11/08/2022 Synopsis
S&P finished up in a back and forth day. Crypto lost 10% in total market cap as Binance agreed to buy FTX's non-US unit. Investors await midterm results.
Market Overview
The S&P, Dow and Nasdaq all posted gains while the Russell lost 5 bps. Ten S&P sectors were green with consumer discretionary XLY 0.00%↑ dropping 0.25%. Materials XLB 0.00%↑ was the top sector.
Treasury yields all fell minus the 3-month T-bill. The 3-month finished above 4% again after gaining 2.76%. The 2-year T-note fell to 4.65% (-1.54%). The 10-year dropped to 4.13% (-2.04%).
The US Dollar index continued its descent hitting the lowest intraday price its had since late September. It closed at $109.63.
Here are some of today’s closing prices.
E-mini S&P 500 Top-Down Analysis
📈 Below are the monthly (5-years), weekly (2-years) and daily (6-months) charts for ES.
M/M: ES is still OTFD but after setting new lows for 2022 it rebounded and finished up 7.8%.
W/W: ES had an outside week in which it traded just above the previous week’s high, as well as below the previous week’s low. It finished down 3.37% and is in balance. ES closed below the 10-week MA.
D/D: ES has been OTFU as the past three sessions failed to trade below the prior day’s low.
E-mini S&P 500 Metrics
Recent Performance & Technicals
E-mini S&P 500 Volume/Market Profile
ES Composite Volume Profile (5 days)
📈 Here is a chart of the past five sessions with a composite ETH Volume Profile:
ES ETH/RTH Split Volume Profile (5 days)
📈 Here is a chart of the past five sessions with a daily ETH/RTH split Volume Profile:
ES ETH/RTH Split Market/Volume Profile (today)
📈 Here’s a TPO chart of today’s session with ETH/RTH split Market/Volume Profile:
ES Market/Volume Profile Levels
RTH Weak High/Low: n/a
RTH Single Prints: n/a
RTH Excess: 3792.75 to 3796.25; 3866 to 3867
RTH Gap: n/a
Session Recap
Electronic Trading Hours (ETH)
Globex Session:
Wholesale was long at the prior day’s close. The overnight open was inside of the previous day’s value area. Overnight inventory was balanced and rotational. It began correcting long a few hours before RTH. Single prints from yesterday were filled, but trapped buyers were holding ES up above 3800. Supply was above 3830. VPOC for the Globex session was 3821.75.
Range: 34.75
Regular Trading Hours (RTH)
US Session:
The RTH open gapped up and was above the previous day’s high and T+2 high. There was initial selling after the open to close the overnight gap. Shorts got pushed beneath VWAP and the previous day’s VPOC. The selling was absorbed and couldn’t accept beneath 10-day 50% Fib level. Unable to trade below 3810.75, ES rotated up as buyers pushed above the 10-day 61.8% Fib level. Supply was met at 3867, short of the prior week’s VPOC, as buyers couldn’t lift the offer any higher. After an hour or so of balance, responsive sellers pushed ES down 70-points to get back into the prior day’s range. Supply faded as buyers showed up near the pivot point and 10-day 31.8% Fib level. At 3792.75, sellers couldn’t push the bid lower and ES climbed 60-handles. ES closed RTH at 3832.75.
Range: 74.25