NASDAQ futures are coming into Monday gap up after an overnight session featuring extreme range and volume. Price chopped higher overnight, trading up beyond last Friday’s midpoint by about 15 point before coming into balance. As we approach cash open, price is hovering about 15 point below the Friday mid.
On the economic calendar today we have ISM employment/manufacturing at 10am followed by 13- and 26-week T-bill auctions at 11:30am.
Major NASDAQ component and Google parent Alphabet, Inc is set to report earnings after the bell.
Last week kicked off with a gap down. We spent half the week reversing it, eventually doing so Wednesday morning. Thursday ended strong before a gap down Friday kicked off a trend down into the weekend. The last week performance of each index is shown below:
On Friday the NASDAQ printed a trend down. The day began with a gap down in range followed by a drive lower. Sellers worked down below the Thursday low before a bit of a bid stepped in. Said bid was overrun shortly after New York lunch. We ended the session with a big of a ramp higher, ramping ahead of the open gap left behind Monday.
Heading into today my primary expectation is for buyers to gap-and-go higher, trading up through overnight high 9092.25 to tag 9100. Look for sellers ahead of 9111 and two way trade to ensue.
Hypo 2 sellers work into the overnight inventory and close the gap down to 9016.25 setting up a move down through overnight low 8975. Look for buyers down at 8958.25 and two way trade to ensue.
Hypo 3 stronger sellers trade down to 8900.75 before two way trade ensues.
Levels:
Volume profiles, gaps, and measured moves:
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