futures are coming into the week pro gap up. On Sunday James Comey, Director of the FBI re-closed the investigation into H.Clinton’s emails. After the gap up, range and volume were normal during the balance session.
On the economic docket today we have a 3- and 6-month T-Bill auction at 11:30am then Consumer Credit at 3pm.
Last week markets opened slight gap up and spent the rest of the week trend down. Here is the performance of each major index last week:
Last Friday the NASDAQ was gap down and found a sharp responsive bid at an old MCVPOC. The morning rally eventually faded off, ending the week hovering just above this major reference point.
Heading into today my primary expectation is for sellers to push into the overnight inventory and take out the overnight low which shows up at 4709.75. Buyers step in at 4707.50 and two way trade ensues.
Hypo 2 gap and squeeze run higher. Take out overnight high 4739.75 and target 4762 before two way trade ensues.
Hypo 3 aggressive sellers push down through 4707.50 and work down to 4689.25 before two way trade ensues.
The first hour is likely to see OTF players slosh price around.
Levels:
Volume profiles, gaps, and measured moves:
