GDR Model Weekly Insights for Mon 23 Jan 2023
Emotional short-covering sparked last Friday's rally. Spike Rules apply today
Review: Performance as of the close of 20 Jan 2023
GDR Model Insights for the Week Ahead
Commentary: the underlying market has remained strong and GDR has turned Bullish. This could bode well heading into GDP this week and FOMC next week.
S&P 500 Futures Market Profile Insights for Today
Near-Term Outlook: Spike Rules Apply
Last Friday the market broke out of its 1-day Balance in a rally that was most likely sparked by short-covering. The Structure left behind is Poor, but that can stand for longer than we might expect. More importantly Spike Rules apply today. The key level to keep in mind is 3954, i.e. the Base of the Spike. As a reminder here are the rules:
Bullish: open above the Top of the Spike (3991) that is accepted
Bearish: open below the Spike Base (3954) that is accepted
Balance: open within the Spike range (3954 - 3991). In this case, treat the Spike Range as a Balance where Balance Rules apply
Potential Market-Moving Events
Today - None
Later this Week: GDP (Thu), PCE (Fri)