NASDAQ futures are coming into the week gap up after an overnight session featuring normal range and volume. Price worked higher overnight, nearly uncontested, probing up through open air as the index sustains record levels.
The economic calendar is light today. We have the NAHB housing market index at 10am and a 3- and 6-month T-bill auction at 11:30am.
Last week markets worked higher across the board and went trend up into the weekend. The last week performance of each major index is shown below:
On Friday the NASDAQ printed a trend up. The day began with a gap up inside of the Thursday range. After a brief two-way auction the index went into trend mode and rallied all day long.
Heading into today my primary expectation is for sellers to attempt to work into the overnight inventory. Look for buyers ahead of 6510, then a move up through overnight high 6539.50 before two way trade ensues.
Hypo 2 gap-and-go higher, move up to 6573.50 before two way trade enuses.
Hypo 3 full gap fill down to 6499 then a move down through overnight low 6497.50. Look for buyers down at 6492 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
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