NASDAQ futures are coming into Friday with a slight gap down after an overnight session featuring elevated range on elevated volume. Price was balanced overnight, balancing along the upper half of Thursday’s range. As we approach cash open price is hovering about 50 point above the Thursday midpoint.

On the economic calendar today we have consumer sentiment at 10am.

Yesterday we printed a normal variation up. There was a brief range extension down, and one could argue it was a neutral extreme, however the probe below initial balance low came in the moments after 10:30am and was a short duration. The next thing to happen was a strong rally up through the midpoint. Then after basing along the mid for a bit a ramp higher into the afternoon and another ramp higher into the bell that saw price nearly take out the weekly high.

Heading into today my primary expectation is for buyers to press up through overnight high 15,528.25 setting up a tag of 15,571.50.

Hypo 2 stronger buyers rally up to 15,600.

Hypo 3 sellers press down through overnight low 15,458.25 on their way to tagging 15,400.

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 elevated range and volume. Price drifted lower overnight, drifting down near yesterday’s open. At 8:30am the economic data came out about as ideal as bulls want to see—jobless claims worse than expected, Philadelphia Fed data much better than expected and retail sales data stronger than expected. As we approach cash open price is hovering about +50 point above the Wednesday midpoint.

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

Yesterday we printed a double distribution trend up. The day began with a slight gap up. After an open test higher sellers stepped in and worked price down through the weekly low. Price bottomed out before going range extension down, just after 10:30am. Initial test back to the midpoint was defended by sellers, but midway through New York lunch a second buy pushed through the mid and triggered a rally. Price made new high-of-day before 1pm and continued to rally up into the closing bell. We did not exceed the Tuesday high.

Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 15,499.75 before two way trade ensues.

Hypo 2 stronger buyers trade up to 15,571.50 before two way trade ensues.

Hypo 3 sellers press down through overnight low 15,433 and tag 15,400 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Wednesday gap up after an overnight session featuring elevated range and volume. Price was balanced overnight, balancing along the bottom-side of the Tuesday midpoint. As we approach cash open price is hovering down below the Wednesday midpoint.

On the economic calendar today we have industrial production at 9:15am followed by crude oil inventories at 10:30am.

Yesterday we printed a double distribution trend down. The day began with a gap up in range. The gap was up into a conviction selling zone printed Monday and after a brief open-test higher sellers stepped in and defended their region. Said selling worked the overnight gap shut and pressed beyond it before finding some responsive buyers in the lower quadrant of Monday’s range. Said buyers shot price up through the daily midpoint a bit before an excess high formed and sellers reclaimed the mid. Selling continued into the late afternoon but did not quite exceed the Tuesday low. Instead there was a bit of a ramp higher into settlement.

Heading into today my primary expectation is for buyers to press higher on the open, pressing up through overnight high 15,434 on their way to tagging 15,500.

Hypo 2 stronger buyers tag 15,571.50 before two way trade ensues.

Hypo 3 sellers work into the overnight inventory and close the gap down to 15,398.75. Sellers continue lower, tagging 15,328.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the second day of the first full trading week of September with a slight gap up after an overnight session featuring extreme range and volume. Price was balanced overnight, balancing along the bottom-side of Monday’s midpoint until 8:30 CPI data introduced some buyers. CPI data came in a bit below expectations and investors reacted with buyer orders that worked price up to 15,500 which is still well within the Monday range. As we approach cash open price is hovering around 15,00.

There are no other economic events scheduled for today.

Yesterday we printed a double distribution trend down that kind of also resembles a normal variation down. The day began with a gap up in range. After a brief open two-way auction sellers stepped in and drove price lower, effectively closing the overnight gap and continuing down through the Friday low. Sellers worked down into the Friday 08/27 range before any responsive buyers appeared. Price then chopped along the lows for the rest of the session, making little new lows along the way and pinning the value point of control down near the lows but eventually closing back near the daily midpoint. The day structure resembles a lowercase letter-b shape indicating a long liquidation.

Heading into today my primary expectation is for buyers to continue the buying campaign spurred on by CPI data. Look for buyers to claim 15,500 and sustain trade above it early on setting up a run to 15,571.50.

Hypo 2 sellers to work into the overnight inventory and close the gap down to 15,439.50. Look for buyers below at 15,400 and for two way trade to ensue.

Hypo 3 stronger sellers trigger a liquidation down to 15,311.75.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the first full trading week of September up +90 after an overnight session featuring extreme range and volume. Price was balanced overnight. Just before 2am price poked below the Friday low and was met with strong responsive buying. Since then price has worked back up into Friday range and as we approach cash open price is hovering just below the Friday midpoint.

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

Last week featured a bit of strength Tuesday morning was faded. Then steady selling all week. Eventually closing out the week on the lows after Friday of heavy selling.

The last week performance of each major index is shown below:

On Friday the NASDAQ printed a double distribution trend down. The day began with a gap up in range. After an open-two-way auction failed to take out the Thursday high sellers stepped in and drove down into the gap, effectively closing it before New York lunch. Around noon price probed below the Thursday low before making a sharp move back to the daily midpoint. Sellers defended the mid and we sold off into the close and closed on the lows.

Heading into today my primary expectation is fora gap-and-go higher. Buyers sustain trade above 15,500 setting up a run to 15,570.25.

Hypo 2 sellers to work into the overnight inventory and close the gap down to 15,447 before two way trade ensues.

