I turn dials and fiddle with knobs to hone in on harmonic rotations
Joined Oct 26, 2011
3,779 Blog Posts

NASDAQ lenses recalibrate, two clear likelihood emerge, here is Wednesday plan

NASDAQ futures are coming into Wednesday gap up after an overnight session featuring extreme range and volume. Price was balanced overnight until about 9:30pm New York when a strong bid entered the market. Said buying to price to a new record high before coming into balance again for the duration of Globex. As we approach cash open, price is hovering in the middle of this mini-balance.

On the economic calendar today we have existing home sales at 10am.

Yesterday was the first trading day of the week and we printed a normal variation up. The day began with a gap down, with price beginning the holiday-shortened week at last Friday’s midpoint and volume point of control.  Buyers stepped in early on and worked price higher, closing the overnight gap then continuing a few points beyond the Friday high before falling back to the daily mid in the afternoon.  Sellers were asserting themselves into the close as we ended the session in a choppy manner, along the mid.

Heading into today my primary expectation is for buyers to gap-and-go higher, trading up to 9266 before two way trade ensues.

Hypo 2 sellers work into overnight inventory, breaking down and out of the mini balance low (around 9211) setting up a gap fill down to 9169.75.  From here we continue lower, down through overnight low 9165.50. Look for buyers down at 9142.25 and two way trade to ensue.

Hypo 3 stronger buyers trade up to 9300 before two way trade ensues.


Volume profiles, gaps, and measured moves:

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