05/25/2023 Synopsis
Nvidia soars 24% to lift Nasdaq.
Market Overview
The S&P 500 was up in Thursday’s session. 3/11 sectors were positive.
Outperforming Index: 🟢 Nasdaq-100 QQQ 0.00%↑
Underperforming Index: 🔴 Russell 2000 IWM 0.00%↑
Strongest Sector: 🟢 Technology XLK 0.00%↑
Weakest Sector: 🔴 Energy XLE 0.00%↑
Top Stock: 🟢 NVIDIA NVDA 0.00%↑
Poorest Stock: 🔴 Dollar Tree DLTR 0.00%↑
US Treasury yields retreated.
2-year: 🔴 4.52% (-1.3 bps)
📈 Here is the broad market overview as of Thursday’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 area. [Last 2-days: 4114 - 4175.50]
E-mini S&P 500 Metrics
Recent Performance & Technicals
E-mini S&P 500 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 above the prior day’s high. Supply liquidated when the Asian session opened and price returned inside the prior day’s range. Price action was sideways for much of the Asian session afterwards. When London opened, $ES_F rotated back and forth through VWAP until finally buyers gained control with lack of supply. ES_F pushed through 2 standared deviations above VWAP and was hitting new overnight highs going into RTH. Inventory during the overnight session was long with VPOC at 4163.
Regular Trading Hours (RTH) Session:
The RTH open gapped up above the prior day’s high but was inside the T+2 range. Buyers were overwhelmed with supply in A-period as the RTH gap was filled. Trapped shorts provided support for $ES_F as supply ran out before price could return to the prior day’s value area. From 4137.50, shorts covered and the auction rotated back and forth between the +/- 2 standard deviation levels for the next few hours. In J-period, buyers were able to momentarily lift the auction above the session’s balance area to 4171.75. There was no follow-through, however, and sellers were able to push price back down to VWAP. The auction continued to rotate back and forth while making higher lows and eventually ended the session near the 1st standard deviation above VWAP.