NASDAQ futures are coming into Wednesday gap up after an overnight session featuring elevated volume on extreme range. Price was balanced overnight. Sellers managed to work price about -1.75 points below Tuesday’s cash low before discovering buyers. Failed auction down around 2am. From there price steadily campaigned higher, and as we approach cash open price is hovering above Tuesday’s midpoint.

On the economic calendar today we have the Fed meeting announcement at 2pm. CME Fed Fund Futures are pricing a 100% probability of the central bank leaving their benchmark borrowing rate unchanged at 0%. At 2:30pm we’ll hear from Fed Chairman Jerome Powell who is scheduled to give a press conference.

Major NASDAQ component Facebook, Inc is set to report earnings after the bell. The company will also be on Capitol Hill today along with Amazon and Apple dealing with politicians who want to argue the tech companies have become too powerful.

Yesterday we printed a neutral extreme down. The day began with a gap down. After an open two-way auction in range sellers probed down into the lower quadrant of Monday’s range. By 10am the auction had reversed higher and managed to go range extension up before New York lunch. Said buyers were unable however to close the overnight gap. Instead we sold off into the afternoon after failing to take out the daily high around 2pm. Sellers managed to press neutral and end the day near session low.

Neutral extreme down.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 10,539.75. From here sellers continue lower, taking out overnight low 10,512.25. Look for buyers down at 10,500 and two way trade to ensue. Then look for third reaction after the FOMC decision to dictate direction into the end of the session.

Hypo 2 stronger sellers close the gap down at 10,457.75 before two way trade ensues. Then look for third reaction after the FOMC decision to dictate direction into the end of the session.

Hypo 3 buyers press up through overnight high 10,617.50setting up a move to close the gap up at 10,675.50 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the last Tuesday in July with a slight gap down after an overnight session featuring extreme range and volume. Price popped higher after the bell Monday, pressing up near the upper quadrant of last Thusday’s range. Recall that last Thursday was a conviction sell day. That Globex rally lasted until about 9:15pm New York. The rest of the session was spent steadily rotating lower. As we approach cash open, price is hovering about +30 points above Monday’s midpoint.

On the economic calendar today we have consumer confidence at 10am followed by 2- and 7-year note auctions at 1pm.

Yesterday we printed a neutral extreme up. The day began with a gap up then an open test drive up. Buyers rejected an attempt right at opening bell by sellers to reclaim last Friday’s range. This set up a drive that lasted about 30 minutes. From there sellers stepped in, first taking price back to the midpoint, then after a bit of a battle pressing range extension down. During RE down buyers were unable to close the Friday gap. Instead buyers once again rejected a move into the Friday range. This time it kicked off a steady campaign higher, eventually pressing neutral and closing at session high.

Neutral extreme up.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 10,675.50. From here we continue higher, tagging 10,700 before two way trade ensues.

Hypo 2 stronger buyers sustain trade above 10,707.25 setting up a run up through overnight high 10,758.50. Look for sellers up at 10,795.75 and two way trade to ensue.

Hypo 3 sellers drive down through overnight low 10,601 off the open, setting up a tag of 10,546 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Monday gap up after an overnight session featuring extreme range and volume. Price first worked lower Sunday evening, trading down near the Friday midpoint before catching a bid around 7:30pm New York. The rest of the Globex session was spent campaigning higher, eventually taking out the Friday high around 10pm. At 8:30am durable goods orders came out stronger than expected. As we approach cash open, price is hovering above Friday’s high.

Also on the economic calendar today we have 6-month and 2-year note auctions at 11:30am followed by 3-month and 5-year note auctions at 1pm.

Last week we kicked off with a slight gap up across all major indices and eventually printed trend up across the board Monday. While the S&P and Dow were able to consolidate sideways for most of the week, the NASDAQ started to fade Thursday and by Friday it had given back all of Monday’s gains and more. The Russell demonstrated divergent strength into the second half of the week, suggesting investor risk appetite is running high. 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 gap down out of range. Sellers drove lower off the open, briefly trading down below the 4th of July levels. Within the first 15 minutes of trade a sharp excess lower formed. We spent the rest of the morning trading higher, eventually flirting with the Thursday low but buyers were unable to reclaim the range. Instead sellers pressed back down to the daily midpoint. Buyers held the mid and we spent the rest of the session chopping above it.

Heading into today my primary expectation is for buyers to gap and go higher, trading up through overnight high. Look for sellers up at 10,609.75 and two way trade ensues.

Hypo 2 stronger buyers run up to 10,637.50 before two way trade ensues.

