04/11/2023 Synopsis
Tech stocks slid but the S&P was unchanged ahead of tomorrow's CPI reading.
Market Overview
The S&P 500 was flat in today’s session. 9/11 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: 🟢 CarMax KMX 0.00%↑
Poorest Stock: 🔴 Moderna MRNA 0.00%↑
Yields on US Treasury notes advanced.
2-year: 🟢 4.03% (+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: 🟢One time framing up / higher lows. [Nearest low: 4128.75]
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 was long at the prior day’s close as short investors got trapped on the move up during the G and M-periods. The overnight open was inside the prior day’s value area. Price action during the overnight session was rangebound. During the London session, buyers were present so wholesale took the auction above the prior day’s high and through the C-period single prints from April 4th. However, a lack of follow through resulted in absorption by overhead supply at 4149. The auction rotated down into the prior day’s range before wholesale found a bid at 4132.75, minus 3 standard deviations under VWAP. As shorts covered going into the RTH session, inventory was slightly long and nearly 1 standard deviation over VWAP. Overnight VPOC was 4140.75.
Regular Trading Hours (RTH) Session:
The RTH open was above the prior day’s price range and above the T+2 high. There was a gap up between the previous day’s RTH range and the RTH open but it was filled immediately. Shorts continued to push the auction lower in the face of responsive buyers. However, supply shut off at 4128.72, 3-ticks from the prior day’s VPOC. Short covering then led a 23-point rally from the D through L-periods, where price moved along with the +2 standard deviation. At 4151.75, buyers failed to take out the offer and supply dropped the market 18-handles in M-period. The session closed below VWAP and 1-point below the previous day’s close.