NASDAQ futures are coming into Friday gap up after an overnight session featuring elevated range and volume. Price worked higher, balancing out in the upper quadrant of Thursday trade. At 8:30am advance goods trade balance, GDP, and durable goods all came out below expectations.
There are no other economic events today.
Yesterday the NASDAQ printed a normal variation down. The day began with a gap up that sellers quickly drove down into. Then, after a poking through overnight low a responsive bid stepped in and two way trade ensued. Late in the afternoon the market went range extension down.
Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 6930.75. From here we continue lower, down through overnight low 6925.75 before two way trade ensues.
Hypo 2 buyers defend ahead of 6945 and we go higher, up through overnight high 6972. Look for sellers up at 6996.75 and two way trade to ensue.
Hypo 3 stronger buyers gap-and-go higher, sustain trade above 6998.75 and push us to record highs to end the week.
Levels:
Volume profiles, gaps, and measured moves:
