NASDAQ futures are coming into Tuesday gap up after an overnight session featuring normal range and volume. Price worked higher for most of the night, uninterrupted, regaining the ground lost last Friday and Monday.
The economic calendar is light today. We have Existing Home Sales data at 10am, a 2-year Note auction at 11:30am, and a 4-week T-bill auction at 11:30am.
Yesterday we printed a normal variation down. The week began gap up and sellers slowly closed the gap. Then we briefly went range extension down before two way trade ensued.
Heading into today primary expectation is for a gap-and-go higher, up through overnight high 6348.50. Look for sellers up at 6354 and two way trade to ensue.
Hypo 2 sustained trade above 6354 sets up a move to target 6363.25.
Hypo 3 sellers work into the overnight inventory and attempt back into the Monday range 6329.25, struggling around here, but eventually closing the overnight gap down to 6315.75. Look for buyers down at 6311.75 and two way trade to ensue.
Levels:
Volume profiles, gaps, and measured moves:
