NASDAQ futures are coming into Thursday with a slight gap up after an overnight session featuring elevated range and volume. Price was balanced overnight, balancing along the 11,100 level. At 8:30am jobless claims data came out better than expected and introduced some buyers to the tape. As we approach cash open, price is hovering above the Wednesday midpoint.
Also on the economic calendar today we have 4- and 8-week T-bill auctions at 11:30am.
Yesterday we printed a normal variation up. the day began with a gap up beyond range. Sellers made a small drive lower on the open, resolving the gap and pressing into the upper quadrant of Tuesday’s range before finding responsive buyers. Said buyers sent price up to a new daily high but were unable to take out the all-time high print established during Globex. That high is still in place. Buyers took price range extension up after defending the midpoint, and we spent the rest of the day chopping above the mid.
Heading into today my primary expectation is for buyers to gap and go higher, probing beyond the current high print 11,144. Look for sellers up at 11,200 and two way trade ensues.
Hypo 2 stronger buyers sustain trade above 11,200 and probe the open air, tagging 11,300.
Hypo 3 sellers press down through overnight low 11,051.25 and tag Tuesday’s naked VPOC 11,033 before two way trade ensues.
Volume profiles, gaps and measured moves: