04/20/2023 Synopsis
Existing home sale data drags stocks lower.
Market Overview
The S&P 500 was down in today’s session. 1/11 sectors were positive.
Outperforming Index: 🟢 Dow Jones DIA 0.00%↑
Underperforming Index: 🔴 Nasdaq-100 QQQ 0.00%↑
Strongest Sector: 🟢 Consumer staples XLP 0.00%↑
Weakest Sector: 🔴 Consumer Discretionary XLY 0.00%↑
Top Stock: 🟢 Snap-on Inc SNA 0.00%↑
Poorest Stock: 🔴 AT&T Inc T 0.00%↑
US Treasury yields retreated.
2-year: 🔴 4.15% (+10.3 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: 4098.75]
Daily: 🟡 Balance / consolidation. [Last 5-days: 4137 - 4198.25]
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 inventory was short at the prior day’s close. The overnight open was inside the prior day’s value area. There was lack of demand during the Asian session as supply consumed buyers at 4173.50. The auction rotated inside a 10-point range until the London session opened where sellers hit the bid and took the market beneath the previous day’s low. Inventory during the overnight session was short. $ES_F fell two standard deviations below VWAP in one hour. It consolidated for the rest of the overnight session as a high volume node was established entirely under the prior day’s low. Overnight VPOC was 4147.
Regular Trading Hours (RTH) Session:
The RTH open gapped down and was below the prior day’s price range and T+2 low. There was no supply after the opening bell as $ES_F only retreated by 5-ticks, before it began to rise. The overnight gap was closed during the IB period, while the overnight low held. Shorts tried to press the market back below VWAP from the 1st standard deviation but responsive buyers came in and absorbed supply. Long traders continued to lift the offer as the auction climbed to the 2nd standard deviation above VWAP but failed to eclipse the overnight high. A strong rejection and reversal began in I-period, when buyers failed to push above 4171.75. Supply sold off and the auction was one time framing down. In total, $ES_F slid 35-points in periods J through L as the auction dipped beneath the overnight low. At 4137, nearly three standard deviations below VWAP, supply shut off with trapped short beginning to cover and absorbing supply. This led to a sharp rally of nearly 20-points to take the market back up to VWAP before the closing bell in M-period. The market was flat in N and O period with $ES_F failing to accept into the prior day’s range before the close of ETH. The auction was rotational the entire day in a 35-point range with the VPOC beneath yesterday’s low.