04/28/2023 Synopsis
Growing consumer sentiment drove equities higher.
Market Overview
The S&P 500 was up in Friday’s session. 10/11 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: 🔴 Utilities XLU 0.00%↑
Top Stock: 🟢 Charter Communications CHTR 0.00%↑
Poorest Stock: 🔴 First Republic Bank FRC 0.00%↑
US Treasury yields retreated.
2-year: 🔴 4.00% (-6.6 bps)
Events this week:
📈 Here is the broad market overview as of the prior 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: 🟢 Higher low. [Nearest Low: 4068.75]
Weekly: 🟡 Balance. [Last 4-weeks: 4068.75 - 4198.25]
Daily: 🟢 One time framing up. [Nearest Low: 4131.50]
E-mini S&P 500 Metrics
Recent Performance & Technicals
E-mini S&P 500 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 VWAP/Volume Profile Levels
Session Recap
Electronic Trading Hours (ETH)
Overnight Session:
Wholesale was long at the prior day’s close. The overnight open was inside the prior day’s value area. Inventory during the overnight session was 100% short. The market traded sideways, beneath the previous day’s close, for most of the Asian session. There was overheard supply from trapped longs at 4155.50. When London opened up, inventory sold off with no bid in sight. The auction slid about 15-points, falling underneath the monthly-anchored VWAP. Buyers were met at 4131.50 with supply getting absorbed. The auction stabilized and climbed back up to VWAP heading into RTH. Overnight VPOC was 4140.
Regular Trading Hours (RTH) Session:
The RTH open was inside the prior day’s value area and above the T+2 high. There was no gap between the previous day’s RTH range and the RTH open. There was no supply when the NYSE opened for trading. Buyers took the auction above the overnight high and the prior day’s high in the IB-period. There was a weak high established at 4178.25, a few ticks below the naked VPOC (4180) from 4/19. Supply absorbed demand here and the auction fell back down underneath VWAP from beyond +2 standard deviations. At 4152.75, there was a bid that supply couldn’t take out resulting in a strong reversal and rejection beneath VWAP. From D through H-period, the auction was one time framing up as it eclipsed the weak high from B and C-period. AT 4185.75, a triple top weak high was established as all the trapped supply couldn’t get filled. After wholesale backfilled about 8-points, buyers showed up again and drove the offer higher. Supply at the weak high was absorbed and the auction hit new highs prior to the close of M-period. The high for the day was established in N-period at 4193.75, about 5-points shy of the 4/18 high.