S&P 500 Futures Daily Insights for Fri 27 Jan 2023
Market Profile Structure in need of Repair, suggests overly Long Inventories
GDR Model Insights for the Current Week
S&P 500 Futures Market Profile Insights for Today
Near-Term Outlook: Structure in Need of Repair ahead of Major Data Release
Yesterday opened on a Gap Higher that was fully filled before the market rallied higher through the rest of the day. However, yesterday was an almost exclusively mechanical buying day. The clues to this are 1) the Poor Low, which also matches the Overnight Low, and 2) the mechanical nature of each 30-minute period low during the day.
Spike Rules apply going into today, but there are higher than usual odds that yesterday’s High is Secure. I won’t tag the near-term outlook as Bearish because ultimately we have seen some real strength supporting the current market, but the Structure below suggests Inventories are too Long and is in need of Repair.
Potential Market-Moving Events Today
08:30am - PCE, Personal Spending
10:00am - Michigan Consumer Sentiment, Pending Home Sales