NASDAQ futures are coming into Friday gap up after an overnight session featuring elevated range on extreme volume. Price worked higher overnight, propelled by strong earnings out of major NASDAQ component Intel after the bell Thursday:
Intel Q4 EPS $1.58 Vs $1.12 Last Year Intel's revenues for the quarter were up 8% to $20.2 billion from last year's revenue of $18.7 billion. Analysts had a consensus revenue estimate of $19.23 billion for the quarter.
As we approach cash open, price is hovering along all-time record highs.
On the economic calendar today we have Markit composite data at 9:45am.
Yesterday we printed a double distribution trend up, mostly due to Intel earnings, otherwise it would be classified as a normal variation up. The day began with a slight gap down that sellers drove down into before a sharp excess low formed. The rest of the day we spent slowy auctioning higher, with a grind taking form in the late afternoon before the Intel earnings sent price careening higher. Trade halted before buyers could take out all-time high. It was later accomplished in globex.
Heading into today my primary expectation if for sellers to work up to 9300 before two way trade ensues.
Hypo 2 sellers work into the overnight inventory and close the gap down to 9248.45. Look for buyers down at 9213 and two way trade to ensue.
Hypo 3 stronger sellers trade down to 9200. Look for buyers down at 9183.50 and two way trade to ensue.
Volume profiles, gaps, and measured moves:
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