NASDAQ futures are coming into Tuesday gap up after an overnight session featuring normal range and volume. Price worked higher overnight, pressing up from the stable footing of the well-developed value we launched from Monday morning.
The economic calendar is light today—only a 2-year Note auction at 11:30am and a 5-year at 1pm.
Yesterday we printed a normal day. The first 30 minutes of trade were so explosive, driving higher after a gap up to begin the holiday shortened week, that we never had a range extension for the rest of the day. Instead, more than half the move was given up, intraday.
Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 4961. A probe below overnight low 4959.25 reveals buyers around 4955 and two way trade ensues.
Hypo 2 buyers work up through overnight high 4979.25 and make a run to test above Monday high 4994.50. Look for sellers around 5000 and two way trade to ensue.
Hypo 3 strong sellers press down to 4937 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
