S&P 500 Futures Daily Insights for Wed 8 Mar 2023
Expect big ranges as Powell's testimony continues today
GDR Model Insights for the Current Week
S&P 500 Futures Market Profile Insights for Today
Near-Term Outlook: Big Range, could go either way
Yesterday the market reacted negatively to Powell’s testimony in Congress. Today his testimony continues again at 10am. Given the current Market Structure, expected elevated volatility to persist.
Today the ES can go either direction so I have marked off the key levels in the chart above. You can loosely treat it as a small Balance.
Bearish: the market breaks down below yesterday’s Low (3982), which lacks Material Excess. In this scenario, the Trapped Short Position and Weak Low from 3/2 become the obvious targets
Bullish: the market pushes above yesterday’s midday Pullback (4027). In this scenario, the Trapped Long Position from yesterday and the Poor High from Monday become the obvious targets
Should the Bullish scenario unfold, consider it a continuation of the Short-Covering Rally that started on 3/2.
Potential Market-Moving Events Today
08:15am - ADP Nonfarm Employment Change
10:00am - Fed Chair Powell Testifies, JOLTs Job Openings
02:00pm - Beige Book