NASDAQ futures are coming into Wednesday with a slight gap up after an overnight session featuring normal range and volume. Price worked higher overnight, briefly taking out the Tuesday cash high and lifting the all-time-high watermark before settling into balance. At 8:30am GDP data came out better-than-expected.
Also on the economic agenda today we have pending home sales at 10am, crude oil inventories at 10:30am, a 2-year floating rate auction at 11:30am, and 7-year note auction at 1pm.
Yesterday the NASDAQ printed a normal variation down. The day began with a gap up and after a brief morning auction sellers stepped in and closed the gap. Buyers responded near the gap zone and two way trade ensued.
Heading into today my primary expectation is for sellers to wok into the overnight inventory and close the gap down to 7578.75. Look for buyers around 7575 and two way trade to ensue.
Hypo 2 buyers gap-and-go higher, take out overnight high 7600 and continue exploring open air.
Hypo 3 stronger sellers trade down through overnight low 7567.25 setting up a move to target 7557.50 before two way trade ensues.
Levels:
Volume profiles, gaps, and measures moves:
Hypo 2 again for the win!