NASDAQ futures are coming into Monday flat after an overnight session featuring normal range and volume. Price was balanced overnight and held inside last Friday’s range.
The week kicks off with a light economic agenda. The only scheduled events today are 3-and 6-month T-bill auctions at 11:30am.
Last week began with a short squeeze higher. We worked higher up into the Fed minutes Wednesday afternoon. Then sellers stepped in. We spent the rest of the week working lower, rapidly at times, before settling into a wiry balance ahead of the weekend.
On Friday, the NASDAQ printed a normal variation up. The day began with a sharp move lower, down through the prior swing low. This revealed a strong responsive bid. Buyers pushed through lunchtime before sellers ultimately faded the move, closing us below the daily midpoint by end-of-day.
Heading into today my primary expectation is for a move down through overnight low 5778.75. Look for buyers down at 5767.50 and two way trade to ensue.
Hypo 2 stronger sellers work down to 5753 before two way trade ensues.
Hypo 3 buyers work up through overnight high 5816.75 triggering a spike up to 5850 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
