NASDAQ futures are starting Thursday gap up after an overnight session featuring normal range and volume. Price worked higher overnight after briefly poking below the Wednesday low yesterday evening. At 8:30am a slew of economic data were released including Advance Good Trade Balance (beat), Durable Goods Order (miss), and Initial/Continuing jobless claims (mixed).
Also on the economic agenda today we have Pending Home Sales at 10am and a 7-Year Note auction at 1pm.
Yesterday we printed a normal variation down. After a brief spike to all time highs shortly after the open, the session was quiet, working sideways with a slight downward drift.
Heading into today my primary expectation is for buyers to work higher, up to test all-time high 5562.50 before two way trade ensues.
Hypo 2 sellers work down through overnight low 5534.25, down to 5511.50 before two way trade ensues.
Hypo 3 tight chop, range bound from about 5553 to 5527.25.
Levels:
Volume profiles, gaps, and measured moves:
If you enjoy the content at iBankCoin, please follow us on Twitter