NASDAQ futures are coming into the week gap up beyond Friday’s range after an overnight session featuring normal volume and extreme range. Price has steadily rotated higher since Globex trade opened Sunday evening. The unidirectional rotation higher took out the Friday high around 7am, and as we approach cash open price is hovering in the upper quadrant of last Thursday’s range.

On the economic calendar today we have housing market index at 10am followed by 3- and 6-month T-bill auctions at 11:30am.

Last week essentially marked time across major U.S. indices. A bit of selling early in the week, a bit of buying late in the week. The S&P was divergent strong throughout it. Here is the last week performance of each major index:

On Friday the NASDAQ printed a normal variation down. The day began with a gap up in range. There was an open two-way auction off the open which served to fill the overnight gap, then sellers continued lower, taking out the Thursday low and briefly pressing range extension down just after 10:30am. That would be all the seller control for the rest of the week because shortly after going range extension down responsive buyers stepped in and worked price back up through the daily midpoint. We walked back down over the midpoint late in the afternoon but never made a new low of day. Instead we ramped back to the midpoint near settlement.

Heading into today my primary expectation is for buyers to gap-and-go higher, trading up through overnight high 11,233.25 on their way to probing beyond all-time high 11,266. Look for sellers up at 11,300 and two way trade to ensues.

Hypo 2 stronger buyers trade up to 11,324.75 before two way trade ensues.

Hypo 3 sellers press down through overnight low 11,130.25 setting up a tag of 11,093 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Friday with a slight gap up after an overnight session featuring normal range and volume. Price chopped sideways overnight, chopping along the lower half of Thursday’s range. As we approach cash open, price is hovering just below the Thursday midpoint.

On the economic calendar today we have industrial production at 9:15am, followed by both business inventories and consumer sentiment at 10am.

Yesterday we printed a neutral day. The session began with a slight gap up and open drive higher. Buyers had price range extension up by mid-morning and defended a lunchtime test of the midpoint. Then they made a new daily high but stalled before taking out all-time-high. Instead responsive sellers reversed the entire morning move and pushed neutral. Said sellers eventually closed the overnight gap before late afternoon action took price back to the midpoint. We ended the session a touch below the mid.

Neutral.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 11,174.75. From here sellers continue lower, down through overnight low 11,138/ Look for buyers at 11,100 and for two way trade to ensue.

Hypo 2 buyers take out overnight high 11,237.75 and tag the Thursday naked VPOC at 11,247 before two way trade ensues.

Hypo 3 stronger buyers take out all time high print 11,271.75 and tag 11,300 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Tuesday gap down after an overnight session featuring elevated volume on extreme range. Price was slowly working higher for most of Globex, and even took out the Monday high by a few ticks around 6am New York before tumbling lower. Since then, price has slashed down through the Monday midpoint and as we approach cash open, price is hovering below the mid.

On the economic calendar today we have 4- and 8-week T-bill auctions at 11:30am followed by a 3-year note auction at 1pm.

Yesterday we printed a normal variation down. The da began with a slight gap up that was resloved during an open two-way auction before sellers stepped in and drove lower. Said sellers took out last week’s low and nearly tagged the weekly lower ATR band before discovering a sharp responsive bid. We ended the day back above the midpoint, chopping along its topside.

Heading into today my primary expectation is for buyers to press into the overnight inventory and close the gap up to 11,069. From here they continue higher, tagging 11,100 before two way trade ensues.

Hypo 2 stronger buyers work up through overnight high 11,157.75 before two way trade ensues.

Hypo 3 sellers press down through overnight low 10,986.50 and tag 10,972.50 before two way trade ensues.

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 balanced overnight, grinding along the bottom-side of Friday’s midpoint. As we approach cash open, price is still hovering below the Friday mid.

On the economic calendar today we have JOLTS jobs openings at 10am followed by 3- and 6-month T-bill auctions at 11:30am.