Hypo 3 sellers work into the overnight inventory and close the gap down to 10,457.75. From here we continue lower, taking out overnight low 10,401. Look for buyers right here at 10,400 and two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Friday gap down about -90 after an overnight session featuring extreme range and volume. Price drove lower overnight around 11pm, taking out the Thursday low and trading down near the 07/14 low before catching a bid around 3:30am New York. As we approach cash open, price is about -50 points below Thursday’s low.

On the economic calendar today we have new home sales at 10am.

Yesterday we printed a double distribution trend down. The day began with a slight gap up in range. After a two way auction price seemed to be settling into a tight chop along the daily midpoint which was right in the middle of Wednesday’s range. Around lunchtime selers stepped in and drove price lower, erasing all the progress made during Monday’s trend up before settling into a tight chop below Monday’s range. We ended the day with about an two hours of two-way chop.

Heading into today my primary expectation is for sellers to reject an attempt back into Thursday’s range 10514.50 setting up a move down through overnight low 10377.25. Look for buyers down at 10, 342 and two way trade to ensue.

Hypo 2 stronger sellers trade down to 10,300. Look for buyers down at 10,244.75 and two way trade to ensue.

Hypo 3 buyers reclaim Thursday low 10,514.50 the fill the gap up to 10545.50. Look for sellers up at 10,611 and two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Thursday with a gap up after an overnight session featuring elevated volume on extreme range. Price was balanced overnight, staying about +50 points higher and marking time initially selling off a bit after the bell when investors heard earnings from Tesla and Microsoft. That selling was erased during the evening. Then around 2am price spiked higher, taking out the Wednesday high for a bit. Since about 2:45am price has been on a steady rotation lower. At 8:30am jobless claims data came out mixed. As we approach cash open, price is hovering above Wednesday’s midpoint.

On the economic calendar today we have 4- and 8-week T-bill auctions at 11:30am followed by a 10-year TIPS auction at 1pm.

Yesterday we printed a normal variation down. The day began with a slight gap down. Buyers resolved the overnight gap during an open two-way auction in raneg. Said buyers managed to tag the Tuesday VPOC before sellers stepped in and worled price range extension down, taking out the Tuesday low along the way. Just a few point below Tuesday low responsive buyers stepped in and formed an excess low. The rest of the day was spent crossing back and forth over the daily midpoint. We ended the day with some selling during the settlement period.

Heading into today my primary expectation is for buyers to work into the overnight inventory and trade up through overnight high 10,938.50. This sets up a tag of 11,000 before two way trade ensues.

Hypo 2 sellers press down through overnight low 10,795.25. Buyers defend 10,778 and two way trade ensues.

Hypo 3 stronger sellers sustain trade below 10,778 setting up a run down to 10,700.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Wednesday flat after an overnight session featuring extreme range and volume. Price was choppy overnight, first chopping higher and finding sellers who defended Tuesday’s midpoint, then lower, down through Tuesday low by a few ticks before responsive buyers rallied price back to unchanged. As we approach cash open, price is hovering slightly below the Tuesday midpoint.

On the economic calendar toady we have existing home sales at 10am followed by a 20-year bond auction at 1pm.

Also be aware, tech juggernauts Microsoft and Tesla are set to report earnings after the bell.

Yesterday we printed normal variation down. The day began with a gap up beyond the Monday trend day range. Sellers drove down into the open, quickly resolving the overnight gap and continuing their campaign lower until about noon New York. Then, after a one hour pause for lunch buyers rotated price back up to the daily midpoint. Sellers defended the mid and sent price to a new low of the day. There was a slight ramp into closing bell but we ended the day in the lower quadrant of range.

Heading into today my primary expectation is for buyers to work up through overnight high 10,916.25. From here we continue higher, up to 11,000 before two way trade ensues.

Hypo 2 stronger buyers take out all-time high 11,058.50 before two way trade ensues.

Hypo 3 sellers work down through overnight low 10,781.75. Look for buyers just below at 10,777 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 worked higher overnight, extending the trend up gains acquired Monday. Price stalled just three ticks below the prior all-time high set on July 13th. As we approach cash open, price is trading up beyond 11,000.

There are no economic events today.

Yesterday we printed a trend up. The session began with an open-test-drive inside last Friday’s range. After a brief test lower buyers stepped in and spent the entire session in control, driving price higher, taking us to levels unseen since July 13th. We ended the day about 80 points below all-time high.

Heading into today my primary expectation is for buyers to gap-and-go higher, taking out all-time high 11,058.50. Look for sellers up at 11,100 and two way trade ensues.

