NASDAQ futures are coming into Thursday, December 1st flat after an overnight session featuring normal range and volume. Price took out the Wednesday low and tagged the composite VPOC before settling into balance. At 8:30am Initial/Continuing jobless claims data were out but investors are more keen on tomorrow morning’s Nonfarm payroll reading.
Also on the economic docket today we have ISM Manufacturing at 10am.
According to Exodus December is historically a positive month for the NASDAQ (per the QQQ ETF) however the average return of +0.92% includes 10 years of down months and only 7 years where it went higher. Likely skewing the data is 1999 when the QQQ returned 24.32% in full, dot com bubble glory.
Yesterday we printed a trend down. After opening slight gap up sellers pressed hard into the tape early on and continued selling throughout the afternoon.
Heading into today my primary expectation is for sellers to work down through overnight low 4805 to tag the 4800 century mark before two way trade ensues.
Hypo 2 strong selling works down to 4768.50 before two way trade ensues.
Hypo 3 buyers press up through overnight high 4827.50 to target 4829.25 before two way trade ensues.
Hypo 4 strong buyers work up into the Wednesday trend down, trading up to the midpoint around 4852.50 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
