02/17/2023 Synopsis
Market Overview
Equities were mixed Friday. The Dow led and the Nasdaq lagged. Six S&P sectors were up on the day. Consumer staples led and energy lagged.
US Treasury yields were mixed. The 2-year fell 1.9 bps to 4.62%. The 10-year fell 4.3 bps to 3.82%. Below is a chart with a comparison of the yield on several Treasuries of varying duration.
The US Dollar index $DXY lost 0.21% to fall to 103.88.
Here are some of Friday’s closing prices.
E-mini S&P 500 Top-Down Analysis
📈 Below are the monthly, weekly, daily and 4-hour charts for $ES_F.
M/M: January was an inside month as all price action was contained inside December’s high and low. The past 3-months have been in balance.
W/W: $ES_F failed to trade above the prior week’s high for the second week in a row.
D/D: $ES_F failed to trade above the prior day’s high.
E-mini S&P 500 Metrics
Recent Performance & Technicals
E-mini S&P 500 Volume/Market Profile
ES ETH/RTH Split Volume Profile (5 days)
📈 Here is a chart of the past five sessions with a daily ETH/RTH split Volume Profile:
ES ETH/RTH Split Market/Volume Profile (Friday)
📈 Here’s a TPO chart of Friday’s session with ETH/RTH split Market/Volume Profile:
ES Market/Volume Profile Levels
RTH Weak High/Low: 4090.5 (high)
RTH Single Prints: n/a
RTH Excess: 4055.75 to 4056.5
RTH Gap: 4090.5 to 4095
Session Recap
Electronic Trading Hours (ETH)
Overnight Session:
Wholesale was short at the prior day’s close. The overnight open was 2-ticks above the prior day’s low. Inventory during the overnight session was completely short. Buyers couldn’t take the offer above 4096 and $ES_F rotated down about 30-handles. At 4063.25, there was a bid that kept the auction from falling further. Overnight VPOC was 4072.75.
Regular Trading Hours (RTH) Session:
The RTH open gapped down and was below the prior day’s low and T+2 low. At the open, sellers sold the auction down 20-points before it rallied 25-points. The RTH session was rotational in a 35-points range all beneath the prior day’s low as it failed to fill the gap. Supply ran out at 4055.75 as buyers stepped in there. Trapped long supply was hit at 4090.50.