Hypo 2 sellers work into the overnight inventory and close the gap down to 10,953. Buyers reject a move back into the Monday range high 10,964.50 and two way trade ensues.

Hypo 3 stronger sellers reverse Monday’s trend, driving down to 10,900 early on then continuing to 10,800.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the second to last week of July, the week after OPEX, gap up after an overnight session featuring extreme range and volume. Price was choppy overnight, first selling off until about 10pm New York. Sellers were unable to work price down below last Friday’s low before buyers stepped in and stabilized prices. Price was balanced until about 4:40am when buyers stepped in and reversed the Sunday evening selling. As we approach cash open, price is hovering near last Friday’s high. Like the Sunday evening sellers, this morning’s buyers have not exceeded Friday’s range.

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

Last week the NASDAQ started out stronger than the other major indice, but by New York lunch had topped out and printed its weekly high. After a hard sell off late Monday and into Tuesday morning, the tech-heavy index marked time and traded sideways. Meanwhile the Russell was a bit stronger, suggesting investor’s risk appetite is running high. 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 gap up near the Thursday high. During an open two-way auction buyers briefly exceeded the Thursday high by a few points before sellers began a campaign lower. The selling campaign completed within the first hour of trade and ended before sellers could close the overnight gap. After a responsive buyers (responsive relative to Friday’s open, initiative relative to Thursday’s close) sharply reversed price back up through the daily midpoint, the majority of the session was spent flagging sideways along the midpoint with buyers steadily defending the mid. Around 2:15pm price spiked higher and went range extension up. Then we flagged into the close, eventually selling off a wee bit.

Heading into today my primary expectation is for buyers to gap and go higher, tagging 10,702.75 before two way trade ensues.

Hypo 2 stronger buyers work up to 10,729.50 before two way trade ensues.

Hypo 3 sellers press down into the overnight inventory and close the gap down to 10,603.75. Look for buyers down at 10,600 and two way trade to ensue.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Thursday gap down after an overnight session featuring extreme range and volume. price worked lower overnight, steadily campaigning lower in a methodical manner. At 8:30am jobless claims, Philadelphia Fed and retail sales data all came out. Data was mixed. As we approach cash open, price is hovering in the lower quadrant of Wednesday’s range.

Also on the economic calendar today we have business inventories and housing market index at 10am followed by 4- and 8-week T-bill auctions at 11:30am.

Yesterday we printed a normal variation down. The day began with a gap up and open auction outside range. Sellers eventually stepped in and close the overnight gap, but not before buyers drove up through overnight high. The selling continued down past Tuesday’s naked volume point of control before discovering a responsive bid around lunchtime New York. The rest of the day was spent campaigning higher, with a brief pause at the midpoint before chopping along it and closing above it.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 10,684.50. From here we continue higher, up through ovenrigh high 10,698.25. Sellers defend 11,000 and two way trade ensues.

Hypo 2 sellers defend their overnight selling, putting up a wall at 10,617. Sellers press down through overnight low 10,485 setting up a move down to 10,450 before two way trade ensues.

Hypo 3 stronger sellers trigger a liquidation down to 10,400. Stretch targets to the downside are 10,300 then 10,285.50.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Wednesday with a slight gap up after an overnight session featuring extreme range and volume. Price was balanced overnight. First the market worked up through the Tuesday high then it marked time above it. As we approach cash open, price is hovering somewhere below Monday’s midpoint and above Tuesday’s high.

On the economic calendar today we have industrial production at 9:15am, crude oil inventories at 10:30am and Fed Beige Book at 2pm.

Yesterday we printed normal variation up. The day began with a gap down outside of Monday’s range. Buyers drove higher off the open, rapidly filing the overnight gap before finding strong sellers who asserted enough pressure to reverse the open drive and press to lower lows on the morning. Before 10:30am however, we discovered a strong responsive bid. Said buyers stepped in just a point above the July 4th open gap. Buyers had control of the tap from then onward, steadily campaigning price up through the midpoint then eventually to range extension up. We ended the day on the high, trading back up into Monday’s range.

Really choppy and fast week so far.

Heading into today my primary expectation is for buyers to gap-and-go higher, trading up through overnight high 10,755. Look for sellers up at 10792.75 and two way trade to ensue.

Hypo 2 sellers work into the overnight inventory and close the gap down to 10,648.25.  Look for buyers down at 10,629.25 and two way trade to ensue.

Hypo 3 stronger buyers sustain trade above 10,800 setting up a run to 10,900.

Levels:

Volume profiles, gaps and measured moves:

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