NASDAQ futures are coming into Thursday flat after an overnight session featuring normal range and volume. Price worked sideways overnight in a balanced manner. At 8:30am three data were dumped out–wholesale inventories, initial/continuing jobless claims, and advance goods trades balance. Thus far the reaction is muted.
Also on the economic agenda today we have pending home sales at 10am and a 7-year note auction at 1pm.
Yesterday we printed a normal variation down. The day began gap down. Buyers closed and briefly poked above overnight high before a strong responsive seller stepped in. Sellers then became initiative and pressed us down into the 10/4 trading range before responsive buying stepped in and bought the dip. We spent the rest of the day working higher, eventually closing above the daily midpoint.
Heading into today my primary expectation is for sellers to work down through the overnight low and trade down to 6030.25 before two way trade ensues.
Hypo 2 we press up through overnight high 6076 and tag 6081 before two way trade ensues.
Hypo 3 stronger buyers press up to 6098.25 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
