S&P 500 Futures Daily Insights for Thu 9 Feb 2023
Another Short-Term Balance with a Bullish edge
GDR Model Insights for the Current Week
S&P 500 Futures Market Profile Insights for Today
Near-Term Outlook: Inside Day Balance, Bullish Edge
Yesterday looks like a Liquidation Break that allowed for some Backing and Filling where previously there was some Poor Structure. While, the market spent a decent amount of time trading below the December High - the Low of the Short-Term Balance suggested yesterday - there was no downside followthrough. As yesterday was an Inside Day, today we have yet another Short-Term Balance with edges on yesterday’s High and Low. Since there is no material Excess on yesterday’s High, I maintain the Bullish edge for today.
Beyond that, not much has changed: taking out the 3 recent Excess Highs remains key to get the next leg up started. On the Bearish side, we carry forward that there is still Structure below that could use repairing.
Potential Market-Moving Events Today
08:30am - Initial Jobless Claims