NASDAQ futures are coming into Tuesday flat after an overnight session featuring normal range and volume. Price worked higher overnight, briefly poking above the Monday high before settling into two-way trade.
The economic calendar is light all week. Today is no exception. The U.S. Treasury is auctioning off 52-week and 4-week bills at 11:30am. There are no other economic events. Fed’s Robert Kaplan will speak at 3pm, but investors are likely to ignore him.
Yesterday we printed a double distribution trend up. The week began with a strong pro gap and buyers drove higher off the open. Buyers then became initiative later in the day, springing higher only to be knocked back by sellers twice.
Heading into today my primary expectation is for a move higher, up to 5800 before two way trade ensues.
Hypo 2 sellers press down to 5750 before two way trade.
Hypo 3 stronger sellers liquidate down to 5717.25 before two way trade ensues.
Hypo 4 strong buyers sustain trade above 5800, triggering a pole climb up to 5822.75.
Levels:
Volume profiles, gaps, and measured moves:
