S&P 500 Futures Daily Insights for Fri 17 Feb 2023
Re-testing Balance Zone Low. Will it hold again?
GDR Model Insights for the Current Week
S&P 500 Futures Market Profile Insights for Today
Near-Term Outlook: Re-testing Balance Zone Low
Yesterday was a Trend day up all the way until 3pm when Liquidation brought the market all the way through the Low set at the Open. There are plenty of reasons to keep a Bullish outlook coming into today:
We are re-testing the Balance Zone Low again. This is an area that has previously brought in buying
Despite yesterday’s Liquidation, Value remained unchanged compared with the previous 3 trading days
The timing of the Liquidation in addition to the Poor High it left behind suggest this was most likely Day Traders who got positioned too long and were forced to close their positions before the end of the trading day
Despite the above, I’d like to draw your attention to the Poor Low from 1/26 that still has to be repaired. There is a possibility that the market is currently targetting a revisit of that area.
Potential Market-Moving Events Today
08:45am - FOMC Member Bowman Speaks