NASDAQ futures are coming into Friday up a modest +50 after an overnight session featuring elevated range on extreme volume. Price was balanced overnight, balancing up above the Thursday high. We briefly traded up into the 09/27 range. At 8:30 am retail sales data came out stronger than expected, and as we approach cash open price is hovering just below the 09/27 lows.
Major NASDAQ component Taiwan semiconductor reported stronger-than-expected earnings on improved margins. Shares of the chip maker are +2.44% in pre-market trade.
Also on the economic calendar today we have business inventories and consumer sentiment at 10am.
Yesterday we printed a trend up. The day began with a pro gap up and after a brief two-way auction outside range price drove higher, pausing for a bit along the 10/07 VPOC before continuing to campaign higher. Price chopped along the 09/28 high for a few hours before ramping up into open air into the close.
Heading into today my primary expectation is for buyers to gap-and-go higher, trading up through overnight high 15,112.75 on the way to tagging 15,141.
Hypo 2 stronger buyers close the 09/27 gap up at 15,185.50.
Hypo 3 sellers work down into overnight inventory and close the gap to 15,049 then take out overnight low 15,020.75 before two way trade ensues.
Volume profiles, gaps and measured moves:
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