NASDAQ futures are heading into Friday flat after an overnight session featuring normal range and volume. Price worked sideways after a spike higher during Thursday settlement period, fueled by earnings from Amazon. At 8:30am annual GDP data were released, worse than expected, and cause little effect to the market.
Also on the economic docket today we have Chicago Purchasing Manager at 9:45am and Baker Hughes rig count at 1pm.
Yesterday we printed a normal variation up that morphed into a double distribution-type trend day during settlement period. Thursday morning marked the third gap up left behind during the week, including the major gap up Monday following the French election results.
Heading into today my primary expectation is for buyers to work higher, up through overnight high 5597.75 and continue probing all-time highs. Price stalls just beyond 5600 and two way trade ensues.
Hypo 2 sellers push down through overnight low 5582.75 and flush lower, down to 5559.25 before two way trade ensues.
Hypo 3 sellers push lower, down to about 5575 before two way trade ensues.
Hypo 4 buyers work up through 5600 and continue working higher, into open air as we wrap up the week.
Levels:
Volume profiles, gaps, and measured moves:
