Writer’s note: when you take ownership of all your flaws and weaknesses you’ve won.
NASDAQ futures are coming into Tuesday with a slight gap down after an overnight session featuring normal range and volume that held the upper half of Monday’s trend day.
Today is election day, an all day event that won’t likely be complete until around 11pm EST. Also on the economic docket today we have JOLTS Job Openings at 10am, both a 52- and 4-week T-Bill auction at 11:30am, then a huge 2-year Note auction at 1pm.
Yesterday we printed a trend up. The day began with a pro gap up above both Thursday and Friday’s range, way out of balance, that drove higher. Then, at the end of the day, we made a second leg higher, back nearly to prices unseen since the prior Monday.
Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 4776.75 then take out overnight high 4781.75 setting up a move to target 4788.75 before two way trade ensues.
Hypo 2 sellers work down through overnight low 4758 then stall out as we go into choppy trade between 4760 and 4775.
Hypo 3 strong buyers work up to the MCVPOC at 4800.
Hypo 4 sellers sustain trade below 4755.50 setting up a liquidation down to 4740.
Levels:
Volume profiles, gaps, and measured moves:
