NASDAQ futures are coming into Tuesday pro gap up after an overnight session featuring extreme range and volume. Price drove higher overnight, unidirectional rotating upward to new all-time highs. As we approach cash open, price is hovering at record highs.
There are no economic events today.
Walmart earnings came out before market open and were better than expected. Shares of Walmart are slightly lower in premarket trade.
Yesterday we printed a normal variation up. The day began with a gap up near record highs. Buyers made a slight move higher after an open two way auction. After spending the morning marking time above the daily midpoint, buyers drove a bit higher in the afternoon, eventually tagging the 11,300 level near the end of the day.
Heading into today my primary expectation is for buyers to gap-and-go higher, tagging 11,350 before two way trade ensues.
Hypo 2 stronger buyers trade up to 11,400 before two way trade ensues.
Hypo 3 sellers press into the overnight inventory and close the gap down to 11,289. Sellers continue lower, tagging the naked VPOC at 11,247 before two way trade ensues.
Levels:
Volume profiles, gaps and measured moves:
