NASDAQ futures are coming into the second day of September pro gap up after an overnight session featuring extreme range and volume. Price worked higher overnight, making a steady ascent higher via two rotations higher. At 8:15am the ADP employment report showed job growth, with private job growth at a steady 428,000 which many commentators are downplaying as not enough gains. As we approach cash open, price is hovering near 12,420.

Also on the economic calendar today we have factory orders at 10am, crude oil inventories at 10:30am and the Fed beige book at 2pm.

Yesterday we printed a normal variation up. The day began with a gap up beyond the Monday range. Sellers had a go at closing the gap during the opening swing but stalled after tagging Monday’s naked VPOC. Responsive buyers (responsive relative to Tuesday open, initiative relative to Monday close) stepped in and formed a sharp excess low then rallied price right up until 10:30am. Then we flagged in the upper quadrant for several hours, not making any range extension. Range extension up came around 1:45pm setting up another flag for about the rest of the session before we ramped into the bell and closed on the highs.

Heading into today my primary expectation is for buyers to gap-and-go higher, trading up through overnight high 12,465.25 on their way to tagging 12,500.

Hypo 2 sellers work a half gap down to 12,410 before two way trade ensues.

Hypo 3 stronger sellers work a full gap fill down to 12,313. Look for buyers down at 12,300 and two way trade to ensue.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Tuesday pro gap up after an overnight session featuring extreme range and volume. Price steadily rotated higher overnight, taking out the Monday high print around 10pm New York and continuing to probe higher until about 7am. Responsive sellers showed up around 12,250 and as we approach cash open, price is hovering around 12,000.

On the economic calendar today we have ISM Manufacturing index and construction spending at 10am.

Yesterday we printed a double distribution trend up. The day began with a gap up right around the Friday high. Sellers nearly closed the gap during an open two-way auction but did not entirely close it before buyers stepped in and began campaigning for higher prices. By 10:30am we were already range extension up. Sellers made a sharp move back to the daily midpoint shortly after range extension. Buyers defended the mid setting up another steady rotation higher for the rest of the session. During the closing trade sellers pressed price back down to the midpoint but the daily VPOC stayed up near the highs.

Heading into today my primary expectation is for a sell move down to 12,147.50. Buyers step in here and take out overnight high 12,248.75. Look for sellers ahead of 12,300 and two way trade to ensue.

Hypo 2 stronger sellers work a full gap fill down to 12,112.25 before two way trade ensues.

Hypo 3 buyers gap-and-go higher, sustaining trade above 12,300 to set up a run for 12,350.

Levels:

 

Volume profiles, gaps and measured moves:

 

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NASDAQ futures are coming into Monday with a slight gap up after an overnight session featuring elevated range and volume. Price was working higher for the first several hours of Globex, making a new record high around 8pm and continuing higher until finding sellers around 2am. Said responsive sellers stepped in ahead of 12,100, and since then we’ve fallen back into last Friday’s range. As we approach cash open, price is hovering up near Friday’s high.

On the economic calendar today we have 3- and 6-month T-bill auctions at 11:30am.

Last week equity markets were mostly strong. All major indices spent the majority of the last full week of August rallying, especially from Tuesday-to-Wednesday. The Russell 2000 lagged a bit and is pinned right along its composite volume point of control; flagging, coiling, building energy for the next move. The last week performance of each major index is shown below:

On Friday the NASDAQ printed a normal variation down. The day began with a slight gap up inside Thursday’s range. The opening auction was tight but sellers managed to close the overnight gap within the first half hour. The rest of the morning was spent churning along the midpoint before sellers stepped in after lunch and pressed us range extension down. Sellers hardly probed into the lower half of Thursday’s range before discovering a bid. We then spent the rest of the day slowly rotating higher, first up through the midpoint and eventually closing above it.

Heading into today my primary expectation is for buyers to press away from the Friday high 12,018.25 setting up a run through overnight high 12,091.75. Look for sellers just above at 12,100 and for two way trade to ensue.

