06/01/2023 Synopsis
Debt ceiling deal heads to Senate as US equity indices climb higher.
Market Overview
The S&P 500 was up in today’s session. 8/11 sectors were positive.
Outperforming Index: 🟢 Nasdaq-100 QQQ 0.00%↑
Underperforming Index: 🔴 Dow Jones DIA 0.00%↑
Strongest Sector: 🟢 Energy XLE 0.00%↑
Weakest Sector: 🔴 Utilities XLU 0.00%↑
Top Stock: 🟢 Match Group Inc MTCH 0.00%↑
Poorest Stock: 🔴 Dollar General Corporation DG 0.00%↑
US Treasury yields retreated.
2-year: 🔴 4.34% (-6.4 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: 🟡 Balance and rotation. [Last 3-days: 4174 - 4243.25]
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. Price action during the Asian and London sessions was flat in a 20-point range between 4182.50 and 4202.50. This range was entirely inside the prior day’s RTH range. Inventory going into the RTH session was short below the prior day’s O-period close. Overnight VPOC was 4191.75 and nearly inline with the prior day’s VPOC
Regular Trading Hours (RTH) Session:
The RTH open was inside the prior day’s value area and below the T+2 low. There was no gap between the current and prior day’s RTH sessions. Sellers in A-period pushed the auction below the overnight low before running out of steam and failing to take the prior day’s low. Resting bids, at 4178, soaked up supply and caused a reversal. Buyers gained control and pushed the auction through the full overnight range. From A through G-period, $ES_F was one time framing up and began to ride the rising 2nd standard deviation level upwards. In L-period, buyers were consumed by supply at 4239.75, and wholesale backfilled down 20-points. Buyers stepped back in and pushed the auction up near the 1st standard deviation again where the market settled around until the close in O-period.