NASDAQ futures are coming into Thursday gap up after an overnight session featuring normal range and volume. Price worked up beyond the Wednesday high before coming into balance. At 8:30am Personal Consumption data was in-line with expectations.
Also on the calendar today we have Chicago Purchasing Manager at 9:45am and Pending Home Sales at 10am.
Yesterday we printed a trend day. It was the second trend day in a row. Quite bullish.
Heading into today my primary expectation is for a push up through overnight high 5957 then a continuation higher, up to 5975.75 before two way trade ensues.
Hypo 2 sellers work into the overnight inventory and close the gap down to 5936.25 then continue lower through overnight low 5931.75. Look for buyers down at 5928.75 and two way trade to ensue.
Hypo 3 stronger buyers take up up to 5989.75 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
