NASDAQ futures are coming into Wednesday trading along the Tuesday low after an overnight session featuring extreme range and volume. Price worked lower overnight, quickly, pressing below the Tuesday low and further into the February low before coming into balance. At 8:15am ADP employment data came out better than expected but yielded little response.
Also on the economic docket today we have ISM manufacturing/services at 10am and crude oil inventories at 10:30am.
Yesterday we printed a normal variation up. The day began gap up, sellers quickly closed the gap then we traversed the entire daily range, pressing up RE up. Then we went back to the mid and chopped along before rallying back to the daily high near end-of-day.
Heading into today my primary expectation is for sellers to gap-and-go lower. Look for sellers to reject a move back into the Tuesday range 6351.25 and take out overnight low 6306.75 setting up a liquidation down to 6231.25 before two way trade ensues.
Hypo 2 buyers work into the overnight inventory and trade up to 6400 before two way trade ensues.
Hypo 3 stronger buyers sustain trade above 6400 setting up a full gap fill up to 6469 then up through overnight high 6475.50 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
Any footage available of your Benzinga talk? Always interested in opening trade ideas.
unfortunately no, did not set up in time