S&P 500 Internals

SPY Technicals

S&P 500 Internals

SPY Technicals

• The S&P 500 was down in today’s session. 4/11 sectors were positive.

  • Outperforming Index: 🟢 Nasdaq-100

  • Underperforming Index: 🔴 Russell 2000

  • Strongest Sector: 🟢 Utilities

  • Weakest Sector: 🔴 Industrials

  • Top Stock: 🟢 Bath and Body Works

  • Poorest Stock: 🔴 EPAM Systems

• US Treasury yields retreated.

  • 2-year: 🔴 4.47% (-3.9 bps)

📈 Here is the broad market overview as of the current day’s close.

S&P 500 Breakdown

📈 Here is a breakdown of the S&P 500 by sector, style and top holdings.

E-mini S&P 500 Top-Down Analysis

📈 Below are the monthly, weekly, daily and 4-hour charts for $ES_F.

• Monthly: 🟡 Balance / outside month. [Last 2-months: 4062.25 - 4243.25]

• Weekly: 🟢 One time framing up. [Nearest low: 4174]

• Daily: 🟢 One time framing up. [Nearest low: 4273]

E-mini S&P 500 Metrics

Recent Performance & Technicals

E-mini S&P 500 Volume Profile

ES VWAP/Volume Profile Levels

Session Recap

Electronic Trading Hours (ETH)

Overnight Session:

Wholesale was long at the prior day’s close. The overnight open was inside the prior day’s value area. The Asian and European sessions traded sideways in a 13-point channel, all of which was inside Friday’s value area. Inventory going into the RTH session was slightly long. Overnight VPOC was 4289, nearly inline with Friday’s RTH VPOC.

Regular Trading Hours (RTH) Session:

The RTH open was inside the prior day’s value area and above the T+2 high. There was no gap between the previous day’s RTH range and the RTH open. The stops at the overnight and prior day’s high were taken out during A-period. The IB period was choppy with price action going in and out of Friday’s RTH range. B-period formed an outside candle to A-period, forming an 18.50-point range, that failed to trade below the overnight low. The auction rotated up and was creating higher lows as buyers and trapped shorts slowly lifted the offer. Overheard supply at 4305.75, three standard deviations north of VWAP, soaked in all the demand. Sellers pushed $ES_F back into the prior day’s range once the buying ceased. From H through M-period, price action was setting lower highs as stops at the overnight low were taken. The C-period single prints from Friday were also filled. However, sellers were only able to push down beyond the singles for 3-ticks, as $ES_F ended up with a weak low double bottom at 4273. This was a sign that buyers were trapped short and covering at this level, three standard deviations south of VWAP. They pushed the offer up and back into the overnight range. RTH VPOC moved down to 4280.50 as price action consolidated for the remainder of the RTH session.

• The S&P 500 was up in today’s session. 11/11 sectors were positive.

  • Outperforming Index: 🟢 Russell 2000

  • Underperforming Index: 🔴 Nasdaq-100

  • Strongest Sector: 🟢 Materials

  • Weakest Sector: 🔴 Communications

  • Top Stock: 🟢 DISH Network Corporation

  • Poorest Stock: 🔴 T-Mobile US

• US Treasury yields advanced.

  • 2-year: 🟢 4.55% (+4 bps)

📈 Here is the broad market overview as of the current day’s close.

S&P 500 Breakdown

📈 Here is a breakdown of the S&P 500 by sector, style and top holdings.

E-mini S&P 500 Top-Down Analysis

📈 Below are the monthly, weekly, daily and 4-hour charts for $ES_F.

• Monthly: 🟡 Balance / outside month. [Last 2-months: 4062.25 - 4243.25]

• Weekly: 🟢 One time framing up. [Nearest low: 4174]

• Daily: 🟢 One time framing up. [Nearest low: 4229]

E-mini S&P 500 Metrics

Recent Performance & Technicals

E-mini S&P 500 Volume Profile

ES VWAP/Volume Profile Levels

Session Recap

Electronic Trading Hours (ETH)

Overnight Session:

Wholesale was long at the prior day’s close. The overnight open was inside the prior day’s value area. Price action overnight was flat and couldn’t trade below 4229. There were several trapped short positions the last few days and their bids provided support at 4229. The auction rotated up and climbed above the prior day’s high. Inventory going into the RTH session was long. Overnight VPOC was 4249.50.

Regular Trading Hours (RTH) Session:

The RTH session gapped up above the prior day’s range and T+2 range. Buyers were able to take the stops above the overnight high during A-period. Supply was able to absorb buyers and this resulted in backfill. Sellers were absorbed at 4249, keeping the RTH gap in tact. The auction rotated up for the remainder of the RTH session. ES_F climbed nearly 50-handles before stalling just shy of 4300. The auction consolidated in a 10-point range for the remainder of the session.

• The S&P 500 was up in today’s session. 8/11 sectors were positive.

  • Outperforming Index: 🟢 Nasdaq-100

  • Underperforming Index: 🔴 Dow Jones

  • Strongest Sector: 🟢 Energy

  • Weakest Sector: 🔴 Utilities

  • Top Stock: 🟢 Match Group Inc

  • Poorest Stock: 🔴 Dollar General Corporation

• US Treasury yields retreated.

  • 2-year: 🔴 4.34% (-6.4 bps)

📈 Here is the broad market overview as of the current day’s close.

S&P 500 Breakdown

📈 Here is a breakdown of the S&P 500 by sector, style and top holdings.

E-mini S&P 500 Top-Down Analysis

📈 Below are the monthly, weekly, daily and 4-hour charts for $ES_F.

• Monthly: 🟡 Balance / outside month. [Last 2-months: 4062.25 - 4243.25]

• Weekly: 🟡 Balance. [Last 3-weeks: 4111.75 - 4227.25]

• Daily: 🟡 Balance and rotation. [Last 3-days: 4174 - 4243.25]

E-mini S&P 500 Metrics

Recent Performance & Technicals

E-mini S&P 500 Volume Profile

ES ETH/RTH Split Volume Profile

📈 Here is a chart of the past few sessions with a daily ETH/RTH split Volume Profile:

ES VWAP/Volume Profile Levels

Session Recap

Electronic Trading Hours (ETH)

Overnight Session:

Wholesale was short at the prior day’s close. The overnight open was inside the prior day’s value area. Price action during the Asian and London sessions was flat in a 20-point range between 4182.50 and 4202.50. This range was entirely inside the prior day’s RTH range. Inventory going into the RTH session was short below the prior day’s O-period close. Overnight VPOC was 4191.75 and nearly inline with the prior day’s VPOC

Regular Trading Hours (RTH) Session:

The RTH open was inside the prior day’s value area and below the T+2 low. There was no gap between the current and prior day’s RTH sessions. Sellers in A-period pushed the auction below the overnight low before running out of steam and failing to take the prior day’s low. Resting bids, at 4178, soaked up supply and caused a reversal. Buyers gained control and pushed the auction through the full overnight range. From A through G-period, $ES_F was one time framing up and began to ride the rising 2nd standard deviation level upwards. In L-period, buyers were consumed by supply at 4239.75, and wholesale backfilled down 20-points. Buyers stepped back in and pushed the auction up near the 1st standard deviation again where the market settled around until the close in O-period.

• The S&P 500 was down in today’s session. 4/11 sectors were positive.

  • Outperforming Index: 🟢 Dow Jones

  • Underperforming Index: 🔴 Russell 2000

  • Strongest Sector: 🟢 Utilities

  • Weakest Sector: 🔴 Energy

  • Top Stock: 🟢 Intel Corporation

  • Poorest Stock: 🔴 Advance Auto Parts

• US Treasury yields retreated.

  • 2-year: 🔴 4.39% (-1.5 bps)

📈 Here is the broad market overview as of the current day’s close.

S&P 500 Breakdown

📈 Here is a breakdown of the S&P 500 by sector, style and top holdings.

E-mini S&P 500 Top-Down Analysis

📈 Below are the monthly, weekly, daily and 4-hour charts for $ES_F.

• Monthly: 🟡 Balance / outside month. [Last 2-months: 4062.25 - 4243.25]

• Weekly: 🟡 Balance. [Last 3-weeks: 4111.75 - 4227.25]

• Daily: 🔴 Lower high. [Nearest high: 4217.75]

E-mini S&P 500 Metrics

Recent Performance & Technicals

E-mini S&P 500 Volume Profile

ES ETH/RTH Split Volume Profile

📈 Here is a chart of the past few sessions with a daily ETH/RTH split Volume Profile:

ES VWAP/Volume Profile Levels

Session Recap

Electronic Trading Hours (ETH)

Overnight Session:

Wholesale was short at the prior day’s close. The overnight open was inside the prior day’s value area. During the Asian session, buyers were absorbed by supply at 4217.75, several points above the prior day’s VPOC. Sellers then took control and pushed price lower to take out the prior day’s low. There was a brief rally on short covering in which $ES_F moved from 2 standard deviations south of VWAP to 1 standard deviation above. There was no follow through, however, and ultimately $ES_F fell to new lows. Inventory leading up to the RTH session was short and overnight VPOC was 4205.50.

Regular Trading Hours (RTH) Session:

The RTH open gapped down and was below the prior day’s low but inside the T+2 range. Buyers filled the RTH gap during A-period but were consumed by resting offers from trapped longs near the overnight VPOC. The auction rotated down below the overnight and prior day’s low. Trapped shorts inside the B-period single prints from Friday couldn’t hold the market as supply took all their bids. Finally, the auction stabilized at 4174 on short covering, keeping Friday’s LOD in tact. The auction rotated up back towards VWAP and the overnight and prior day’s range. In M-period, buyers came within a point of the A-period high before getting soaked up by supply. $ES_F fell back beneath the overnight and previous day’s low where it consolidated for the remainder of the session.

• The S&P 500 was up in today’s session. 4/11 sectors were positive.

  • Outperforming Index: 🟢 Nasdaq-100

  • Underperforming Index: 🔴 Russell 2000

  • Strongest Sector: 🟢 Consumer Discretionary

  • Weakest Sector: 🔴 Consumer Staples

  • Top Stock: 🟢 Paramount Global

  • Poorest Stock: 🔴 Mondelez International Inc

• US Treasury yields retreated.

  • 2-year: 🔴 4.44% (-0.4 bps)

📈 Here is the broad market overview as of the current day’s close.

S&P 500 Breakdown

📈 Here is a breakdown of the S&P 500 by sector, style and top holdings.

E-mini S&P 500 Top-Down Analysis

📈 Below are the monthly, weekly, daily and 4-hour charts for $ES_F.

• Monthly: 🟢 Higher low. [Nearest Low: 4068.75]

• Weekly: 🟡 Balance. [Last 3-weeks: 4111.75 - 4227.25]

• Daily: 🟢 One time framing up. [Nearest low: 4200]

E-mini S&P 500 Metrics

Recent Performance & Technicals

E-mini S&P 500 Volume Profile

ES ETH/RTH Split Volume Profile

📈 Here is a chart of the past few sessions with a daily ETH/RTH split Volume Profile:

ES VWAP/Volume Profile Levels

Session Recap

Electronic Trading Hours (ETH)

Extended Overnight Session (includes Monday holiday):

Wholesale was long at the prior day’s close. The overnight open was above the prior day’s value range. Supply above 4243.25 provided resistance and soaked up all buyers. The auction rotated south and got inside Friday’s high by one point but could not follow through. Resting bids mopped up supply and eventually supply dried up. Buyers were able to easily lift the offer up near the initial high from the Sunday evening Asian open, resulting in a weak high at 4243.25. Inventory going into RTH was long with net sellers trapped in their positions.

Regular Trading Hours (RTH) Session:

The RTH open gapped up above the prior day’s high and T+2 high. After failing to take the stops at the overnight high during A-period, $ES_F turned south as sellers marked price down in search for buyers. The RTH gap was closed with price continuing to fall with lower highs established from A through I-period. $ES_F got underneath Friday’s HVN and value area but couldn’t trade inside the B-period single prints. Trapped shorts covered and the 4200 level held. This spurred a 20-point bounce to bring price back up above VWAP momentarily. Supply was able to absorb the short covering as $ES_F fell back underneath VWAP. There it remained and traded sideways into the close right near the 4215 cost basis for the session.

• The S&P 500 was up in Thursday’s session. 3/11 sectors were positive.

  • Outperforming Index: 🟢 Nasdaq-100

  • Underperforming Index: 🔴 Russell 2000

  • Strongest Sector: 🟢 Technology

  • Weakest Sector: 🔴 Energy

  • Top Stock: 🟢 NVIDIA

  • Poorest Stock: 🔴 Dollar Tree

• US Treasury yields retreated.

  • 2-year: 🔴 4.52% (-1.3 bps)

📈 Here is the broad market overview as of Thursday’s close.

S&P 500 Breakdown

📈 Here is a breakdown of the S&P 500 by sector, style and top holdings.

E-mini S&P 500 Top-Down Analysis

📈 Below are the monthly, weekly, daily and 4-hour charts for $ES_F.

• Monthly: 🟢 Higher low. [Nearest Low: 4068.75]

• Weekly: 🟢 One time framing up. [Nearest low: 4120]

• Daily: 🟡 Balance area. [Last 2-days: 4114 - 4175.50]

E-mini S&P 500 Metrics

Recent Performance & Technicals

E-mini S&P 500 Volume Profile

ES VWAP/Volume Profile Levels

Session Recap

Electronic Trading Hours (ETH)

Overnight Session:

Wholesale was short at the prior day’s close. The overnight open was above the prior day’s high. Supply liquidated when the Asian session opened and price returned inside the prior day’s range. Price action was sideways for much of the Asian session afterwards. When London opened, $ES_F rotated back and forth through VWAP until finally buyers gained control with lack of supply. ES_F pushed through 2 standared deviations above VWAP and was hitting new overnight highs going into RTH. Inventory during the overnight session was long with VPOC at 4163.

Regular Trading Hours (RTH) Session:

The RTH open gapped up above the prior day’s high but was inside the T+2 range. Buyers were overwhelmed with supply in A-period as the RTH gap was filled. Trapped shorts provided support for $ES_F as supply ran out before price could return to the prior day’s value area. From 4137.50, shorts covered and the auction rotated back and forth between the +/- 2 standard deviation levels for the next few hours. In J-period, buyers were able to momentarily lift the auction above the session’s balance area to 4171.75. There was no follow-through, however, and sellers were able to push price back down to VWAP. The auction continued to rotate back and forth while making higher lows and eventually ended the session near the 1st standard deviation above VWAP.

• The S&P 500 was down in today’s session. 1/11 sectors were positive.

  • Outperforming Index: 🟢 Nasdaq-100

  • Underperforming Index: 🔴 Russell 2000

  • Strongest Sector: 🟢 Energy

  • Weakest Sector: 🔴 Real estate

  • Top Stock: 🟢 Illumina

  • Poorest Stock: 🔴 Analog Devices

• US Treasury yields advanced.

  • 2-year: 🟢 4.36% (+4.1 bps)

📈 Here is the broad market overview as of the current day’s close.

S&P 500 Breakdown

📈 Here is a breakdown of the S&P 500 by sector, style and top holdings.

E-mini S&P 500 Top-Down Analysis

📈 Below are the monthly, weekly, daily and 4-hour charts for $ES_F.

• Monthly: 🟢 Higher low. [Nearest Low: 4068.75]

• Weekly: 🟢 One time framing up. [Nearest low: 4120]

• Daily: 🟡 Lower high and settled in the previous balance area. [Nearest high: 4166.25]

E-mini S&P 500 Metrics

Recent Performance & Technicals

E-mini S&P 500 Volume Profile

ES ETH/RTH Split Volume Profile

📈 Here is a chart of the past few sessions with a daily ETH/RTH split Volume Profile:

ES VWAP/Volume Profile Levels

Session Recap

Electronic Trading Hours (ETH)

Overnight Session:

Wholesale was short at the prior day’s close. The overnight open was below the prior day’s value area. Price action went sideways in a 10-point range for most of the Asian session. The auction struggled to get back into the prior day’s value area, failing to accept above 4166.25. When the European session opened, supply began to liquidate and break down from the range. Sellers took out the bid at the prior day’s low as the auction fell below. Price rotated between the 1st and 2nd standard deviations south of VWAP as supply continued to push the bid lower. Inventory was short going into RTH with a cost basis of 4144, below the prior day’s low.

Regular Trading Hours (RTH) Session:

The RTH open gapped down beneath the prior day’s and T+2 low. There were no buyers in the IB period as supply pushed the markets lower. The bids near the lows from 5/16 and 5/17 were taken out. Price kept pushing lower until supply ran out at 4114, where a weak low was established. The short covering occurred several points above the gap up between 5/4 and 5/5, an area where sellers got trapped and have outstanding bids to close their position. $ES_F slowly rotated back up towards VWAP. After a failed attempt to establish above VWAP in I and J-period, sellers pushed the auction lower but failed to retest the weak low. In L and M-period, buyers pushed the auction up past the first standard deviation north of VWAP and a new RTH high, 4143.75. Sellers were able to absorb buyers and prevent any further climb into the RTH gap as M-period closed south of VWAP. However, the auction jumped 20-handles in the afterhours of N and O-period on strong Nvidia guidance and earnings. The O-period closed 2 standard deviations north of VWAP, trapping shorts.

