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• US stock futures extend losses: US stock futures declined further on Thursday, following a drop in major averages during Wednesday’s regular session.
• Fed minutes reveal support for rate increases: The latest Federal Reserve policy meeting minutes indicated that most officials would back additional rate hikes in the future.
• Futures contracts show decline: Futures contracts tied to the three major indexes experienced declines of at least 0.4%.
• Meta Platforms launches Instagram Threads: Meta Platforms saw an additional 1% increase in extended trading after introducing Instagram Threads, a direct competitor to Twitter.
• Market performance: On Wednesday, the Dow, S&P 500, and Nasdaq Composite all closed lower, with materials, industrials, and technology sectors leading the downward movement.
• Hawkish Fed minutes create caution: The hawkish tone of the Fed minutes reinforced expectations of upcoming rate hikes, leading to cautious sentiment among investors.
• Focus on economic data: Investors now turn their attention to the release of ADP private payrolls and initial jobless claims figures, as well as services PMI reports.

The E-mini S&P 500 on the daily interval is down approximately 0.4%, trading above the Year’s developing value and potentially forming a balanced price range. There are signs of absorption around the prior swing highs, suggesting a possible rotation towards the lower extreme.

Yesterday’s volume profile closed with a p-shaped structure, which could be interpreted as a bearish signal for the entire session. A pullback is still possible, considering the market’s significant distance from yesterday’s POC close level.

The lower dollar during the session is a bullish factor to consider, while positive volatility adds pressure. However, calculations for this session indicate mixed signals for potential balanced behavior.

2 Months Ago

From the intraday perspective, the market exhibits microbalanced behavior as investors adjust larger positions, resulting in rotational scenarios. The developing VWAP acts as a point of resistance and selling pressure at the moment. In the New York trading session, there may be a focus on targeting the upper extreme of today’s developing value, similar to the price structure seen yesterday.

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