03/16/2023 Synopsis
Banks reverse to push stocks and rates higher.
Market Overview
The S&P 500 was up in today’s session. 10/11 sectors were positive.
Outperforming Index: 🟢 Nasdaq 100 QQQ 0.00%↑
Underperforming Index: 🔴 Dow Jones DIA 0.00%↑
Strongest Sector: 🟢 Technology XLK 0.00%↑
Weakest Sector: 🔴 Real Estate XLRE 0.00%↑
Top Stock: 🟢 First Republic Bank FRC 0.00%↑
Poorest Stock: 🔴 SolarEdge Technologies SEDG 0.00%↑
The US Dollar index decreased.
$DXY: 🔴 104.44 (-0.29%)
US Treasury yields advanced.
2-year: 🟢 4.16% (+26.9 bps)
10-year: 🟢 3.58% (+12.4 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 7-days: 3839.25 - 4019.75]
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 short at the prior day’s close. The overnight open was above the prior day’s value area. Initially, there was a lack of supply in the Japan open and longs moved the market above the prior day’s high. After failing to take out the offers above 3947.50, $ES_F consolidated for awhile. Inventory during the London session got short with trapped longs liquidating and wholesale searching for buyers. $ES_F made new overnight lows at 3896.50 just before RTH. Overnight VPOC was 3939.50.
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 previous day’s RTH range and the RTH open. There was little supply once trading opened in NY. The auction fell 6-handles to 3895 before buyers overwhelmed the sellers. The prior day’s VPOC was left in tact as $ES_F rotated up over VWAP and the overnight high. $ES_F climbed 100-handles before running into supply at 3996.25. Wholesale backfilled momentarily in search of the bid. At 3971, buyers stepped in again to lift the offer which they did as new highs were made in the final 1/2 hour of RTH and in the hour after the NYSE close. The auction topped out at 4000 as only one set of single prints remains from the March 9th session.