NASDAQ futures are coming into Thursday with a small gap up after an overnight session featuring normal range and volume. Price worked up beyond all-time highs overnight and is sustaining the gains as we head into the open. At 8:30am Initial/Continuing jobless claims came in mixed.
Also on the economic docket today we have House Price Purchase index at 9am, crude oil inventories at 11am, and a 7-year note auction at 1pm.
Yesterday we printed a normal variation up. An early move lower could not take out the Tuesday low and we began working higher, eventually extending to a new all-time high in a very mild manner.
Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 5350.75. From here we continue lower, down through overnight low 5346.75. Look for buyers down around 5341 and two way trade to ensue.
Hypo 2 buyers press up through 5358.25 and sustain trade above it, setting up a rally into open air. No stretch targets available.
Hypo 3 stronger sellers work the weekly gap fill down to 5325.25.
Levels:
Volume profiles, gaps, and measured moves:
