S&P 500 Futures Daily Insights for Thu 8 Dec 2022
Mechanical Balanced Day ahead of key data releases tomorrow and Friday
GDR Model Insights for the Current Week
GDR Model Performance (2022): +20.04%
Market Tone: Bullish (previous week: Bullish)
Positioning: +258.74% Long (previous day: +257.44% Long)
Commentary: GDR has flagged continued confirmation of the Bullish idea following a Bearish test at the start of the week. This will have to stick through tomorrow morning’s Jobless Claims data, and Friday’s PPI release for Market Tone to remain intact
S&P 500 Futures Market Profile Insights for Tomorrow
Today’s SPX Futures trading was dominated by mechanical trading within a relatively tight range. The day’s High is mechanical as it coincides with yesterday’s Value Area High (VAH) to the tick. The Low coincides with the bottom of the current Balance Zone and both barely have Excess. A nuance present today is that there are now plenty of Trapped of Short positions below today’s Point of Control (POC) to go along with the Trapped Long positions above.
The Market Profile analysis from yesterday remains largely in play for tomorrow. Watch out for potential volatility before the open as Jobless Claims are released.
Potential Market-Moving Events Tomorrow
08:30am - Initial Jobless Claims