04/24/2023 Synopsis
Stocks remain directionless ahead of several data points and mega-cap tech earnings this week.
Market Overview
The S&P 500 was up in todayβs session. 6/11 sectors were positive.
Outperforming Index: π’ Dow Jones DIA 0.00%β
Underperforming Index: π΄ Nasdaq-100 QQQ 0.00%β
Strongest Sector: π’ Energy XLE 0.00%β
Weakest Sector: π΄ Technology XLK 0.00%β
Top Stock: π’ First Republic Bank FRC 0.00%β
Poorest Stock: π΄ Carrier Global Corporation CARR 0.00%β
US Treasury yields retreated.
2-year: π΄ 4.09% (-9.6 bps)
Events this week:
π Here is the broad market overview as of the current dayβs close.
S&P 500 Breakdown
π Here is a breakdown of the S&P 500 by sector, style and top holdings.
E-mini S&P 500 Top-Down Analysis
π Below are the monthly, weekly, daily and 4-hour charts for $ES_F.
Monthly: π‘ Balance / consolidation. [Last 4-months: 3788.50 - 4208.50]
Weekly: π’ One time framing up / higher lows. [Nearest low: 4135.25]
Daily: π‘ Balance and outside day. [Last 2-days: 4133.50 - 4164.25]
E-mini S&P 500 Metrics
Recent Performance & Technicals
E-mini S&P 500 Volume/Market Profile
ES Composite Volume Profile
π Here is a chart of the past few sessions with a 5-day composite ETH Volume Profile:
ES ETH/RTH Split Volume Profile
π 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 short at the prior dayβs close. The overnight open was inside the prior dayβs value area. There was no buyers during the Asian session as $ES_F spent all of it under the prior dayβs close. The auction lost 20-handles as wholesale looked for buyers. At 4133.50, several ticks below the low from last week and an area that was tested twice, supply was absorbed by trapped shorts. When the London session opened, shorts kept covering to ignite a rally from minus 2 standard deviations to plus 2 standard deviations. At 4157.25, near the prior dayβs VPOC, the rise stalled after hitting trapped supply. Inventory during the overnight session was long with overnight VPOC at 4147.
Regular Trading Hours (RTH) Session:
The RTH open was inside the prior dayβs value area and the T+2 range. There was no gap between the previous dayβs RTH range and the RTH open. Demand was strong in the IB period as $ES_F ascended above the overnight and prior dayβs high. The standard deviation bands expanded and the auction crossed above the plus one standard deviation level. Buyers were consumed by sellers at 4164.25 and the auction fell 25-handles from C through F-period. Supply was consumed at 4139, two standard deviations below VWAP, as sellers couldnβt retest the overnight low and the auction reversed. From F-period onwards, buyers lifted the offer throughout the day, establishing acceptance above VWAP for the current session, as well as the weekly and monthly-anchored VWAPβs. There was a responsive seller at 4157.50, near the overnight high. Once buyers came back in, offers were taken out as $ES_F completed a 20-point rebound off the lows. NY trading ended in M-period with $ES_F above the first standard deviation. After reaching 4161.75 in N-period, wholesale backfilled slightly in O-period. It was another balance and rotational day in RTH with two areas of higher volume. VPOC established above the dayβs pivot point and VWAP.