NASDAQ futures are coming into Friday gap down after an overnight session featuring normal range and volume. Price slowly worked lower overnight, holding onto Thursday’s range.
There are no economic events today.
Yesterday we printed a normal variation down. A morning gap down was sold into, pressing briefly below the overnight low and into range extension down (hypo 3). Then a responsive bid stepped in and two way trade ensued.
Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 5924.50. From there we continue higher, briefly poking above overnight high 5932.75 before two way trade ensues.
Hypo 2 sellers press down to 5895 before two way trade ensues.
Hypo 3 sellers press down to the open gap at 5833.25 before two way trade ensues.
Volume profiles, gaps, and measured moves:
