03/28/2023 Synopsis
Appetite for equities slowed as investors digest consumer confidence.
Market Overview
The S&P 500 was down in yesterday’s session. 5/11 sectors were positive.
Outperforming Index: 🟢 Dow Jones DIA 0.00%↑
Underperforming Index: 🔴 Nasdaq 100 QQQ 0.00%↑
Strongest Sector: 🟢 Energy XLE 0.00%↑
Weakest Sector: 🔴 Communications XLC 0.00%↑
Top Stock: 🟢 McCormick and Company MKC 0.00%↑
Poorest Stock: 🔴 SVB Financial Group SIVB 0.00%↑
The US Dollar index decreased.
$DXY: 🔴 102.42 (-0.39%)
US Treasury yields advanced.
2-year: 🟢 4.08% (+9 bps)
10-year: 🟢 3.57% (+ 3.7 bps)
Here are some of yesterday’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 6-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:
Session Recap
Electronic Trading Hours (ETH)
Overnight Session:
Wholesale was long prior day’s close. The overnight open was inside the prior day’s value area. Inventory during the overnight session was short. Buyers didn’t have the follow-through to trade above 4023.75, or the prior day’s value area. As a result, overnight price action trended down and looked beneath the prior day’s low. Overnight VPOC was 3999.75.
Regular Trading Hours (RTH) Session:
The RTH open was inside the prior day’s price range and inside the T+2 range. There was no gap between the previous day’s RTH range and the RTH open. The prior day’s VPOC at 4011 was left untested. Buyers tried to lift the market but trapped long supply above 4009.50 provided resistance. $ES_F sold off as wholesale moved the auction underneath VWAP in search of buyers. At 3980.75, they finally showed up and supply shut off. Short covering led to a near 30-point relief rally into the end of the session. The ETH close was roughly 5-points above where the RTH session ended.