NASDAQ futures are coming into Thursday flat after an overnight session featuring elevated range and volume. Price was balanced overnight, balancing above the Wednesday midpoint after briefly exceeding the Wednesday high early in the Globex session. At 8:30am jobless claims data came out worse than expected and as we approach cash open price is hovering in the upper quadrant of Wednesday’s range.
Also on the economic calendar today we have 4- and 8-week T-bill auctions at 11:30am followed by Powell speak at 12:30pm.
Yesterday we printed a normal variation up. The day began flat-ish and after an open-two way auction buyer stepped in and drove price up through the Tuesday high. The rest of the session was spend consolidating along the day’s high, with price chopping a tight range in the upper quad of the day’s range,making a little bit higher of a high in the afternoon and closing in the upper quad.
Heading into today my primary expectation is for buyers to work up through overnight high 13,015 setting up a run to 13,082.25 before two way trade ensues.
Hypo 2 sellers press down through overnight low 12,922.50 setting up a tag of 12,900.
Hypo 3 stronger sellers trade down to 12,800 before two way trade ensues.
Volume profiles, gaps and measured moves:
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