03/15/2023 Synopsis
Another financial selloff sent equities and yields lower.
Market Overview
The S&P 500 was down in today’s session. 5/11 sectors were positive.
Outperforming Index: Nasdaq 100 QQQ 0.00%↑
Underperforming Index: Russell 2000 IWM 0.00%↑
Strongest Sector: Utilities XLU 0.00%↑
Weakest Sector: Energy XLE 0.00%↑
Top Stock: Charles Schwab Corp SCHW 0.00%↑
Poorest Stock: First Republic Bank FRC 0.00%↑
The US Dollar index increased.
$DXY: 🟢 104.74 (+1.03%)
US Treasury yields retreated.
2-year: 🔴 3.89% (-36.5 bps)
10-year: 🔴 3.45% (-23.4 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: Outside down week.
Daily: Balance. [Last 4-days: 3839.25 - 3978.25]
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 flat but then sold off short during the London session. $ES_F fell beneath the prior day’s low and got underneath the weekly VWAP. At 3865, there were trapped shorts which held the overnight auction up. Overnight VPOC was 3885.
Regular Trading Hours (RTH) Session:
The RTH open was below the prior day’s price range and inside the T+2 range. There was a gap down between the previous day’s RTH range and the RTH open. The first 4.5 hours of NYSE trading were volatile. Price action rotated back and forth in a 40-point range. The overnight gap was closed. Trapped shorts held the auction above 3869.50 and the overnight low held. In J-period, short covering lifted $ES_F to new RTH session highs. Buyers couldn’t get into the prior day’s value area and lift the offer above 3931.25 where trapped long supply resided.