Last week kicked off with a gap up across all major indices. Then after a few days of sideways auction price rallied hard Thursday on the wings of Big Tech. Friday we experienced some selling across the board except for on the Russell, which demonstrated divergent strength into the weekend. The last week performance of each major index is shown below:

On Friday the NASDAQ printed a neutral extreme down. The day began with a slight gap down, still well up into the upper quadrant of Thursday’s range. After a two way auction buyers closed the overnight gap and even pressed range extension up late in the morning. Said buyers could not, however, extend their gains beyond Thursday’s high. Instead a strong wave of responsive selling pushed in and erased all the day’s gains and pushed us into a neutral print. Sellers rejected an attempt back up into the initial balance and this introduced heavier selling, selling that reversed all of Thursday’s range and eventually tagged last Tuesday’s naked VPOC nearly to the tick. We ramped into the bell but still closed in the lower quadrant of Friday’s range.

Neutral extreme, barely.

Heading into today my primary expectation is for buyers to take out overnight high 11,156.50setting up a move to tag 11,200 before two way trade ensues.

Hypo 2 sellers press down through overnight low 11,073 setting up a tag of 11,000 before two way trade ensues.

Hypo 3 stronger sellers liquidate down to 11,023.25 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 up after an overnight session featuring elevated range and volume. Price was balanced overnight, balancing along the 11,100 level. At 8:30am jobless claims data came out better than expected and introduced some buyers to the tape. As we approach cash open, price is hovering above the Wednesday midpoint.

Also on the economic calendar today we have 4- and 8-week T-bill auctions at 11:30am.

Yesterday we printed a normal variation up. the day began with a gap up beyond range. Sellers made a small drive lower on the open, resolving the gap and pressing into the upper quadrant of Tuesday’s range before finding responsive buyers. Said buyers sent price up to a new daily high but were unable to take out the all-time high print established during Globex. That high is still in place. Buyers took price range extension up after defending the midpoint, and we spent the rest of the day chopping above the mid.

Heading into today my primary expectation is for buyers to gap and go higher, probing beyond the current high print 11,144. Look for sellers up at 11,200 and two way trade ensues.

Hypo 2 stronger buyers sustain trade above 11,200 and probe the open air, tagging 11,300.

Hypo 3 sellers press down through overnight low 11,051.25 and tag Tuesday’s naked VPOC 11,033 before two way trade ensues.

Levels:

 

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Wednesday flat after an overnight session featuring elevated range on elevated volume. Price worked higher overnight, marking a new record high before returning to unchanged. As we approach cash open, price is hovering near Tuesday’s high print.

On the economic calendar today we have ISM non manufacturing index at 10am.

Yesterday we printed a neutral extreme up. Range compressed for a second day. The day began with a gap down in range. Buyers quickly resolved the gap up with a drive up off the open. Said buyers took out the Monday high by a few point before falling down through the midpoint. This happened before initial balance was broken. Sellers steadily rotated down and erased the morning move, pushing the market range extension down. Sellers were unable to take out Monday’s low however. Instead price ramped higher into the close, eventually pressing neutral and closing on session high.

Heading into today my primary expectation is for buyers to work up through overnight high 11,144 on their way to tagging 11,200 before two way trade ensues.

Hypo 2 sellers work down through overnight low 11,055.75. Look for buyers down at 11,022.25 and two way trade to ensue.

Hypo 3 stronger sellers tag 11,000 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Tuesday gap down after an overnight session featuring extreme range and volume. Price poked higher overnight, setting a new record high before finding sellers around the key 3:30am New York hour. The rest of the session was spent rotating lower, and as we approach cash open, price is hovering around the lower quadrant of Monday’s range. The market profile structure is textbook long liquidation, forming a lowercase letter-b shape, which suggests a temporary phenomenon where sellers squeeze out longs then struggle to press lower (See the first chart below).

On the economic calendar today we have Factory orders at 10am.

Yesterday we printed a normal variation up. The day began with a gap up beyond last wee’ks range and buying drive that probed beyond all-time highs. The rest of the session was spent essentially marking time and accepting higher prices. Participants finally took the market range extension up by a few ticks around 2:30pm and we ended the day chopping along the topside of the daily midpoint.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 11,046.75. From here we continue higher, up through overnight high 11,092. Look for sellers up at 11,137 and two way trade to ensue.

Hypo 2 stronger buyers sustain trade above 11,137 setting up a move to tag 11,200.

