S&P 500 Futures Daily Insights for Wed 22 Feb 2023
Fed Minutes Release Day - Monitor for Continuation
GDR Model Insights for the Current Week
S&P 500 Futures Market Profile Insights for Today
Near-Term Outlook: Monitor for Continuation
Yesterday I pointed out that the Poor Low from 1/26 that was around 4027 was an obvious target for further downside in the near-term. That Poor Low was repaired in the late morning. Today is the type of day where, going into it, short-term/day traders should err on the side of patience as both upside and downside are possible.
Bullish: the 2 consecutive Poor Highs from 2/16 and 2/17 stand out. Moreover, as the ES is trading at the top of a previous Balance Zone, that could be a logical spot for rejection of further downside.
Bearish: there was real weakness yesterday, most notably in breadth. More importantly, acceptance here could easily send the ES back to the bottom of this lower Balance Zone which is all the way down in the 3920s.
In the backdrop of all this, Fed Meeting Minutes will be released today at 2pm and increased volatility as algos parse out the content is very likely.
Potential Market-Moving Events Today
02:00pm - FOMC Meeting Minutes
06:30pm - FOMC Member Williams Speaks