NASDAQ futures are coming into Friday up a quick +98 after an overnight session featuring extreme range and volume. Price balanced for a bit overnight before driving higher. Starting around 2am and running higher until about 2:45am, price worked up beyond the open gap left behind on 06/10. As we approach cash open, price is hovering in the upper quadrant of the 06/10 range (the day that marked prior swing high).
On the economic calendar we have Powell speaking again at 1pm.
Yesterday we printed a neutral day. The day began with a modest gap down that was quickly resolved during open trade. The rest of the session was spent marking time, trading sideways along the midpoint, breaking initial balance in both directions before ending the day in the upper quadrant.
Heading into today my primary expectation is for buyers to gap-and-go higher, trading up beyond record high print 10155.50 on our way to tagging 10200.
Hypo 2 choppy between 10,100 and 10,000 into the weekend.
Hypo 3 sellers work into the overnight inventory and close the gap down to 9984.25. Sellers continue lower, down through overnight low 9977.50. Look for buyers down at 9959 and two way trade to ensue.
Volume profiles, gaps and measured moves:
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