S&P 500 Futures Daily Insights for Tue 4 Apr 2023
Some Liquidation yesterday but no sign of serious Selling. Value continues to build higher for now
GDR Model Insights for the Current Week
S&P 500 Futures Market Profile Insights for Today
Near-Term Outlook: Bullish as Value Continues to Build Higher
Alternate Outlook: Overly Long Inventories keep increasing the odds of at least a Liquidation Break
Key Levels for Today:
Bullish: 4158 (Poor High), 4188 (Balance Zone High), 4221 (Closes Gap Down)
Bearish: 4128 (Y’day Excess Low), 4088 (Friday Weak Low), 4061 (Weak Low)
Welcome to the latest instalment of “Short-Term Inventories Are Too Damn Long”. There was some Liquidation yesterday, but not nearly enough for a meaningful Inventory correction. Moreover, the Poor High for the day suggests that short-term Longs are beginning to get nervous. More importantly though, the implication of the Poor High is the same: there has been no serious selling.
Judging from Value developing clearly higher for 5 days in a row now, the market is clearly Bullish. More upside is the base case, but remain aware of the high potential for meaningful Liquidation in the near-term.
Potential Market-Moving Events Today
10:00am - JOLTs Job Openings, Factory Orders
1:30pm - FOMC Member Rosengren Speaks