Hypo 2 stronger buyers trade up to 12,167.50 before two way trade ensues.

Hypo 3 sellers work into the overnight inventory and close the gap down to 11,988. Sellers continue lower, down through overnight low 11,980 targeting the micro-composite POC at 11,964.25.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Wednesday up at a new record high after an overnight session featuring elevated range and volume. Price worked higher overnight, nearly tagging 11,800 before settling into balance. As we approach cash open, price is hovering above the Tuesday high.

On the economic calendar today we have durable goods orders at 8:30am, crude oil inventories at 10:30am, a 2-year FRN note auction at 11:30am and a 5-year note auction at 1pm.

Yesterday we printed a normal variation up. The day began with a gap down in range. After an open two-way auction probed a bit lower, buyers stepped in and resolved the open gap. Said buyers continued higher, going range extension up by mid-morning. A check back to the daily midpoint just after New York lunch time was defended before buyers resumed their campaign. Buyers ended the day with price at all-time highs.

Heading into today my primary expectation is for buyers to run the gap up up to 11,800 before two way trade ensues.

Hypo 2 stronger buyers trade up to 11,850 before two way trade ensues.

Hypo 3 sellers press into the overnight inventory and close the gap down to 11,727. Look for buyers down at 11,720.25 and two way trade to ensue.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Tuesday with a slight gap down after an overnight session featuring elevated range on elevated volume. Price was balanced overnight, bobbing along the top-side of Monday’s midpoint. As we approach cash open, price is hovering just a few ticks below the Monday midpoint.

On the economic calendar today we have consumer confidence and new home sales at 10am followed by a 2-year note auction at 1pm.

Yesterday we printed a normal variation down. The day began with a gap up to new record highs. There was a pretty wide open-two way auction that pressed a few points higher before responsive sellers stepped in. Said sellers spent the morning closing the overnight gap but struggled to reclaim the Friday range. Instead buyers pressed back to the daily midpoint. Sellers defended the mid twice before attempting another rotation lower. This rotation stalled out before a new daily low could be made and we ramped back up through the midpoint near the end of the session.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 11,636. From here buyers continue higher, taking out overnight high 11,690. Look for sellers just above at 11,700 and two way trade to ensue.

Hypo 2 stronger buyers trade up to 11,733.75 before two way trade ensues.

Hypo 3 sellers press down through overnight low 11,607.75 setting up a move down to 11,574 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the final week of August pro gap up after an overnight session featuring extreme range and volume. Price worked higher overnight, steadily campaigning higher for the entire globex session. As we approach cash open, price is hovering near 11,700.

On the economic calendar today we have 3- and 6-month T-bill auctions at 11:30am.

Last week the NASDAQ was strong, the Russell was divergent weak and the other two indices traded sideways. The last week performance of each major index is shown below:

On Friday the NASDAQ printed a normal variation up. The day began with a slight gap down and after a brief open two-way auction buyers stepped in and drove price to a new all time high. A check back to the midpoint was defended by buyers and we ended the day trading near the highs.

Heading into today my primary expectation is for sellers to work into the overnight inventory and work down to 11,650 before two way trade ensues.

Hypo 2 buyers go higher and tag 11,733.75 before two way trade ensues.

Hypo 3 stronger buyers sustain trade above 11,733.75 setting up a run to 11,800.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Friday with a slight gap down after an overnight session featuring extreme range on elevated volume. Price briefly set a new all-time-high overnight before peaking out around 9:30pm New York. From then onward we steadily rotated lower, trading back down into Wednesday’s range. As we approach cash open, price is hovering above Wednesday’s high, up in the upper quadrant of Thursday’s range.

On the economic calendar today we have Flash PMI at 9:45am followed by existing home sales at 10am.

Yesterday we printed a trend up. The day began with a gap down below prior day range. After a brief open two way auction buyers stepped in and drove higher, closing the overnight gap and continuing into the Wednesday range, tagging the Wednesday midpoint early on and pausing briefly before continuing to campaign higher. Price flagged for about an hour just below prior all-time high before continuing the campaign up to new record highs and rallying right into closing bell.