Hypo 3 stronger sellers press down through overnight low 15,405.75. Look for buyers down at 15,400 and for two way trade to ensue.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into Thursday flat after an overnight session featuring elevated range on extreme volume. Price was balanced overnight, balancing inside the Wednesday range. At 8:30am jobless claims data came out better than expected. As we approach cash opne price is hovering above the Wednesday midpoint.

Today most active traders rollforward to the December contract. However this report will quote prices from the September contract through Friday.

Also on the economic calendar today we ahve 4- and 8-week T-bill auctions at 11:30am followed by a 30-year bond auction at 1pm.

Yesterday we printed a normal variation down. The session began with a slight gap up. Sellers drove down into the open, resolving the gap and nearly taking out the Tuesday low before a responsive bid stepped in. Said bidders worked price a few handles above the midpoint before sellers stepped back in and made a new low, effectively making a new low for September. There was one final attempt lower right around New York lunchtime before buyers stepped back in. We then spent the rest of the session grinding higher, eventually buyers recaptured the midpoint and we ended the day chopping above it.

Heading into today my primary expectation is for buyers to work up to 15,700 before two way trade ensues.

Hypo 2 sellers press down through overnight low 15,546.75 and tag 15,500.

Hypo 3 stronger buyers work up to 15,800.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the second week of September about five points below the Friday close after an overnight session featuring extreme volume on elevated range. Price drifted slightly lower overnight after printing a new record high early in the globex session. As we approach cash open price is hovering in the upper quadrant of last Friday’s range.

On the economic calendar today we have 3- and 6-month T-bill auctions at 10am, 52-week T-bill auctions at 11:30am and a 3-year note auction at 1pm.

Last week the major indices had a bit of strength early in the week and then a steady drift along the highs into the weekend. 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 in range. Buyers drove into the open, quickly resolving the gap. Buyers continued the drive for the first 30 minutes of trade but a sharp excess high formed before buyers could take out the Thursday high. Instead price checked back to the daily mid. Buyers defended the mid sending price into a steady drift along the daily high, eventually making a range extension around 1:45pm New York. Price drifting along the high into the close.

Heading into today my primary expectation is for buyers to work up through overnight high 15,708 before two way trade ensues.

Hypo 2 sellers press down to 15,609.75 before two way trade ensues.

Hypo 3 stronger sellers tag 15,500 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the second day of September with a slight gap up after an overnight session featuring normal range and volume. Price was balanced overnight. After briefly poking below the Monday low price stabilized. At 8:30am jobless claims data came out in-line with expectations and as we approach cash open price is hovering along the Monday midpoint.

Also on the economic calendar today we have factory orders 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 beyond the prior two days’ ranges and a drive higher. Said drive achieved new record highs before flagging in a tight range for many hours. Late in the day sellers reversed the morning drive making a late range extension down and closing near the lows after nearly filling the overnight gap.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 15,623. Sellers continue lower, taking out overnight low 15,600 before two way trade ensues.

Hypo 2 buyers press up through Wednesday high 15,699 before two way trade ensues.

Hypo 3 stronger sellers work down to 15,555.50 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the final day of August with a slight gap down after an overnight session featuring extreme range and volume. Price drove higher overnight until about 5:30am New York, marking a new record high. Since then price has retraced the overnight move, effectively returning inside the Monday range and dipping a bit below the Monday close. As we approach cash open price is hovering in the upper quadrant of Monday’s range.

On the economic calendar today we have consumer confidence at 10am.

Yesterday we printed a double distribution trend up. The day began with a gap up beyond the Friday range. Buyers drove into the open, campaigning price right up to 15,500. A bit of back-and-forth at the century mark occurred before the campaign continued making new highs, eventually tagging 15,600 and sustaining trade up at this next century mark into the close. This effectively migrated value up to the highs.

Heading into today my primary expectation is for buyers to work up through overnight high 15.677.25 before two way trade ensues.

Hypo 2 sellers hold buyers around 15,605 setting up a move down through overnight low 15,563. Look for buyers just below at 15,550.

Hypo 3 stronger sellers effectively erase much of the Monday rally, trading down to 15,500.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ futures are coming into the final Monday in August gap up after an overnight session featuring normal range and volume. Price worked slightly higher overnight, making a new record high and then drifting along it. As we approach cash open price is up above the Friday high.

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

Last week featured a big gap up across the board to start things off followed by a conviction buy trend Monday. Steady gains through Wednesday. Selling pressure Thursday immediately negated Friday morning by another day of conviction buying. The Russell 2000 lead the way.

The last week performance of each major index is shown below:

On Friday the NASDAQ printed a normal variation up. It nearly resembled a double distribution trend up and these labels are only generalities but given the auction behavior I am classifying it as a normal variation up.

The session began with a slight gap up in range. After a brief two-way auction sellers made a try at closing the overnight gap. They could not and this was followed by a initiative buyers spiking price higher, to new all-time highs. Price nearly checked back to the midpoint before buyers came in and began a slow grind higher, a slow grind that migrated value up to the highs and made new highs. We ended near the highs.

Heading into today my primary expectation is for a tight drift along the highs, ranging between 15,450 and 15,420.

Hypo 2 stronger buyers campaign price up to 15,500.

Hypo 3 sellers close the gap down to 15,423 then take out overnight low 15,415.50. Look for buyers down at 15,400 and for two way trade to ensue.

Levels:

Volume profiles, gaps and measured moves:

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