NASDAQ futures are coming into Tuesday with a slight gap down after an overnight session featuring normal range and volume. Price was balanced overnight, balancing along the upper half of Monday’s range. As we approach cash open price is hovering up near the Monday high.
On the economic calendar today we have a 52-week T-bill auction at 11:30am.
Yesterday we printed a normal variation up. The day began with a gap up just beyond the Friday range. Sellers drove down into the open, effectively closing the overnight gap and continuing lower slightly overshooting the Friday volume point of control before a sharp excess low formed. There was a battle along the midpoint but before lunch buyers reclaimed the mid and by early afternoon the market went range extension up. Then price checked back to the mid, slightly overshooting it. Then price rallied hard into the close, closing up near the daily high.
Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 15,879.75. From here buyers continue higher and tag 15,900.
Hypo 2 stronger buyers tag 15,935.
Hypo 3 sellers press down through overnight low 15,849.50. Look for buyers just below at 15,844.
Levels:
Volume profiles, gaps and measured moves:
