NASDAQ futures are coming into Tuesday gap up after an overnight session featuring normal range and volume. Price worked higher overnight and is tracking above our current regular trading hour’s high as we head into the open.
The economic calendar is quiet again today. The US Treasury is auctioning off 4-week T-bills at 11:30am. Federal Reserve’s George is set to speak around noon, but investors are not likely to pay much attention to him.
Yesterday we printed a neutral day. The week began flat, worked higher, up through the Friday high before reversing the entire daily range and pushing neutral, right down into the zone where we spiked higher post FOMC rate hike last week, where buyers were again found, who pushed us back to the middle of the day’s range.
Heading into day my primary expectation is for buyers to squeeze up through overnight high 5434.75 and trade above the current Globex high/swing high at 5440 before two way trade ensues.
Hypo 2 sellers into the overnight inventory closing the gap down to 5418.50 then down through overnight low 5413.50. Look for buyers down at 5411 and two way trade to ensue.
Hypo 3 strong buyers sustain trade above 5411.75 setting up a trend day and exploration of open air above.
Levels:
Volume profiles, gaps, and measured moves:
