E-Mini S&P 500 Futures
We have three catalysts this morning: the GDP release at 7:30 AM (CT), followed by Consumer Sentiment at 8:55 AM (CT) and finally Ben Bernanke's speech kicks off at 9:00 AM (CT). Today could be an inflection point and provide market direction for next week. The Bull/Bear Line in Sand is at 1043; bias is bullish above and bearish below that level. If we hold above 1043, and then break above 1053.25, there's a high probability of filling the open gap at 1065.50 and testing the naked VPOC at 1069.75. On the downside, if we break below 1037, there's a high probability of testing the 1029.50-1031.50 Area. Looking at a composite Volume Profile for the last 3 days, we have the Cumulative VPOC at 1053.25 (potential target on a rotation above 1050) with prices below 1041.50 shutting off trade. Don't get caught up in the volatility around the econ releases and keep the big picture in mind. Note where price is trading in relation to 1041.50, 1043, 1050, and 1053.25 -- that should help you determine who's in control. Price is currently trading at 1048.50, so the immediate bias is Bullish.
Econ Data
GDP and Corporate Profits at 7:30 AM (CT), Consumer Sentiment at 8:55 AM (CT), Ben Bernanke's speech on the economic outlook at the Kansas City Fed's annual Jackson Hole conference begins at 9:00 AM (CT).
ES - Daily Chart with Volume Profile and Key Levels (click on image below to enlarge)