NASDAQ futures are coming into Tuesday sort of flat after an overnight session featuring normal range and volume. Price worked sideways overnight in balanced trade inside of the Tuesday range. At 8:30am we had a dump of housing data that was a touch worse than expected
The only other economic event today is a 4-week T-bill auction at 11:30am.
Yesterday we printed a normal variation down. Price worked sideways, more-or-less. Buyers could not extend the initial balance higher after briefly ticking above last Friday’s high—a miniature failed auction. Therefore we fell back down through range and and extended lower, ultimately holding inside of the Friday range.
Heading into today my primary expectation is for sellers to work down through overnight low 5979 then continue lower, down to 5962.50 before two way trade ensues.
Hypo 2 buyers press up to 6037.75 before two way trade ensues.
Hypo 3 stronger sellers press down to 5945.50 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