• The S&P 500 was down in today’s session. 1/11 sectors were positive.

  • Outperforming Index: 🟢 Russell 2000

  • Underperforming Index: 🔴 Nasdaq-100

  • Strongest Sector: 🟢 Energy

  • Weakest Sector: 🔴 Materials

  • Top Stock: 🟢 Moderna

  • Poorest Stock: 🔴 Las Vegas Sands Corp

• US Treasury yields retreated.

  • 2-year: 🔴 4.26% (-6 bps)

📈 Here is the broad market overview as of the current day’s close.

S&P 500 Breakdown

📈 Here is a breakdown of the S&P 500 by sector, style and top holdings.

E-mini S&P 500 Top-Down Analysis

📈 Below are the monthly, weekly, daily and 4-hour charts for $ES_F.

• Monthly: 🟢 Higher low. [Nearest Low: 4068.75]

• Weekly: 🟢 One time framing up. [Nearest low: 4120]

• Daily: 🟡 Balance. [Last 4-days: 4153 - 4227.25]

E-mini S&P 500 Metrics

Recent Performance & Technicals

E-mini S&P 500 Volume Profile

ES ETH/RTH Split Volume Profile

📈 Here is a chart of the past few sessions with a daily ETH/RTH split Volume Profile:

ES VWAP/Volume Profile Levels

Session Recap

Electronic Trading Hours (ETH)

Overnight Session:

Wholesale was long at the prior day’s close. The overnight open was inside the prior day’s value area. A few hours into the Asian session, buyers were able to lift the offer past the prior day’s high. However, there was no follow-through with supply able to absorb demand leading to a reversal. Through the remainder of the Asian session and much of the European session, sellers were driving the bid lower. Buyers at the prior day’s low were completely consumed as price action broke below. Inventory during the overnight session was short going into RTH and making new Globex lows. VPOC was 4202 with buyers offsides.

Regular Trading Hours (RTH) Session:

The RTH open gapped down and was beneath the prior day’s low and T+2 low. The gap was quickly filled during A-period. Throughout the IB-period, price was fluctuating above and below the prior day’s low. The B-period high at 4198.50 ended up being the high of the day. Buyers were unable to fill the resting offers from trapped longs of the last few trading sessions. In G-period, $ES_F broke down below the A-period low and never got back into the IB range. The auction dropped 30-handles over the next 4 TPO periods. Eventually, the bid was found at 4153, inside the single prints from 5/17. Short covering stabilized $ES_F for the remainder of the day as it traded sideways in a 15-point channel into the close.

• The S&P 500 was up in today’s session. 6/11 sectors were positive.

  • Outperforming Index: 🟢 Russell 2000

  • Underperforming Index: 🔴 Dow Jones

  • Strongest Sector: 🟢 Communications

  • Weakest Sector: 🔴 Consumer staples

  • Top Stock: 🟢 Match Group

  • Poorest Stock: 🔴 Nike, Inc

• US Treasury yields advanced.

  • 2-year: 🟢 4.33% (+1.3 bps)

📈 Here is the broad market overview as of the current day’s close.

S&P 500 Breakdown

📈 Here is a breakdown of the S&P 500 by sector, style and top holdings.

E-mini S&P 500 Top-Down Analysis

📈 Below are the monthly, weekly, daily and 4-hour charts for $ES_F.

• Monthly: 🟢 Higher low. [Nearest Low: 4068.75]

• Weekly: 🟢 One time framing up. [Nearest low: 4120]

• Daily: 🟡 Balance. [Last 3-days: 4161.25 - 4227.25]

E-mini S&P 500 Metrics

Recent Performance & Technicals

E-mini S&P 500 Volume Profile

ES ETH/RTH Split Volume Profile

📈 Here is a chart of the past few sessions with a daily ETH/RTH split Volume Profile:

ES VWAP/Volume Profile Levels

Session Recap

Electronic Trading Hours (ETH)

Overnight Session:

Wholesale was short at the prior day’s close. The overnight open was inside the prior day’s value area. Supply liquidated and took out bids near the prior day’s low during the Asian open. However, supply fizzled at 4186.50 and buyers were in control throughout most of the overnight session. VWAP rose steadily overnight and VPOC was 4205, nearly inline with Friday’s VPOC. Inventory was long going into RTH with short traders caught offsides.

Regular Trading Hours (RTH) Session:

The RTH open was inside the prior day’s value area and T+2 range. There was no gap between the previous day’s RTH range and the RTH open. There was plenty of aggressive buying when the US markets opened, leading to $ES_F rising above the overnight high. The D-period single prints from Friday were filled until the buyers were absorbed by resting offers at 4221.75. This resulted in a glut of supply and a big correction down. The auction fell 30-points but failed to take out the resting bids at 4191. This occurred entirely within the IB-period and ultimately proved to establish the RTH high and low for the day. The remainder of the auction was rangebound inside the IB range and +/- 2 standard deviations of VWAP.

• The S&P 500 was down in Friday’s session. 4/11 sectors were positive.

  • Outperforming Index: 🟢 S&P 500

  • Underperforming Index: 🔴 Russell 2000

  • Strongest Sector: 🟢 Energy

  • Weakest Sector: 🔴 Consumer Discretionary

  • Top Stock: 🟢 Catalent

  • Poorest Stock: 🔴 V.F. Corporation

• US Treasury yields retreated.

  • 2-year: 🔴 4.23% (-4.7 bs)

Events this week:

📈 Here is the broad market overview as of Friday’s close.

S&P 500 Breakdown

📈 Here is a breakdown of the S&P 500 by sector, style and top holdings.

