NASDAQ futures are coming into Tuesday flat after an overnight session featuring normal range on elevated volume. Price was balanced overnight, chopping the Monday midpoint and holding range. As we approach cash open, price is hovering just below the Monday midpoint.
After the bell Monday Google parent company Alphabet Inc. reported earnings, shares are down about -1% in premarket trade:
Alphabet Q3 EPS $10.12 May Not Compare To $12.38 Estimate, Sales $40.499B Beat $40.32B Estimate
On the economic calendar today we have consumer confidence and pending home sales at 10am.
Most of the major economic data and key earnings are out tomorrow.
Yesterday we printed a normal variation up. The day began with a gap up and drive higher, trending clean through the entire session, steadily gaining higher record prices. Sellers stepped in during settlement, fueled by Alphabet earnings, and knocked price back down below the daily midpoint.
Heading into today my primary expectation is for buyers to work up through overnight high 8118.75 to tag 8131.75 before two way trade ensues.
Hypo 2 sellers press down through overnight low 8079.50 setting up a weekend gap fill down to 8034.75 before two way trade ensues.
Hypo 3 softer selling trade down to 8066.50 before two way trade ensues.
Volume profiles, gaps, and measured moves: