05/22/2023 Synopsis
Equity markets were mixed with debt ceiling in focus.
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: 🔴 Dow Jones DIA 0.00%↑
Strongest Sector: 🟢 Communications XLC 0.00%↑
Weakest Sector: 🔴 Consumer staples XLP 0.00%↑
Top Stock: 🟢 Match Group MTCH 0.00%↑
Poorest Stock: 🔴 Nike, Inc NKE 0.00%↑
US Treasury yields advanced.
2-year: 🟢 4.33% (+1.3 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: 🟢 Higher low. [Nearest Low: 4068.75]
Weekly: 🟢 One time framing up. [Nearest low: 4120]
Daily: 🟡 Balance. [Last 3-days: 4161.25 - 4227.25]
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 short at the prior day’s close. The overnight open was inside the prior day’s value area. Supply liquidated and took out bids near the prior day’s low during the Asian open. However, supply fizzled at 4186.50 and buyers were in control throughout most of the overnight session. VWAP rose steadily overnight and VPOC was 4205, nearly inline with Friday’s VPOC. Inventory was long going into RTH with short traders caught offsides.
Regular Trading Hours (RTH) Session:
The RTH open was inside the prior day’s value area and T+2 range. There was no gap between the previous day’s RTH range and the RTH open. There was plenty of aggressive buying when the US markets opened, leading to $ES_F rising above the overnight high. The D-period single prints from Friday were filled until the buyers were absorbed by resting offers at 4221.75. This resulted in a glut of supply and a big correction down. The auction fell 30-points but failed to take out the resting bids at 4191. This occurred entirely within the IB-period and ultimately proved to establish the RTH high and low for the day. The remainder of the auction was rangebound inside the IB range and +/- 2 standard deviations of VWAP.