NASDAQ futures are coming into Tuesday with a slight gap down after an overnight session featuring extreme volume on elevated range. Price was balanced overnight, chopping along on the Monday midpoint for much of the session.
At 11:30am today the US Treasury will auction off some 4-week T-bills.
Yesterday we printed a double distribution trend down. The week began with a pro-gap down to prices unseen since March 8th. Sellers drove lower off the open and continue working lower until balancing out during the afternoon. Towards the end of the day a strong responsive bid stepped in.
Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 6915.50. From here we continue higher, up beyond overnight high 6927.75 setting up a move to target 6933.75 before two way trade ensues.
Hypo 2 stronger buyers work up to 6963 before two way trade ensues.
Hypo 2 sellers work down through overnight low 6875 then set their targets on the NVPOC at 6860.25. Look for buyers ahead of 6835.25 and two way trade to ensue.
Levels:
Volume profiles, gaps, and measured moves:
