S&P 500 Futures Daily Insights for Fri 13 Jan 2023
Despite extended inventories, yesterday showed real strength. Odds on for further upside
GDR Model Insights for the Current Week
S&P 500 Futures Market Profile Insights for Today
Near-Term Outlook: Bullish, near previous top of Balance Zone
As expected, yesterday’s reaction to the CPI print was negative allowing inventories to come into balance a bit. Most importantly though, that correction didn’t last long and the ensuing strength is telling.
The market is approaching the top of another previous Balance Zone, and should that area around 4020 not provide much resistance then there are strong odds the ES moves quickly to the next upside target at 4110. The Poor High from yesterday supports this scenario.
The key for today/early next week is whether the ES hangs around in the current Balance Zone. Should that happen then the next logical downside target is the bottom of Balance at around 3930.
Potential Market-Moving Events Today
07:30am - FOMC Member Harker Speaks
08:30am - Import and Export Prices
10:00am - Michigan Consumer Expectations