03/27/2023 Synopsis
Back from Spring Break. Banks rally to push stocks higher.
Market Overview
The S&P 500 was down in today’s session. 3/11 sectors were positive.
Outperforming Index: 🟢 Russell 2000 IWM 0.00%↑
Underperforming Index: 🔴 Nasdaq 100 QQQ 0.00%↑
Strongest Sector: 🟢 Energy XLE 0.00%↑
Weakest Sector: 🔴 Technology XLK 0.00%↑
Top Stock: 🟢 First Republic Bank FRC 0.00%↑
Poorest Stock: 🔴 Carnival Corporation CCL 0.00%↑
The US Dollar index decreased.
$DXY: 🔴 102.83 (-0.27%)
US Treasury yields advanced.
2-year: 🟢 3.99% (+22.4 bps)
10-year: 🟢 3.53% (+15.4 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: Balance. [Last 5-weeks: 3839.25 - 4089.25]
Daily: Balance. [Last 5-days: 3937 - 4073.75]
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 long at the prior day’s close. The overnight open was above the prior day’s value area. Inventory during the overnight session was long. Shorts were trapped from the previous day and kept the overnight session from falling beneath 3997.50. Buyers lifted $ES_F above the prior day’s high but failed to get over the T+2 high. Overnight VPOC was 4026.25.
Regular Trading Hours (RTH) Session:
The RTH open was above the prior day’s price range and inside the T+2 range. There was a gap up between the previous day’s RTH range and the RTH open. At the open, buyers took price above the overnight high by 2-ticks but hit trapped long supply. $ES_F rotated down and filled the overnight gap. There wasn’t enough supply to break the overnight low as supply ran out at 4000.25. Price remained below VWAP for 9-TPO periods though before wholesale located a bid and took price above it momentarily. When the buyers faded, wholesale dropped their bid and $ES_F fell back beneath VWAP. The NYSE session ended at 4010 and the ETH session closed 5-points higher. Friday’s VPOC was untested in today’s session.