S&P 500 Futures Daily Insights for Tue 7 Mar 2023
Short-Term Balance with clear Upper and Lower Targets
GDR Model Insights for the Current Week
S&P 500 Futures Market Profile Insights for Today
Near-Term Outlook: One-Day Balance with Poor High and Low
Yesterday was yet again dominated by short-term momentum traders. The Gap Up from the open was filled towards the end of the day suggesting momentum short-sellers took control in the late morning leaving behind a Poor High. The Low of the day is also Poor. Additionally, the tight range from yesterday is normal given that today and tomorrow Powell will be testifying before Congress on Monetary Policy.
Assuming the market opens within range, I would treat today as Short-Term Balance with edges at yesterday’s Poor High (4083) and Poor Low (4048). Both High and Low are not secure and could easily be taken out today. Finally, note the logical upside and downside targets in the chart above.
Potential Market-Moving Events Today
10:00am - Fed Chair Powell Testifies