S&P 500 Futures Daily Insights for Fri 3 Feb 2023
Weak High and Low heading into Employment data
GDR Model Insights for the Current Week
S&P 500 Futures Market Profile Insights for Today
Near-Term Outlook: Weak High and Low, could go either way
Yesterday started out as a Bullish day following on from the 2/1 Spike Higher. However, throughout the day we saw some violent Inventory Corrections that culminated in the Earnings Release for AAPL 0.00%↑, GOOGL 0.00%↑, and AMZN 0.00%↑. As of 3am NY time, both Overnight High and Low match Yesterday’s High and Low almost to the tick, and are therefore Weak.
Even though Value is markedly higher, on day’s like this I tend to treat the previous day as a short-term Balance. Be aware that the market is more likely to try and correct both yesterday’s High and Low so there’s a chance that whichever one is corrected first is a fakeout.
There’s continued potential for volatility today as Employment data will be released at 8:30am.
Potential Market-Moving Events Today
08:30am - Nonfarm Payrolls
09:45am - S&P Global Composite PMI
10:00am - ISM Non-Manufacturing PMI