S&P 500 Futures Daily Insights for Thu 12 Jan 2023
Market Profile suggests there is a good chance the market trades lower in reaction to CPI
GDR Model Insights for the Current Week
S&P 500 Futures Market Profile Insights for Today
Near-Term Outlook: Tilt Bearish, data pending
Yesterday the market continued up, hitting the first target (the 1/9 Poor High) pointed out in yesterday’s prep and almost making it to the second (the top of the 12/15 Gap Down). However, the Low of the day is not very secure as it’s just an extra tick from being a Poor Low. In addition, the last several days of trading suggest an emotional market suffering from FOMO.
It’s as if everyone is anticipating a Bullish CPI print today and they want to front-run that. Usually when this happens, inventories tend to get too long and regardless of the actual content of the data release, inventories tend to need correction. In other words, there are good odds that the ES trades lower regardless of the CPI print we get at 8:30am today.
Potential Market-Moving Events Today
08:30am - CPI, Initial Jobless Claims
11:30am - FOMC Member Bullard Speaks