NASDAQ futures are coming into Tuesday pro gap up for a second consecutive day after an overnight session featuring extreme range and volume. Price was balanced overnight until about midnight, chopping along the upper half of Monday’s range. Then price drove higher, trading up through Monday’s high and exploring higher. As we approach cash open, price is hovering inside of the March 10th range.
On the economic calendar today we have a 10-year note auction at 1pm followed by consumer credit at 3pm.
Yesterday we printed a trend up. The day began with a pro gap up into the 3/31 range, and after a brief two way auction buyers stepped in and the trend up began. Price was trend up for the entire session, ramping into the close and ended near session high, ending with price in the 3/11 price range.
Heading into today my primary expectation is for buyers to gap-and-go higher, trading up through overnight high 8303.25 setting up a move to target 8400. Look for sellers up at 8478 and two way trade to ensue.
Hypo 2 sellers press into the overnight inventory, working down though overnight low 7948. Look for buyers down at 7910.75 and two way trade to ensue.
Hypo 3 stronger buyers trade up and close the gap at 8506.50 before two way trade ensues.
Levels:
Volume profiles, gaps and measured moves:
Always cool when the trading plan comes out an hour after the move has been made.
I look forward to out-trading you in the oil patch po pimp.
That’s not hard to do because I suck at trading. However, I always get my work turned in before it’s due.
Little things.