NASDAQ futures are coming into Wednesday up at a new record high after an overnight session featuring elevated range and volume. Price worked higher overnight, nearly tagging 11,800 before settling into balance. As we approach cash open, price is hovering above the Tuesday high.
On the economic calendar today we have durable goods orders at 8:30am, crude oil inventories at 10:30am, a 2-year FRN note auction at 11:30am and a 5-year note auction at 1pm.
Yesterday we printed a normal variation up. The day began with a gap down in range. After an open two-way auction probed a bit lower, buyers stepped in and resolved the open gap. Said buyers continued higher, going range extension up by mid-morning. A check back to the daily midpoint just after New York lunch time was defended before buyers resumed their campaign. Buyers ended the day with price at all-time highs.
Heading into today my primary expectation is for buyers to run the gap up up to 11,800 before two way trade ensues.
Hypo 2 stronger buyers trade up to 11,850 before two way trade ensues.
Hypo 3 sellers press into the overnight inventory and close the gap down to 11,727. Look for buyers down at 11,720.25 and two way trade to ensue.
Volume profiles, gaps and measured moves:
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