NASDAQ futures are coming into the second full week of Black History Month up a quick +60 after an overnight session featuring elevated range and volume. Price steadily campaigned higher overnight, trading to record heights and holding the levels as we approach cash open.
On the economic calendar today we have 3- and 6-month T-bill auctions at 11:30am.
Last week saw a ap up to begin the week then a conviction buying range Monday. Pro gap up into Tuesday and move conviction buying. Some consolidation through early Thursday, then a continuation of the rally through Thursday and Friday. The last week performance of each major index is shown below:
On Friday the NASDAQ printed a normal variation up. The day began with a gap up outside of range. Sellers quickly resolved the gap with a open drive down. The selling only managed to press a bit below the Thursday close before a responsive bid stepped in. Said buyers reclaimed the morning daily midpoint and sustained trade above it before setting up a rotation higher. Said rotation made a new record high before price eventually fell back to the mid and ended the day chopping along the top side of it.
Heading into today my primary expectation is for buyers to gap-and-go higher, taking out overnight high 13,687.25 and tagging 13,700 before two way trade ensues.
Hypo 2 stronger buyers sustain trade above 13,729 setting up a run to 13,800.
Hypo 3 sellers work into the overnight inventory and close the gap down to 13,605.75. Look for buyers down at 13,533.25 and for two way trade to ensue.
Volume profiles, gaps and measured moves:
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