03/09/2023 Synopsis
Equities slide ahead of tomorrow's important payrolls report.
Market Overview
The S&P 500 was down in today’s session. 0/11 sectors were positive.
Outperforming Index: Dow Jones DIA 0.00%↑
Underperforming Index: Russell 2000 IWM 0.00%↑
Strongest Sector: Utilities XLU 0.00%↑
Weakest Sector: Financials XLF 0.00%↑
Top Stock: General Electric Company GE 0.00%↑
Poorest Stock: SVB Financial Group SIVB 0.00%↑
The US Dollar index decreased.
$DXY: 🔴 105.28 (-0.36)
US Treasury yields retreated.
2-year: 🔴 4.87% (-20.2 bps)
10-year: 🔴 3.90% (-8.6 bps)
Here are some of today’s closing prices.
E-mini S&P 500 Top-Down Analysis
📈 Below are the monthly, weekly, daily and 4-hour charts for $ES_F.
Monthly: Balance / consolidation. [Last 3-months: 3814.5 - 4208.5].
Weekly: OTFD ended. Balance [3925 - 4089.25].
Daily: Outside down day in a larger balance zone. [3909.5 - 4082.50].
E-mini S&P 500 Metrics
Recent Performance & Technicals
E-mini S&P 500 Volume/Market Profile
ES Composite Volume Profile (5 days)
📈 Here is a chart of the past five sessions with a composite ETH Volume 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 Market/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 during the overnight session was short and below the prior day’s ETH close. Supply failed to take out the bid at 3978.75. When economic data was released at 8:30am, the auction jumped and got long over the prior day’s close and HOD. At 4008, trapped long supply was hit and wholesale backfilled. Investors were trapped short going into RTH. Overnight VPOC was 3988.50.
Regular Trading Hours (RTH) Session:
The RTH open was above value area and inside the T+2 range. There was no gap between the previous day’s RTH range and the RTH open. In the first half hour of the NYSE open, $ES_F rose above the overnight and prior day’s high. It ran into trapped long supply from Tuesday and couldn’t lift the offer above 4019.75. From here supply slammed the auction and there was no bid in sight. $ES_F fell 109-handles to get beneath the prior day’s low and T+2 low. Sellers took out the naked VPOC at 3946 from March 2nd. At 3909.50, supply finally faded and couldn’t take out the bid from shorts. Short traders covered at this point to stabilize the auction. ETH closed 5-ticks underneath where the NYSE close was.