NASDAQ futures are coming into Tuesday, the first trading day in August, gap up after an overnight session featuring elevated range on normal volume. Price worked higher and held inside the Monday range, coming into balance around midnight New York. At 8:30am Personal Consumption data came out better than expected.
Also on the economic calendar today we have ISM Manufacturing/Employment and Construction Spending at 10am. At 11:30am the US Treasury is auctioning off 4-week T-bills, then Apple reports earnings after closing bell.
Yesterday we printed a normal variation down. The week began with a gap up. Sellers pressed into the gap and closed it, then continued down through overnight low, ultimately testing the low-end of value (set last week) before settling into two-way trade.
Heading into today my primary expectation is for a choppy open. Look for sellers to step in around 5906.50 and begin working lower to close the gap down to 5890.25. From here we continue lower, down through overnight low 5875.50. A bid steps in just below and two way trade ensues ahead of Apple earnings.
Hypo 2 buyers work up through overnight high 5915.50 and work up to 5920.50 before two way trade ensues ahead of Apple earnings.
Hypo 3 strong sellers push down through 5860.75 and sustain trade below it, setting up a move to probe below last Thursday’s low 5844.75, potentially setting up a move to target 5841 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
Hi, any thoughts on AAPL earning? I am long, but not sure the move. Thanks.