Hypo 3 sellers press down through the Monday low 10,971.50 and find buyers right around here before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the first official trading day of August gap up after an overnight session featuring extreme range on elevated volume. Price worked steadily higher overnight, first taking out the Friday high during the Globex open at 6pm Sunday, then balancing up along it until about 6:20am New York. Since then price has worked higher and as we approach cash open price is hovering above the 07/21 high. Recall that 7/21 was the day sellers defended the top of their 07/13 conviction selling day and reversed the auction lower.

On the economic calendar today we have ISM manufacturing index and construction spending at 10am followed by 3- and 6-month T-bill auctions at 11:30am.

Last week also kicked off with a gap up. The whole week was spent bouncing along, above last Friday’s high before buyers eventually ended the week on a strong note. Through all this the Russell and Dow (which don’t contain big tech) lagged behind. The last week performance of each major index is shown below:

On Friday the NASDASQ printed a neutral extreme up. The day began with a gap up. Sellers drove lower off the open and made short work of closing the overnight gap. Sellers then continued lower, tagging Thursday’s naked VPOC before a strong buying rotation sent price back up to the daily midpoint. Sellers defended and made a new low, but by late afternoon a powerful ramp was setting up. Buyers eventually ramped price clean up through the entire daily range and ended at a new high of day.

Neutral extreme up.

Heading into today my primary expectation is for buyers to gap-and-go higher, probing up beyond all-time high print 11,058.50 before two way trade ensues.

Hypo 2 stronger buyers tag 11,137 before two way trade ensues.

Hypo 3 sellers work into the overnight inventory and close the gap down to 10903.50 then continue lower, through overnight low 10,876.25 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Friday pro gap up after an overnight session featuring extreme range and volume. Price spiked upward during settlement on the winds of big tech earnings then marked time for the duration of Globex, balancing in the upper quadrant of the July 21st range (cash high day). As we approach cash open, price is hovering above the July 21st midpoint.

On the economic calendar today we have Chicago PMI at 9:45am followed by consumer sentiment at 10am.

Yesterday afternoon we heard earnings from Apple, Alphabet and Amazon. Apple is +6.5% in premarket trade. Alphabet and Amazon are -1% and +5.5% respectively.

Facebook may have reported yesterday also. They are +7.5% in premarket trade.

Yesterday we printed a double distribution trend up. The day began with a gap down in range. After a brief open two-way auction seller stepped in and worked price down through the Wednesday low by a few points. Sellers failed to rotate lower and this set up a sharp reversal. Price was range extension up before New York lunch hour and continued to campaign higher through the break. By early afternoon price was chopping and grinding higher, up beyond the week’s high prints. Then during settlement it spiked higher and erased the majority of the 07/23 conviction sellling.

Heading into today my primary expectation is for buyers to press up through overnight high 10939 and tag 11,000 before two way trade ensues.

Hypo 2 stronger buyers make a run for all-time-highs, taking out the high print11,058 on their way to tagging 11,100.

Hypo 3 sellers press into the overnight inventory and close the gap down to 10,793.50 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Thursday gap down about -120 after an overnight session featuring extreme range and volume. Price drove lower overnight, steadily rotating downward from about 8pm New York until about 5:30am. From then onward price has stabilized. At 8:30am U.S.A. GDP data came out worse than expected. As we approach cash open price is hovering a bit below Wednesday’s low.

On the economic calendar today we have 4- and 8-week T-bill auctions at 11:30am.

Major NASDAQ components Apple, Alphabet and Amazon are all set to report earnings after the bell. Their collective results are likely to sway the NASDAQ.

Facebook reported earnings Wednesday after the bell. Shares of the social media conglomerate are -1% in pre-market trade.

Yesterday the NASDAQ printed a normal variation up. The day began with a gap up and after a brief two-way auction buyers began to campaign higher. Said buyers pressed the market range extension up earl on but failed to take out Tuesday’s high. Instead we chopped along the topside of the daily midpoint until 2pm when the Fed left their benchmark borrowing rate unchanged at 0%. Third reaction was up after the announcement and price eventually spiked higher, close the open gap left behind Monday. We fell back to the midpoint once more where buyers defended. We ended the session near the highs.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 10,675. Buyers take out overnight high 10,702 before two way trade ensues.

Hypo 2 buyers stall out ahead of 10,625 setting up a move down through overnight low 10,502. Buyers defend 10,500 and two way trade ensues.

Hypo 3 sellers gap-and-go lower, trading down to 10,425.50 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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