S&P 500 Futures Daily Insights for Fri 10 Feb 2023
Yesterday's Liquidation ending in a Spike Lower suggests a potential change in tone, but beware the edge of the Balance Zone
GDR Model Insights for the Current Week
S&P 500 Futures Market Profile Insights for Today
Near-Term Outlook: Spike Rules, near Balance Zone Low
Yesterday was a Trend Day down that ended with a Spike Lower around the bottom of the current Balance Zone. Spike Rules will apply with the following scenarios:
Bearish: open and accept below the Spike Low (4078)
Bullish: open and accept above the Spike Base (4110)
Balance: open and accept within the Spike (4078-4110)
A day like yesterday can flag a change in tone to a more Bearish market, but do note that
yesterday’s High is Weak as it coincides with the T+2 High,
yesterday left Poor Structure above
the Spike Base coincides with the last month’s High
there doesn’t seem to be a lot of Inventory above to drive further Liquidation, and
the ES is approaching the Low of a major Balance Zone.
There are strong points supporting both Bullish and Bearish views, therefore it is key to read the market in real-time to discern which way it will go to end the week.
Potential Market-Moving Events Today
10:00am - Michigan Consumer Expectations
12:30pm - FOMC Member Waller Speaks
04:00pm - FOMC Member Harker Speaks