E-mini S&P 500 Top-Down Analysis

📈 Below are the monthly, weekly, daily and 4-hour charts for $ES_F.

• Monthly: 🟢 Higher low. [Nearest Low: 4068.75]

• Weekly: 🟢 One time framing up. [Nearest low: 4120]

• Daily: 🟢 One time framing up. [Nearest low: 4191.50]

E-mini S&P 500 Metrics

Recent Performance & Technicals

E-mini S&P 500 Volume Profile

ES ETH/RTH Split Volume Profile

📈 Here is a chart of the past few sessions with a daily ETH/RTH split Volume Profile:

ES VWAP/Volume Profile Levels

Session Recap

Electronic Trading Hours (ETH)

Overnight Session:

Wholesale was long at the prior day’s close. The overnight open was one tick inside the prior day’s range. The auction broke out of the prior day’s range early during the Asian session. It rotated inside of a 15-point channel for much of the overnight session, at times coming back into the prior day’s range but failed to take out the O-period low from Thursday. Inventory during the overnight session was long going into RTH with VPOC at 4220.

Regular Trading Hours (RTH) Session:

The US open gapped up above the prior day’s high and was also above the T+2 high. The RTH gap was filled during A-period and supply above the overnight high couldn’t be consumed during the Initial Balance (IB) period. A weak high was established at 4225.75, where passive supply was able to absorb any aggressive buyers. This led to a liquidation in D-period which resulted in a drop of 20-handles and break below the overnight low. Sellers continued to push $ES_F lower, taking out trapped shorts from Thursday’s M-period single prints. Finally, passive buyers at 4191.50 took in all of the remaining supply and stabilized the market. The remainder of the RTH session traded sideways inside a 20-points range entirely underneath the overnight low. The session ended south of the -1 standard deviation level.

• The S&P 500 was up in today’s session. 7/11 sectors were positive.

  • Outperforming Index: 🟢 Nasdaq-100

  • Underperforming Index: 🔴 Dow Jones

  • Strongest Sector: 🟢 Technology

  • Weakest Sector: 🔴 Real estate

  • Top Stock: 🟢 Take-Two Interactive Software

  • Poorest Stock: 🔴 Target Corporation

• US Treasury yields advanced.

  • 2-year: 🟢 4.26% (+10.8 bps)

📈 Here is the broad market overview as of the current day’s close.

S&P 500 Breakdown

📈 Here is a breakdown of the S&P 500 by sector, style and top holdings.

E-mini S&P 500 Top-Down Analysis

📈 Below are the monthly, weekly, daily and 4-hour charts for $ES_F.

• Monthly: 🟢 Higher low. [Nearest Low: 4068.75]

• Weekly: 🟡 Balance / inside week. [Last 6-weeks: 4062.25 - 4206.25]

• Daily: 🟢 One time framing up and break out above recent balance zone. [Nearest low: 4161.25]

E-mini S&P 500 Metrics

Recent Performance & Technicals

E-mini S&P 500 Volume Profile

ES ETH/RTH Split Volume Profile

📈 Here is a chart of the past few sessions with a daily ETH/RTH split Volume Profile:

ES VWAP/Volume Profile Levels

Session Recap

Electronic Trading Hours (ETH)

Overnight Session:

Wholesale was long at the prior day’s close. The overnight open was inside the prior day’s value area. The auction was flat for the majority of the Asian session. When the European session opened, buyers were in control and lifted $ES_F above the prior day’s high. At 4183.75, supply absorbed demand and the market fell to new overnight lows on US economic data. Inventory during the overnight session was short going into RTH with overnight VPOC was 4168.75

Regular Trading Hours (RTH) Session:

The RTH open was inside the prior day’s value area and above the T+2 range. There was no gap between the previous day’s RTH range and the RTH open. When the US session opened, there was no supply as sellers couldn’t erase the overnight low. The auction rotated up with buyers lifting $ES_F above the overnight high and prior day’s high during B-period. $ES_F continued climbing until buyers could not consume supply at 4199.25, two standard deviations north of VWAP. Supply liquidated while no buyers were around and the auction fell down to the -1 standard deviation level. Supply was absorbed by trapped shorts, which prevented a retest of the B-period low. Buyers lifted $ES_F back above VWAP and through the 2nd standard deviation level, taking out supply at the E-period high. The auction broke the 4200 level and made a new session high (double top) at 4215.75 during O-period, during the American after-hours.

• The S&P 500 was up in today’s session. 9/11 sectors were positive.

  • Outperforming Index: 🟢 Russell 2000

  • Underperforming Index: 🔴 S&P 500

  • Strongest Sector: 🟢 Consumer discretionary

  • Weakest Sector: 🔴 Utilities

  • Top Stock: 🟢 Comerica Incorporated

  • Poorest Stock: 🔴 Aon plc

• US Treasury yields retreated.

  • 2-year: 🔴 4.13% (-2.3 bps)

📈 Here is the broad market overview as of the current day’s close.

S&P 500 Breakdown

📈 Here is a breakdown of the S&P 500 by sector, style and top holdings.

E-mini S&P 500 Top-Down Analysis

📈 Below are the monthly, weekly, daily and 4-hour charts for $ES_F.

• Monthly: 🟢 Higher low. [Nearest Low: 4068.75]

• Weekly: 🟡 Balance / inside week. [Last 6-weeks: 4062.25 - 4206.25]

• Daily: 🟢 Higher low and look above most recent balance zone. [Nearest low: 4122]

E-mini S&P 500 Metrics

Recent Performance & Technicals

E-mini S&P 500 Volume Profile

ES ETH/RTH Split Volume Profile

📈 Here is a chart of the past few sessions with a daily ETH/RTH split Volume Profile:

ES VWAP/Volume Profile Levels

Session Recap

Electronic Trading Hours (ETH)

Overnight Session:

Wholesale was short at the prior day’s close. The overnight open was below the prior day’s value area. The auction climbed during the first part of the Asian session to get back into the previous day’s value area. Supply was present near yesterday’s VPOC and a weak high double top was formed. $ES_F fell while wholesale searched for the bid. At 4122, 2-points from yesterday’s low, buyers absorbed supply and $ES_F rotated up above VWAP. Inventory during the overnight session was long going into RTH, with short traders caught offsides. Overnight VPOC was 4134.