Trend up.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 11,478.75. From here buyers continue higher, tagging 11,500 before two way trade ensues.

Hypo 2 stronger buyers take out overnight high (ATH) 11,524 on their way to tagging 11,550.

Hypo 3 sellers press down through overnight low 11,407 and tag the low volume node at 11,383 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Thursday with a slight gap down after an overnight session featuring extreme range and volume. Price dropper lower overnight, trading down to a new weekly low before catching a responsive bid. Said buyers steadily worked price back up into Wednesday’s range. At 8:30am initial/continuing jobless claims data came out mixed and as we approach cash open sellers are attempting to reject price out of Wednesday’s range.

On the economic calendar today we have 4- and 8-week T-bill auctions at 11:30am followed by a 30-year TIPS auction at 1pm.

Major chip maker and NASDAQ component Intel announced a $10 billion dollar share buyback program this morning. Share are up about 2.75% in premarket trade.

Yesterday the NASDAQ printed a neutral extreme down. The day began with a slight gap down which was resolved during the opening auction. Then sellers pressed lower, tagging the 11,333 volume profile level before finding an early low and beginning to campaign higher. Buyers eventually took out overnight high by a point. Overnight high was also the current all-time-high. Then the auction failed and we saw a sharp sell down through the midpoint that eventually pressed neutral. Sellers defended a check back to the daily mid and we ended the day near session low. Neutral extreme down.

Heading into today my primary expectation is for sellers to reject price down away from the Wednesday range, sending price down through overnight low 11,221.50. Look for buyers below at 11,212.25 and two way trade to ensue.

Hypo 2 buyers work into the overnight inventory, reclaiming Wednesday low early on and sustaining trade above 11,324.75. After taking out overnight high we discover sellers around 11,370.75 and two way trade ensues.

Hypo 3 stronger buyers trade up to 11,400 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Wednesday with a slight gap down after an overnight session featuring normal range and volume. Price was balanced overnight, exceeding the Tuesday high for a while and making a new record high print along the way before settling back into the Tuesday range. As we approach cash open, price is hovering in the upper quadrant of Tuesday’s range.

On the economic calendar today we have crude oil inventories at 10:30am, a 20-year bond auction at 1pm and then the FOMC minutes at 2pm.

Major chip maker and NASDAQ component NVIDIA is set to report earnings after the bell.

Yesterday we printed a neutral extreme up. The day began with a gap up and after a brief open drive higher responsive sellers stepped in. Said sellers closed the overnight gap and exceeded it by a few point before discovering responsive bids. Buyers were in control for the rest of the session, first by forming a sharp excess low, then by reclaiming the midpoint, then finally by slowly campaigning higher for the rest of the session and closing at the highs.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 11,409.75. From here we continue higher, up through overnight high 11,437. Look for sellers up at 11,450 then two way trade ensues.

Hypo 2 stronger buyers tag 11,500 before two way trade ensues.

Hypo 3 sellers press down through overnight low 11,374. Look for buyers down at 11,333 and two way trade to ensue.

Levels:

 

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Tuesday pro gap up after an overnight session featuring extreme range and volume. Price drove higher overnight, unidirectional rotating upward to new all-time highs.  As we approach cash open, price is hovering at record highs.

There are no economic events today.

Walmart earnings came out before market open and were better than expected. Shares of Walmart are slightly lower in premarket trade.

Yesterday we printed a normal variation up. The day began with a gap up near record highs. Buyers made a slight move higher after an open two way auction. After spending the morning marking time above the daily midpoint, buyers drove a bit higher in the afternoon, eventually tagging the 11,300 level near the end of the day.

Heading into today my primary expectation is for buyers to gap-and-go higher, tagging 11,350 before two way trade ensues.

Hypo 2 stronger buyers trade up to 11,400 before two way trade ensues.

Hypo 3 sellers press into the overnight inventory and close the gap down to 11,289. Sellers continue lower, tagging the naked VPOC at 11,247 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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