GDR Model Weekly Insights for Tue 21 Feb 2023
As of this moment, low odds of downside continuation
Review: Performance as of the close of 10 Feb 2023
GDR Model Insights for the Week Ahead
Commentary: GDR Model hung on to its long position by the skin of its teeth. This shortened week may be critical given the coming data releases
S&P 500 Futures Market Profile Insights for Today
Near-Term Outlook: Low Conviction Breakdown with a clear Downside Target
The market may currently look like it’s about to breakdown lower but that comes on the back of 2 consecutive Poor Highs, therefore the odds of downside continuation / followthrough are quite low.
In addition, there seems to be a clear target below: the Poor Low from 1/26 that sits around 4027. If weak-hands traders keep piling on short and take out that downside target without the ES heading higher first, then the odds of further upside would increase materially.
Potential Market-Moving Events
Today 09:45am - Manufacturing PMI
Today 10:00am - Existing Home Sales
Later this Week: FOMC Meeting Minutes (Wed), GDP Revision (Thu), PCE (Fri)