NASDAQ futures are coming into Friday gap up after an overnight session featuring elevated range and volume. Price was balanced overnight after surging higher Thursday afternoon on strong earnings from Amazon. Microsoft and Intel also reported positive earnings. Tech is alive and growing. Prices continued higher around 8:30am after US GDP came out better-than-expected.
It also appears the world issues with North Korea have been resolved, in a large part due to President Trump.
The only other economic event today comes at 10am when University of Michigan releases their final April reading of sentiment.
Yesterday the NASDAQ printed a double distribution trend up. The day began gap up and with sellers unable to work lower. Instead buyers sustained price above 6631 setting up a move to target 6700 (hypo 2). Price continued higher after the bell.
Heading into today my primary expectation is for sellers to work into the overnight inventory. Look for buyers ahead of 6755 and a move higher, up to 6777 before two way trade ensues.
Hypo 2 buyers gap-and-go higher, sustaining trade above 6800, setting up a move to target 6843 before two way trade ensues.
Hypo 3 sellers press a full gap fill down to 6736.25. Look for buyers ahead of 6700 and two way trade to ensue.
Levels:
Volume profiles, gaps, and measured moves:
