NASDAQ futures are coming into Thursday gap down after an overnight session featuring elevated range and volume. Price was balanced for most of the evening, chopping along the Wednesday low until about 8am when it pushed down into the Tuesday, May 1st range. At 8:30am initial/continuing jobless claims data came out better-than-expected.
Also on the economic agenda today we have ISM non-manufacturing/service composite, durable goods, and factory orders at 10am.
Yesterday we printed a neutral extreme down. The day began flat and choppy, with sellers making an initial push down to 6666 early on, then a secondary push to put us range extension down before flattening out at the daily mid ahead of the FOMC rate decision. Feds left their benchmark borrowing rate unchanged via an 8-0 vote. Third reaction after the announcement was down. First reaction pushed us neutral, and we eventually traversed the entire range and closed on the lows.
Neutral extreme.
Heading into today my primary expectation is for sellers to gap-and-go down. Look for a battle at 6600 to ultimately give way to more selling, down to close the gap at 6554.75. Look for responsive buyers at 6545 and two way trade to ensue.
Hypo 2 buyers work into overnight inventory and close the gap up to 6632.50. Look for sellers at 6641.50 and two way trade to ensue.
Hypo 3 stronger sellers trigger a liquidation down to 6532.25 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
https://twitter.com/silkdynastystx/status/880523203457671168
have a read of this Raul … you will be most interested
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