S&P 500 Futures Daily Insights for Thu 9 Mar 2023
Short-Term Balance and another Poor High
GDR Model Insights for the Current Week
S&P 500 Futures Market Profile Insights for Today
Near-Term Outlook: Short-Term Balance with Poor High
Treat yesterday as a Short-Term Balance, but note that the High is Poor. This does not necessarily mean that longs have an edge today. Over the last several weeks, short-term momentum traders have taken control of the market and they seem intent on pushing prices down. This is why we have seen so many Poor and Weak Highs lately. This increases the odds of Short-Covering Rallies significantly.
I would expect today to be relatively quiet, but tomorrow has potential for heightened volatility given that monthly employment data is due to be released.
Potential Market-Moving Events Today
08:30am - Initial Jobless Claims