NASDAQ futures are coming into Tuesday flat after an overnight session featuring normal range and volume. Price held above the Monday midpoint and inside Monday’s range overnight on balanced trade.
On the economic calendar, beware Janet Yellen speaking to the Senate Banking Committee at 10am. We also have a 4-week T-bill auction at 11:30am.
Yesterday we printed a double distribution trend up. The week began with a gap up and buyers were eager to drive price higher off of it. Price worked higher, up through open air, tagging the Exodus Strategy Session measured move target before finding some responsive selling and settling into two-way trade.
Heading into today my primary expectation is for buyers to work up through overnight high 5261 and continue to probe higher, up through Monday high 5261.50. No upside targets exist.
Hypo 2 sellers push down through overnight low 5252.25 and work lower to 5234.50 before two way trade ensues.
Hypo 3 stronger sellers close the weekly gap down to 5227 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
