S&P 500 Futures Daily Insights for Tue 31 Jan 2023
Market Profile suggests a Bearish outlook, but be aware of the key announcements that will likely dominate the latter half of this week
GDR Model Insights for the Current Week
S&P 500 Futures Market Profile Insights for Today
Near-Term Outlook: Tilt Bearish, Gap Rules will likely apply
The ES seems set to open on a Gap Lower today, which would almost certainly correct the Poor Low from last Thursday. Importantly, in the process of correcting structure the market now has 2 consecutive Excess Highs, which implies strong rejection of the higher Balance Zone.
The only reason I am tagging today’s outlook as a less zealous “Tilt Bearish” is because starting tomorrow there are key announcements coming every single day through the end of the week. Any single one of these can change Market Structure and therefore the Short-Term Outlook on a dime. Trade carefully and try not to stay mentally stuck on any single idea.
Potential Market-Moving Events Today
Key Earnings Before the Open: XOM 0.00%↑
08:30am - Employment Cost Index
09:00am - S&P/Case-Shiller Home Price Index
09:45am - Chicago PMI
10:00am - CB Consumer Confidence