S&P 500 Futures Daily Insights for Fri 20 Jan 2023
Re-entry into either Balance Zone above and below was rejected yesterday. Balance Rules apply today
GDR Model Insights for the Current Week
S&P 500 Futures Market Profile Insights for Today
Near-Term Outlook: Balance Rules
Yesterday opened on a Large Gap Down, but by the afternoon most of it had been filled. It was a rotational day where re-entries into either of the Balance Zones, above and below, were rejected. The day ended up Balanced and therefore Balance Rules apply today:
Go with a break from Balance that is accepted, in this case this means acceptance above or below yesterday’s high or low, respectively
Fade a break from Balance that is rejected
Given that the ES is currently in between Balance Zones I would expected the odds of breaking from yesterday’s Range are high, although that doesn’t necessarily mean that the first attempt at breaking will be successful.
Potential Market-Moving Events Today
09:00am - FOMC Member Harker Speaks
10:00am - Existing Home sales
01:00pm - FOMC Member Waller Speaks