05/31/2023 Synopsis
Equity markets fall before house vote on US debt-ceiling bill.
Market Overview
The S&P 500 was down in today’s session. 4/11 sectors were positive.
Outperforming Index: 🟢 Dow Jones DIA 0.00%↑
Underperforming Index: 🔴 Russell 2000 IWM 0.00%↑
Strongest Sector: 🟢 Utilities XLU 0.00%↑
Weakest Sector: 🔴 Energy XLE 0.00%↑
Top Stock: 🟢 Intel Corporation INTC 0.00%↑
Poorest Stock: 🔴 Advance Auto Parts AAP 0.00%↑
US Treasury yields retreated.
2-year: 🔴 4.39% (-1.5 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 / outside month. [Last 2-months: 4062.25 - 4243.25]
Weekly: 🟡 Balance. [Last 3-weeks: 4111.75 - 4227.25]
Daily: 🔴 Lower high. [Nearest high: 4217.75]
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. During the Asian session, buyers were absorbed by supply at 4217.75, several points above the prior day’s VPOC. Sellers then took control and pushed price lower to take out the prior day’s low. There was a brief rally on short covering in which $ES_F moved from 2 standard deviations south of VWAP to 1 standard deviation above. There was no follow through, however, and ultimately $ES_F fell to new lows. Inventory leading up to the RTH session was short and overnight VPOC was 4205.50.
Regular Trading Hours (RTH) Session:
The RTH open gapped down and was below the prior day’s low but inside the T+2 range. Buyers filled the RTH gap during A-period but were consumed by resting offers from trapped longs near the overnight VPOC. The auction rotated down below the overnight and prior day’s low. Trapped shorts inside the B-period single prints from Friday couldn’t hold the market as supply took all their bids. Finally, the auction stabilized at 4174 on short covering, keeping Friday’s LOD in tact. The auction rotated up back towards VWAP and the overnight and prior day’s range. In M-period, buyers came within a point of the A-period high before getting soaked up by supply. $ES_F fell back beneath the overnight and previous day’s low where it consolidated for the remainder of the session.