S&P 500 Futures Daily Insights for Fri 9 Dec 2022
Both GDR and Market Profile point Bullish going into tomorrow's PPI release
GDR Model Insights for the Current Week
GDR Model Performance (2022): +22.37%
Market Tone: Bullish (previous week: Bullish)
Positioning: +253.50% Long (previous day: +258.74% Long)
Commentary: GDR has continued to firm up its Bullish sentiment today following on from a test earlier this week. This should bode well going into PPI tomorrow, but conditions may always change between now and tomorrow’s day session
S&P 500 Futures Market Profile Insights for Tomorrow
Going into PPI tomorrow, the ES looks Bullish on balance. Here’s why:
The Excess Low from 12/6 has not been challenged
Today’s trading put in an Excess Low with a long Buying Tail
There is not a lot of Excess on today’s High
There is still plenty of Poor Structure above in need of Repair
Despite the above, tomorrow is not a slam dunk. While today’s Low has plenty of Excess, it is also Weak as it coincides with the 100 Day Moving Average. In addition, there is a relatively large Trapped Short Position below, which is not ideal. Nevertheless, the number of Bullish markers far outweight the Bearish ones at this point.
Potential Market-Moving Events Tomorrow
08:30am - PPI
10:00am - Michigan Consumer Sentiment