NASDAQ futures are coming into the final Friday in September down about -115 after an overnight session featuring extreme range and volume. Price was balanced overnight, balancing along the upper half of Thursday’s range until about 3am New York when a steady selling campaign began. Said selling continues, and as we approach opening bell price is hovering along the Thursday low.
On the economic calendar today we have new home sales along with Powell speaking at 10am.
Yesterday we printed a normal variation up. The day began with a gap up in range and after a brief open two-way auction buyers stepped in and drove higher, pressing up through the 15,300 century mark ahead of lunch and then price consolidated through lunch before making a second push higher in the afternoon. The second push made a new high but sort of fizzled off the highs into the close.
Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up at 15,309 before two way trade ensues.
Hypo 2 sellers gap-and-go lower, taking out 15,150 early on and sustaining trade below to set up a move down to 15,100.
Hypo 3 stronger sellers trade down to 15,004.
Volume profiles, gaps and measured moves:
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