NASDAQ futures are coming into the second day of the final month of Q2 up about +20 after an overnight session featuring normal range and volume. Price was balanced overnight, balancing along the lower half of Monday’s range. As we approach cash open price is hovering below the Monday midpoint.
On the economic calendar today we have the Fed’s beige book at 2pm.
Yesterday we printed a normal variation down. The day began with a gap up inside range. After a brief two-way auction sellers stepped in and drove the overnight gap fill then continued lower, briefly probing into last Monday’s conviction buying range before discovering a bid. Responsive buyers were found ahead of that Monday’s midpoint and we spent the rest of the session slowly chopping our way back tot he daily mid. Then late in the session sellers defended the mid and we faded into the close.
Heading into today my primary expectation is for sellers to close the overnight gap down to 13,649.25 setting up a move down through overnight low 13,616.75. Look for buyers at 13,600 and for two way trade to ensue.
Hypo 2 buyers gap-and-go up through overnight high 13,673.50 and tag 13,700 before two way trade ensues.
Hypo 3 stronger buyers make a run to 13,800 before two way trade ensues.
Volume profiles, gaps and measured moves:
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