04/10/2023 Synopsis
The S&P 500 rebounded from early losses as investors processed Friday's non-farm payroll figures. The index finished slightly higher, but all eyes are now on Wednesday's release of inflation data.
Market Overview
The S&P 500 was up in today’s session. 6/11 sectors were positive.
Outperforming Index: 🟢 Russell 2000 IWM 0.00%↑
Underperforming Index: 🔴 Nasdaq-100 QQQ 0.00%↑
Strongest Sector: 🟢 Industrials XLI 0.00%↑
Weakest Sector: 🔴 Communications XLC 0.00%↑
Top Stock: 🟢 Western Digital Corporation WDC 0.00%↑
Poorest Stock: 🔴 MarketAxess Holdings Inc. MKTX 0.00%↑
US Treasury yields advanced.
2-year: 🟢 4.01% (+1.9 bps)
📈 Here is the broad market overview as of the current day’s close.
S&P 500 Breakdown
📈 Here is a breakdown of the S&P 500 by sector, style and top holdings.
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 4-months: 3788.50 - 4208.50]
Weekly: 🟢 One time framing up / higher lows. [Nearest low: 4096.5]
Daily: 🟡 Balance / consolidation. [Last 3-sessions: 4096.50 - 4143]
E-mini S&P 500 Metrics
Recent Performance & Technicals
E-mini S&P 500 Volume/Market Profile
ES Composite Volume Profile
📈 Here is a chart of the past few sessions with a 5-day composite ETH Volume Profile:
ES ETH/RTH Split Volume Profile
📈 Here is a chart of the past few sessions with a daily ETH/RTH split Volume Profile:
ES Market/Volume Profile Levels
Session Recap
Electronic Trading Hours (ETH)
Overnight Session:
Wholesale held a long position at the prior day's close and the extended Globex session, which included Good Friday, opened within the prior day's value area. Overnight inventory was short, and the session saw whipsaw action following the release of NFP data, driving $ES_F to as high as +1 standard deviation on the weekly anchored VWAP. However, the market was unable to trade above 4146.75, and supply eventually absorbed demand, causing a selloff as the Asian session opened on Easter Sunday. $ES_F left single prints on the way down and made new overnight lows at 4102.75 before the extended session ended. The VPOC for the session was recorded at 4129.
Regular Trading Hours (RTH) Session:
The RTH open occurred inside the T+2 range and below the prior day’s value area, with no gap between the prior day's RTH range and the open. $ES_F saw continued liquidation from the overnight session, briefly falling below the overnight low. However, a bid at 4098.75 absorbed sellers and $ES_F rotated up as buyers lifted the offer. It was the third straight session that $ES_F failed to accept underneath 4100. After emptying out supply at 4117.50, $ES_F took off and trended up throughout the afternoon. $ES_F finished above the prior day's high and between the +1 and +2 standard deviations.