S&P 500 Futures Daily Insights for Thu 23 Feb 2023
Balance Rules with higher odds of Bullish reversal
GDR Model Insights for the Current Week
S&P 500 Futures Market Profile Insights for Today
Near-Term Outlook: Balance Rules, odds favor Bullish reversal
Yesterday was a Balancing day with edges at the High and the Low, both of which have Excess. Balance Rules apply going into today, specifically 1) go with a break from Balance that is accepted, and 2) fade a break from Balance that is rejected.
Current structure gives a Bullish reversal higher odds. This is because the Highs from 2/16 and 2/17 are Poor. Moreover while the High from 2/21 has Excess, it is Weak - it suggests the prevalence of short-term momentum sellers.
Nevertheless, don’t right off the potential for further downside. At the end of the day, the market is currently exploring the top of a previous Balance Zone and if accepted the ES could easily trade all the way down to the 3920s.
Potential Market-Moving Events Today
08:30pm - GDP (Q4 Revision), Initial Jobless Claims
10:50am - FOMC Member Bostic Speaks