ES Futures Daily Insights for Tue 8 Nov 2022
GDR Bullish sentiment has firmed further - market structure will be key this week
GDR Model Insights for the Week
GDR Model Performance (2022): +25.32%
Market Tone: Bearish (previous week: Bearish)
Positioning: -50.00% Short (previous day: -50.00% Short)
Commentary: Bullish sentiment is starting to gain traction in the GDR Model. If the CPI print on Thursday doesn’t derail the ES we are looking at a transition period coming soon.
ES Market Structure Insights for Tomorrow
In a mid-afternoon rally, the ES tested the lows of the 7-Day Balance Zone from October but failed to accept inside that range. Despite this, the market looks set to take on a more bullish tone suggesting that it may look to take out the weak highs left at the start of the month up to the 3930 level.
There is poor structure below, but always keep in mind that poor structure can remain for a long time before it is corrected. Don’t let your own bias get in the way of you seeing the market’s bias.
Potential Market-Moving Events Tomorrow
All Day - US Midterm Elections