I turn dials and fiddle with knobs to hone in on harmonic rotations
Joined Oct 26, 2011
4,093 Blog Posts

Sneaky rollforward day, expect chicanery, here is Thursday trading plan

NASDAQ futures are coming into Thursday flat after an overnight session featuring elevated range on extreme volume. Price was balanced overnight, balancing inside the Wednesday range. At 8:30am jobless claims data came out better than expected. As we approach cash opne price is hovering above the Wednesday midpoint.

Today most active traders rollforward to the December contract. However this report will quote prices from the September contract through Friday.

Also on the economic calendar today we ahve 4- and 8-week T-bill auctions at 11:30am followed by a 30-year bond auction at 1pm.

Yesterday we printed a normal variation down. The session began with a slight gap up. Sellers drove down into the open, resolving the gap and nearly taking out the Tuesday low before a responsive bid stepped in. Said bidders worked price a few handles above the midpoint before sellers stepped back in and made a new low, effectively making a new low for September. There was one final attempt lower right around New York lunchtime before buyers stepped back in. We then spent the rest of the session grinding higher, eventually buyers recaptured the midpoint and we ended the day chopping above it.

Heading into today my primary expectation is for buyers to work up to 15,700 before two way trade ensues.

Hypo 2 sellers press down through overnight low 15,546.75 and tag 15,500.

Hypo 3 stronger buyers work up to 15,800.


Volume profiles, gaps and measured moves:

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