Regular Trading Hours (RTH) Session:

The RTH open was above the prior day’s price range and inside the T+2 range. There was no gap between the previous day’s RTH range and the RTH open. Inventory sold off in A-period before exhausting at 4125.75, shy of the overnight low and previous day’s low. With liquidity in hand, buyers began to lift the offer and price beginning in B-period. This continued as buyers were able to absorb overhead supply led by strong demand in D through G-period. This resulted in $ES_F accepting above the A-high, overnight high, prior day’s and weekly high. At 4179, a few points above the May 2nd high, passive sellers were able to absorb buyers on the ask. $ES_F retraced from +2 standard deviations north of VWAP down to the +1 standard deviation area. $ES_F traded sideways into the close with a cost basis of 4170.25.

• The S&P 500 was down in today’s session. 1/11 sectors were positive.

  • Outperforming Index: 🟢 Nasdaq-100

  • Underperforming Index: 🔴 Russell 2000

  • Strongest Sector: 🟢 Technology

  • Weakest Sector: 🔴 Real estate

  • Top Stock: 🟢 Advanced Micro Devices

  • Poorest Stock: 🔴 Caesars Entertainment

• US Treasury yields retreated.

  • 2-year: 🔴 4.06% (-2.1 bps)

📈 Here is the broad market overview as of the current day’s close.

S&P 500 Breakdown

📈 Here is a breakdown of the S&P 500 by sector, style and top holdings.

E-mini S&P 500 Top-Down Analysis

📈 Below are the monthly, weekly, daily and 4-hour charts for $ES_F.

• Monthly: 🟢 Higher low. [Nearest Low: 4068.75]

• Weekly: 🟡 Balance / inside week. [Last 6-weeks: 4062.25 - 4206.25]

• Daily: 🟡 Lower highs in a larger balance zone. [Last 7-sessions: 4111.75 - 4173.25]

E-mini S&P 500 Metrics

Recent Performance & Technicals

E-mini S&P 500 Volume Profile

ES ETH/RTH Split Volume Profile

📈 Here is a chart of the past few sessions with a daily ETH/RTH split Volume Profile:

ES VWAP/Volume Profile Levels

Session Recap

Electronic Trading Hours (ETH)

Overnight Session:

Wholesale was long at the prior day’s close. The overnight open was inside the prior day’s value area. There was no demand overnight as the auction crept lower with wholesale trying to find buyers. The auction exceeded two standard deviations below VWAP momentarily. When the London session opened, sellers moved the bid beneath the stops at the prior day’s I-period low before reversing. Buyers took the auction past the +2 standard deviation level but couldn’t take out supply in front of the prior day’s high. Inventory moved back down below VWAP and was short leading up to RTH. The cost basis for the overnight session was 4144.

Regular Trading Hours (RTH) Session:

The RTH open was inside the prior day’s value area and the T+2 range. There was no gap between the previous day’s RTH range and the RTH open. When the US session opened, buyers moved the offer up near the overnight high before being consumed at 4148.75. Supply pushed the bid lower for the remainder of A-period, resulting in a long upper candlewick. Sellers managed to take out the bids at the overnight low and yesterday’s C-low before buyers at 4127 gobbled up the sellers. The auction climbed higher as shorts covered, bringing $ES_F from -3 standard deviations to +1 standard deviation north of VWAP. The auction couldn’t retest the A-high as exhaustion from buyers at 4143.75 created a lower high. The auction was rangebound until sellers liquidated in M-period and managed to erase the B-low and the prior day’s LOD. After the RTH close, shorts covered at 4120 during N-period to bring the auction back inside the -2 standard deviation level.

• The S&P 500 was up in today’s session. 7/11 sectors were positive.

  • Outperforming Index: 🟢 Russell 2000

  • Underperforming Index: 🔴 Dow Jones

  • Strongest Sector: 🟢 Materials

  • Weakest Sector: 🔴 Utilities

  • Top Stock: 🟢 Western Digital Corporation

  • Poorest Stock: 🔴 ONEOK

• US Treasury yields retreated.

  • 2-year: 🔴 4.00% (-1.3 bps)

📈 Here is the broad market overview as of the current day’s close.

S&P 500 Breakdown

📈 Here is a breakdown of the S&P 500 by sector, style and top holdings.

E-mini S&P 500 Top-Down Analysis

📈 Below are the monthly, weekly, daily and 4-hour charts for $ES_F.

• Monthly: 🟢 Higher low. [Nearest Low: 4068.75]

• Weekly: 🟡 Balance / inside week. [Last 6-weeks: 4062.25 - 4206.25]

• Daily: 🟡 Inside day in a balance zone. [Last 6-sessions: 4111.75 - 4173.25]

E-mini S&P 500 Metrics

Recent Performance & Technicals

E-mini S&P 500 Volume Profile

ES ETH/RTH Split Volume Profile

📈 Here is a chart of the past few sessions with a daily ETH/RTH split Volume Profile:

ES VWAP/Volume Profile Levels

Session Recap

Electronic Trading Hours (ETH)

Overnight Session:

Wholesale was short at the prior day’s close. The overnight open was inside the prior day’s value area. In the Asian session, supply was absorbed at 4126.75. This led to a rotation up to 2 standard deviations above VWAP. There was a weak high double top at 4156.25, which prevented buyers from testing the prior day’s high. The session consolidated and wholesale market makers distributed their inventory several handles from the high. Overnight VPOC was 4153.50 and wholesale inventory was long going into RTH despite correcting down to VWAP.

