NASDAQ futures are coming into Wednesday flat after an overnight session featuring elevated volume on normal range. Price worked higher overnight, trading well-up-into the trend down from 8/17 before two-way trade ensued. At 8:15am ADP employment data was better than expected. At 8:30am GDP data was better than expected.
The only other economic event today is crude oil inventory at 10:30am.
Yesterday we printed a trend up. The day began with a sharp gap lower. After a brief attempt lower price drove higher. We then spent the rest of the day working back up to the highs set last Friday.
Heading into today my primary expectation is for a move up through overnight high 5899. Look for sellers around 5900 and two way trade to ensue.
Hypo 2 stronger buyers take us up to the open gap at 5924.25 before two way trade ensues.
Hypo 3 sellers press down through overnight low 5862.50 and continue lower, down to 580 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
