NASDAQ futures are coming into the week gap up after an overnight session featuring normal range and volume. Price worked higher overnight, mostly after 6:30am. Before then it was balanced.
The economic calendar is light to start the week–only a 3- and 6-month T-bill auction on the docket, both at 11:30am.
US markets worked higher last week, across the board. Here is the performance of each major index last week:
Last Friday the NASDAQ printed a normal variation up. Price opened gap up, just above the Thursday high. Sellers worked down into the the gap, closed it, revealed buyers and we spent the rest of the day auctioning higher.
Heading into today my primary expectation is for buyers to probe higher into open air. Look for sellers up at 5261.50 if we tag it.
Hypo 2 sellers press into the overnight inventory and close the gap down to 5227. This sets up a move to take out overnight low 5226.75. Look for buyers just below at 5224.75.
Hypo 3 strong selling moves in, sustains trade below 5223.25 setting up a move to target 5210.
Levels:
Volume profiles, gaps, and measured moves:
