S&P 500 Futures Daily Insights for Thu 2 Feb 2023
Spike Rules apply with an obvious target above
GDR Model Insights for the Current Week
S&P 500 Futures Market Profile Insights for Today
Near-Term Outlook: Spike Rules, target above
The key to understanding the potential for upside response as yesterday unfolded came from analyzing Market Profile: as we neared the time of annoucement, the day had an Excess Low and a Poor High. This materially increased the odds of a Bullish reaction. Whether Powell came out more dovish or hawkish was unimportant.
Heading into today, we have an Excess Low from yesterday and Spike Rules will apply:
Bullish: open and accept above yesterday’s High (4164)
Bearish: open and accept below yesterday’s Spike Base (4090)
Balance: open and accept within yesterday’s Spike Range (4090-4164). Balance Rules apply in this scenario
The High from December at 4180 was made in the Overnight trading session and it has lasted quite a while without repair. It seems like the market is finally coming for it.
Potential Market-Moving Events Today
08:30am - Initial Jobless Claims, Nonfarm Productivity, Unit Labor Costs
10:00am - Factory Orders
Key Earnings After the Close: AAPL 0.00%↑, GOOGL 0.00%↑, AMZN 0.00%↑