NASDAQ futures are coming into Friday nearly flat after an overnight session featuring elevated range on extreme volume. Price was balanced overnight, balancing along the lower half of Thursday’s range after briefly exceeding the Thursday cash low around 3:30am New York. As we approach cash open, price is hovering just below the Thursday midpoint.
On the economic calendar today we have Leading Indicators at 10am.
Yesterday we printed a normal variation down. The day began with a gap up to a new weekly high and after a two-way auction sellers stepped in and worked the overnight gap shut. Sellers continued a bit lower, tagging the Wednesday naked VPOC before settling into a tight range below the daily midpoint.
Heading into today my primary expectation is for buyers to work up through overnight high 7963.25 top tag 7973 before two way trade ensues.
Hypo 2 stronger buyers trade up to 7988.25 before two way trade ensues.
Hypo 3 sellers press down through overnight low 7917.25 setting up a move to tag 7900 before two way trade ensues.
Volume profiles, gaps, and measured moves:
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