NASDAQ futures are coming into Thursday with a slight gap down after an overnight session featuring elevated volume and normal range. Price was balanced overnight, balancing along the upper-half of Wednesday’s range for the entire Globex session. At 8:30am durable goods, advance goods trades balance and initial/continuing jobless claims data came out better-than-expected. As we approach cash open, price is hovering in the upper quadrant of Wednesday’s range.
Major NASDAQ mover Facebook reported earnings last night. $FB shares are +1.5% in pre-market trading.
Also on the economic calendar today we have 4- and 8-week T-bill auctions at 11:30am followed by a 7-year Note auction at 1pm.
After the bell today we have earnings from Google and Amazon. These are very likely to be NASDAQ movers.
Yesterday we printed a trend up. The day began with a gap down that buyers quickly drove higher at the open. After closing the overnight gap there was a bit of consolidation/energy build before a second strong leg higher in the afternoon which was accented during settlement by strong earnings reports.
Heading into today my primary expectation is for buyers to work into the overnight inventory and close the gap up to 8037. From here we continue higher, up thorough all-time high 8051.75 before two way trade ensues.
Hypo 2 stronger buyers drive up to the 8100 century mark before two way trade ensues.
Hypo 3 sellers press down through overnight low 8000.75 setting up a move to target 7975.50 before two way trade ensues.
Volume profiles, gaps, and measured moves: