NASDAQ futures are coming into Wednesday with a slight gap down after an overnight session featuring normal range and volume. Price was balanced overnight, balancing along the Tuesday high after exceeding it for a few hours. As we approach cash open, price is hovering in the upper quadrant of Tuesday range.
On the economic calendar today we have JOLTS jobs openings at 10am, crude oil inventories at 10:30am and a 10-year note auction at 1pm.
We also have major tech component ADBE reporting earnings after the bell.
Yesterday we printed double distribution trend up. The day began with a slight gap down and after a brief open spike higher sellers stepped in and drove price lower, trading down through the Monday low before forming a sharp excess low. The rest of the session was spent auctioning higher, making new record highs and shifting value up near the high.
Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 12,641. From here buyers continue higher, trading up through overnight high (all-time high) 12,675. Look for sellers up at 12,700 and for two way trade to ensue.
Hypo 2 stronger buyers sustain trade above 12,700 setting up a run to 12,750.
Hypo 3 sellers press down through overnight low 12,615.50 and tag 12,592.25 before two way trade ensues.
Volume profiles, gaps and measured moves:
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