NASDAQ futures traded higher overnight, extending upon the record highs achieved Wednesday during a globex session having normal range and volume. As we approach cash open price has drifted lower, and we are coming into the open with a slight gap down. At 8:30am initial/continuing jobless claims data came out mixed.
Also on the economic calendar today we have consumer credit at 3pm.
Yesterday we printed a neutral extreme up. The day began flat and with sellers pushing into the tape. Said sellers pushed us range extension down very briefly but were unable to take out the Tuesday low. Instead we traversed the entire daily range, putting us into a neutral print. Then buyers became initiative in the afternoon and rallied the market into the close, ending the session near the high.
Neutral extreme up.
Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 7215. From here we continue higher, up through overnight high 7234.25 before two way trade ensues.
Hypo 2 sellers trade us down to 7193.75 before two way trade ensues.
Hypo 3 stronger sellers trade us down to 7166 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
