NASDAQ futures are coming into Tuesday gap down after an overnight session featuring normal range and volume. Price worked up through the Monday high briefly before reversing the gains. Price is holding in the upper quadrant of Monday’s range as we head into the open. At 8:30am Advance Goods Trades balance data was better than expected.
Also on the economic docket today we have Consumer Confidence at 10am, 52- and 4-week T-bill auctions at 11:30am, a 5-year Note auction at 1pm, and Yellen speaking at 12:50pm.
Yesterday we printed a double distribution trend up. Price opened gap down, to a new low for the month of March and took out overnight low by a few ticks before reversing and trading higher for much of the day, closing the overnight gap and essentially finishing flat.
Heading into today my primary expectation is for buyers to work into the overnight inventory and take out overnight high 5393 setting up a move to target the 5400 century mark before two way trade ensues.
Hypo 2 sellers work down to 5348.50 before two way trade ensues.
Hypo 3 strong sellers press down to 5328.75 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
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