GDR Model Weekly Insights for Wed 18 Jan 2023
Yesterday's trading materially decreased the odds of further upside in the near-term
GDR Model Insights for the Current Week
S&P 500 Futures Market Profile Insights for Today
Near-Term Outlook: Bearish, possible Balance Edge rejection
The market tried to break out of the current Balance Zone but couldn’t sustain a rally, leaving behind an Excess High. It then tried to break down lower twice but stopped short at the Friday Spike Base almost exactly. While it is not Poor, this Low lacks Material Excess and is Weak at it is on an exacting level.
Yesterday significantly increased the odds of a negative reaction to today’s data releases and we may well be at the start of at least a pause in the recent rally. At the very least, the ES does not (yet) seem ready to break above the current Balance Zone.
Potential Market-Moving Events Today
08:30am - PPI, Retail Sales
09:00am - FOMC Member Bostic Speaks
09:15am - Industrial Production
09:30am - FOMC Member Bullard Speaks
10:00am - Business Inventories
02:00pm - Beige Book, FOMC Member Harker Speaks