GDR Daily Perspective for Wed 12 April 2023
Balanced going into CPI and FOMC Meeting Minutes
GDR Model Insights for the S&P 500
S&P 500 Futures Market Profile Analysis
Near-Term Outlook: Balanced pending key data releases, tilt Bullish
Alternate Outlook: Liquidation Break on Overly Long Inventories
Key Levels for Today
Bullish: 4152 (Poor High), 4172 (O/N Swing High), 4188 (Top of Current Balance Zone)
Bearish: 4133 (Mon Spike Base), 4118 (Closes Double Distribution), 4098 (Poor Low)
Market Narrative
Yesterday the market was once again dominated by weak-hands traders as suggested by the Poor High left behind. Strong hands have been largely absent from the market for at least close to a month. The market is currently Balanced with a slight Bullish bias, therefore that’s the baseline expectation going into today.
Finally, and as mentioned yesterday, don’t overestimate the potential for a Liquidation Break. If Inventories are indeed overly long (as they seem to be), there’s a fair chance that traders may liquidate following CPI and/or the FOMC Meeting Minutes release.
Economic Calendar
Today at 8:30am - CPI
Today at 2:00pm - FOMC Meeting Minutes
Later this Week: PPI (Thu), Retail Sales (Fri)