NASDAQ futures are flat heading into the final Tuesday in July after an overnight session featuring elevated range and volume. Price was balanced overnight, balancing inside the Monday range, sort of casually rotating down through the mid until 4am then back up through it. At 8:30am durable goods orders came in below expectations and as we approach cash open price is stable at the unchanged line.
Also on the economic calendar today we have consumer confidence at 10am followed by a 5-year note auction at 1pm.
Major NASDAQ component Tesla reported record profit in their earnings announcement Monday afternoon. Shares in Elon Musk’s electric company are up about +1% in pre-market trade.
Apple, Microsoft and Google parent Alphabet are all set to report earnings after-the-bell.
Yesterday we printed a normal variation up. The day began with a gap down in range and a fast open-test-down. Said test revealed a strong responsive buyand within six minutes or so price was on the move higher, closing the overnight gap and pushing to an early range extension up which saw price make new record highs. Then we checked back to the mid, made another new high, checked back to the mid again, and then sort of bounced around the upper quadrant for the rest of the day, eventually closing near the high.
Heading into today my primary expectation is for buyers to press up through overnight high 15,131.50 setting up a move to 15,150 before two way trade ensues.
Hypo 2 stronger buyers press a rally up to 15,200.
Hypo 3 sellers press down through overnight low 15,052 setting up a move down to 15,006.25.
Volume profiles, gaps and measured moves:
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