NASDAQ futures are coming into Tuesday flat after an overnight session featuring normal range and volume. A new value formed yesterday/overnight while price held Monday range during the Globex session.
The economic calendar is light today. At 10am we have Wholesale Inventories, at 11:30am a 4-week T-bill auction and at 1pm a 3-year note auction.
Yesterday we formed a normal variation up. The day began with a slight gap up and the rest of the day we spent slowly drifting higher, up to new highs where responsive sellers were found, ending the day above the midpoint but back down near daily value.
Heading into today my primary expectation is for buyers to work up though overnight high 5026 and target 5034 before two way trade ensues.
Hypo 2 buyers press up to 5047.50 before two way trade ensues.
Hypo 3 seller press down through overnight low 5007.25 and test 5000 before two way trade ensues.
Hypo 4 strong sellers press down below 5000 setting up a move to target 4982.50 before two way trade ensues.
Volume profiles, gaps, and measured moves:
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