Regular Trading Hours (RTH) Session:

The RTH open was inside the prior day’s value area and inside the T+2 range. There was no gap between the previous day’s RTH range and the RTH open. There was supply at the open and sellers pushed $ES_F through the overnight low in the IB period. At 4123, supply ran out after pushing through the stops near Friday’s M-period low. This led to a rotation up on short covering from 2 standard deviations south of VWAP to 2 standard deviations above VWAP. Buyers pushed $ES_F above the monthly and weekly-anchored VWAP to 4155.25. This move was met by strong supply to move the market back down to VWAP. Once this supply was removed from the market, buyers lifted the offer again to the 1st standard deviation north of VWAP. The session closed above Friday’s close and VPOC moved higher at 4148.

• The S&P 500 was down in Friday’s session. 7/11 sectors were positive.

  • Outperforming Index: 🟢 Dow Jones

  • Underperforming Index: 🔴 Nasdaq-100

  • Strongest Sector: 🟢 Utilities

  • Weakest Sector: 🔴 Consumer Discretionary

  • Top Stock: 🟢 First Solar

  • Poorest Stock: 🔴 Gen Digital

• US Treasury yields retreated.

  • 2-year: 🔴 3.99% (-0.2 bps)

Events this week:

📈 Here is the broad market overview as of Friday’s close.

S&P 500 Breakdown

📈 Here is a breakdown of the S&P 500 by sector, style and top holdings.

E-mini S&P 500 Top-Down Analysis

📈 Below are the monthly, weekly, daily and 4-hour charts for $ES_F.

• Monthly: 🟢 Higher low. [Nearest Low: 4068.75]

• Weekly: 🟡 Balance / inside week. [Last 6-weeks: 4062.25 - 4206.25]

• Daily: 🔴 OTFD in a larger balance zone. [Nearest high: 4164.50]

E-mini S&P 500 Metrics

Recent Performance & Technicals

E-mini S&P 500 Volume Profile

ES ETH/RTH Split Volume Profile

📈 Here is a chart of the past few sessions with a daily ETH/RTH split Volume Profile:

ES VWAP/Volume Profile Levels

Session Recap

Electronic Trading Hours (ETH)

Overnight Session:

Wholesale was short at the prior day’s close. The overnight open was just inside the prior day’s price range. There was no supply overnight. Buyers at 4143.75 absorbed supply and pushed the auction above the prior day’s high. It remained there for much of the Asian session and moved higher when the London session opened. At 4164.50, buyers were absorbed by passive offers and wholesale took the auction until RTH. Inventory during the overnight session was long. Overnight VPOC was 4156.50.

Regular Trading Hours (RTH) Session:

The RTH open gapped up above the prior day’s high and was inside the T+2 range. Supply outweighed buyers in the IB-period as price action filled the RTH gap down to the prior day’s high during A-period. In B-period, the auction continued to fall into the prior day’s trading range. The first three TPO periods were one time framing down before encountering buyers near the -2 standard deviation level south of VWAP. In F-period, supply was able to absorb the bid and push price lower along a downward sloping -2 standard deviation area. At 4111.75, a weak low double bottom was established as buyers were able to consume supply. This led to a late session rally that saw $ES_F get back into the prior day’s range and climb above VWAP momentarily. The RTH session closed above VWAP, near the RTH session’s VPOC, before falling back down to VWAP in O-period. The session ended slightly below the Globex, weekly and monthly-anchored VWAP’s.

• The S&P 500 was down in Thursday’s session. 3/11 sectors were positive.

  • Outperforming Index: 🟢 Nasdaq-100

  • Underperforming Index: 🔴 Russell 2000

  • Strongest Sector: 🟢 Communications

  • Weakest Sector: 🔴 Energy

  • Top Stock: 🟢 STERIS plc

  • Poorest Stock: 🔴 The Walt Disney Company

• US Treasury yields retreated.

  • 2-year: 🔴 3.89% (-0.8 bps)

📈 Here is the broad market overview as of the Thursday’s close.

S&P 500 Breakdown

📈 Here is a breakdown of the S&P 500 by sector, style and top holdings.

E-mini S&P 500 Top-Down Analysis

📈 Below are the monthly, weekly, daily and 4-hour charts for $ES_F.

• Monthly: 🟢 Higher low. [Nearest Low: 4068.75]

• Weekly: 🟡 Outside week. [Last 5-weeks: 4062.25 - 4206.25]

• Daily: 🟡 Inside day. [Last 4-days: 4112.25 - 4173.25]

E-mini S&P 500 Metrics

Recent Performance & Technicals

E-mini S&P 500 Volume Profile

ES ETH/RTH Split Volume Profile

📈 Here is a chart of the past few sessions with a daily ETH/RTH split Volume Profile:

ES VWAP/Volume Profile Levels

Session Recap

Electronic Trading Hours (ETH)

Overnight Session:

Wholesale was long at the prior day’s close. The overnight open was inside the prior day’s value area. Inventory was long during the Asian and London sessions. Buyers failed to take out overhead supply and the prior day’s high. At 4168.50, there was a triple top weak high, in which buyers were absorbed by supply. Inventory rotated short as supply liquidated and wholesale was looking for buyers. $ES_F fell 24-points down to 4144.50 and three standard deviations south of VWAP. Shorts covered here to stabilize the auction. When PPI numbers were released, there was a 20-point push higher that failed to accept over VWAP. This move then corrected with supply continuing to sell off and make new overnight lows just prior to RTH. Inventory during the overnight session was short with long investors offsides. Overnight VPOC was 4162.

