NASDAQ futures are coming into Thursday gap down after an overnight session featuring elevated volume and normal range. Price poked up to a new record high overnight before settling into balance in the upper quadrant of yesterday’s trend day. As we approach cash open price is hovering near the high but down gap about 18 points. At 8:30am personal consumption data came out in-line with expectations and at 8:30am initial/continuing jobless claims data came out in line with expectations.
There are no other economic events today.
Yesterday we printed a trend up. The day began with a gap-and-go higher. Buyers drove up through the open air, eventually coming into a tight balance just above 7650 before continuing to trend up into the close.
Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 7669.25. From here we continue higher, up through overnight high 7674.50 before two way trade ensues.
Hypo 2 sellers press down through overnight low 7647.25. Look for buyers down at 7631.50 and two way trade to ensue.
Hypo 3 sellers press hard, rejecting down through yesterday’s trend, trading us down to 7610 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
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