Market analysts pointing to yields and hedging strategies for yesterday’s strong selloff in the overall market. Technically, Nasdaq’s move made sense as it broke through the support created by Tuesday’s inside day candle, as I mentioned in yesterday’s premarket insight as a key area to look out for a big move. What was unexpected was the size and timing of the bearish free-fall. Contrary to popular belief, we a still in a bullish market until proven bearish. Expecting some volatile bouncing for the near future.
Volume check showing a ton of strength early, as expected following yesterday’s monster selloff. Before 07:00 EST, my entire watchlist (NQZ18, CLX18, GCZ18, 6EZ18) all well pass the 100K mark. NQ and CL pretty much trading sideways to kick off the premarket, while GC and 6E march bullish. Expecting more volatility in today’s session.
Core CPI and Crude Inventories on the Economic Outlook today, although not sure how much that can affect the market beyond what’s already moving the market.
Chances of the market dropping to zero – .0000000001% (LOL)
Once again Nasdaq futures testing key support level indicated by the 100 SMA. With yesterday’s inside day candle, key areas to watch will be 7454 (long) and 7290 (short) for a major move opening up a short-term trend. Economic Outlook has PPI insights in at 08:30 today. Also, market analysts are watching Hurricane Michael to introduce some abnormal volatility in oil instruments.
Volume check as of 08:00 EST shows normal strength in the premarket with CLX18 above the 100K of volume mark. 6EZ18 and GCZ18 should be crossing the line before the open bell. GC, CL, and 6E trading sideways so far in the premarket.
European market continues selloff for the Nasdaq, as well as their currency, for the futures session. NQ has seen a drop of more than 0.60% in the premarket while traders show interest in what Fed speakers have to say throughout the day in terms of inflation trends. However, market watchers are only expecting moderate volatility in the market from Fed talk. Check investing.com for details.
Daily volume check showing decent strength in the premarket. As of 08:00 CLX18 and 6EZ18 has surpassed 100K volume market with GCZ18 looking to cross the line soon at 97K. Other than the bearish sentiment for NQ and 6E, GC trading neutral while CL coming into a rest following a bullish run from the open of today’s futures session.