Regular Trading Hours (RTH) Session:

The RTH open was inside the prior day’s value area and inside the T+2 range. There was no gap between the previous day’s RTH range and the RTH open. There was no bid at the open with $ES_F falling 20-points in A-period, below the overnight low. In B-period, buyers in the form of shorts, covered and prevented the auction from testing the prior day’s low. Shorts lifted the auction above VWAP as it one time framed up from B through E-period. There was supply at 4144.50, slightly above the weekly-anchored VWAP. The market consolidated in this area before selling off in H and I-period. $ES_F failed to test the B-period low before supply was absorbed by bidders. These buyers lifted the auction from 4124.50 back over VWAP to 4146.75. Longs couldn’t fill the offers at this price level and $ES_F consolidated sideways until the RTH and ETH close.

• The S&P 500 was up in Wednesday’s session. 7/11 sectors were positive.

  • Outperforming Index: 🟢 Nasdaq-100

  • Underperforming Index: 🔴 Dow Jones

  • Strongest Sector: 🟢 Technology

  • Weakest Sector: 🔴 Energy

  • Top Stock: 🟢 Akamai Technologies

  • Poorest Stock: 🔴 Axon Enterprise

• US Treasury yields were mixed.

  • 2-year: 🟡 3.91% (0.0 bps)

📈 Here is the broad market overview as of the Wednesday’s close.

S&P 500 Breakdown

📈 Here is a breakdown of the S&P 500 by sector, style and top holdings.

E-mini S&P 500 Top-Down Analysis

📈 Below are the monthly, weekly, daily and 4-hour charts for $ES_F.

• Monthly: 🟢 Higher low. [Nearest Low: 4068.75]

• Weekly: 🟡 Outside week. [Last 5-weeks: 4062.25 - 4206.25]

• Daily: 🟡 Outside day. [Last 3-days: 4112.25 - 4173.25]

E-mini S&P 500 Metrics

Recent Performance & Technicals

E-mini S&P 500 Volume Profile

ES ETH/RTH Split Volume Profile

📈 Here is a chart of the past few sessions with a daily ETH/RTH split Volume Profile:

ES VWAP/Volume Profile Levels

Session Recap

Electronic Trading Hours (ETH)

Overnight Session:

Wholesale was short at the prior day’s close. The overnight open was below the prior day’s value area. The Asian session was mostly flat. When London opened, supply overwhelmed buyers and the auction fell beneath the prior day’s low. At 4120.50, three standard deviations below VWAP, supply was absorbed by buyers and the auction stabilized. When CPI came in lower than anticipated, all equity futures rapidly moved higher. $ES_F rose about 40-handles to trade at new overnight session highs and above the prior day’s high. Inventory going into RTH was long. Overnight VPOC was 4150.

Regular Trading Hours (RTH) Session:

The RTH open was above the prior day’s price range and above the T+2 high. There was a gap up between the previous day’s RTH range and the RTH open. Once RTH opened, there was a retest of the overnight high. This fell short by several points as supply at 4169.50 could not be absorbed. This resulted in a fall from +2 standard deviations above VWAP down to the -1 standard deviation level and a fill of the RTH gap. In B-period, there was another false rally which couldn’t accept above the +1 standard deviation level and come anywhere near the A-period high. Sellers pushed the bid lower in C-period as $ES_F traded below the prior day’s low and the weekly and monthly-anchored VWAP’s. There was a bid at 4125.50 where shorts came in to cover and stabilized the auction. Buyers took the auction back above the weekly-VWAP before disappearing as sellers continued to move the bid lower. The bids at the C-period low and overnight low were taken out during a strong selloff in H-period. At 4112.25, short covering absorbed sellers and sparked a 50-point rally higher. Buyers couldn’t take out the sellers at 4162.50. The RTH session and O-period close were still above the prior day’s high and the weekly-anchored VWAP.

• The S&P 500 was down in Tuesday’s session. 2/11 sectors were positive.

  • Outperforming Index: 🟢 Dow Jones

  • Underperforming Index: 🔴 Nasdaq-100

  • Strongest Sector: 🟢 Industrials

  • Weakest Sector: 🔴 Materials

  • Top Stock: 🟢 DaVita Inc

  • Poorest Stock: 🔴 PayPal Holdings

• US Treasury yields were mixed.

  • 2-year: 🟢 4.04% (+1.7 bps)

📈 Here is the broad market overview as of the Tuesday’s close.

S&P 500 Breakdown

📈 Here is a breakdown of the S&P 500 by sector, style and top holdings.

E-mini S&P 500 Top-Down Analysis

📈 Below are the monthly, weekly, daily and 4-hour charts for $ES_F.

• Monthly: 🟢 Higher low. [Nearest Low: 4068.75]

• Weekly: 🟡 Outside week. [Last 5-weeks: 4062.25 - 4206.25]

• Daily: 🟡 Balance. [Last 5-days: 4062.25 - 4167]

E-mini S&P 500 Metrics

Recent Performance & Technicals

E-mini S&P 500 Volume Profile

ES ETH/RTH Split Volume Profile

📈 Here is a chart of the past few sessions with a daily ETH/RTH split Volume Profile:

ES VWAP/Volume Profile Levels

Session Recap

Electronic Trading Hours (ETH)

Overnight Session:

Wholesale was long at the prior day’s close. The overnight open was inside the prior day’s value area. The auction was flat during the Asian session. Heading into the London open, supply started to liquidate and $ES_F slid nearly 20-points. It got beneath the prior day’s low and settled into a 6 to 7-point range slightly above the monthly-anchored VWAP. Inventory going into RTH was well short with overnight VPOC at 4137.

Regular Trading Hours (RTH) Session:

The RTH open gapped down and was below the prior day’s price range and inside the T+2 range. The RTH gap was immediately filled during A-period. The RTH session was rangebound with all price action inside a 15-point zone from 4131 to 4145.25. There was a lack of conviction from both buyers and sellers ahead of tomorrow’s CPI print. The auction rotated from two standard deviations below VWAP to two standard deviations above VWAP.