ESM22 Daily Debrief 05/26/2022
Market Overview
10/11 sectors were positive today. All indices were green today. The S&P is one day away from breaking its weekly losing streak.
Here are some of today’s closing prices.
Top-Down Analysis
Monthly Change: -1.74%
Thus far, the lows from the past three months were all erased and May has established new 2022 lows. MoM, ES is OTFD unless the auction can recapture 4588.75 at some point this month.
Prior month’s close: 4127.5
Weekly Change: +4.01%
Last week, ES extended its weekly losing streak to seven. ES is OTFD the past five weeks. 4095 will need to be eclipsed to the upside this week to end OTFD.
Prior week’s close: 3899.5
Daily Change: +1.99%
ES is OTFU the past three sessions. ES has broken out of the trading range and is looking to take out the 4095 high from 5/18/22.
Unbroken Levels (M, W, D)
Highs: 4631, 4588.75, 4519.75, 4509, 4393.25, 4303.5, 4099, 4095
Lows: 3807.5, 3796.25, 3728.5, 3720.5
Performance & Technicals
5-Day Performance
Technicals
ES Composite Volume Profile (5 days)
ETH VAH: 3982
ETH VPOC: 3945
ETH VAL: 3898
ES RTH Volume Profile (today)
RTH VAH: 4069.5
RTH VPOC: 4062
RTH VAL: 4039.5
Prior Day RTH High and Low
T+2 High (for next RTH session): 3997.75
T+2 Low (for next RTH session): 3921.5
Here is a chart of the past five sessions with a composite ETH Volume Profile:
Here is a chart of the past five sessions with a daily ETH/RTH Volume Profile:
Here’s a TPO chart of today’s session with ETH/RTH Market Profile:
The TPOC was 4059.25 and plenty of singles below 4026.50.
Session Recap
Electronic Trading Hours (ETH)
Globex Session:
At yesterday’s close, wholesale’s position was long. The ONO was inside of the previous day’s value area. Inventory in Globex was mostly long.
ONO: 3972.25
ONH: 4009.75
ONL: 3960.5
ONRange: 49.25
Regular Trading Hours (RTH)
US Session:
The RTH open was inside of the previous day’s range and above the VAH. It was also above the T+2 high. The US open was strong and gained 40 points in the first 30 minutes. Long traders took ES above the previous day’s high. Most of the 2nd half hour of the open was a slow uptrend with smaller candles and higher highs and lows.
After the opening hour, longs continued to bid the auction up. Upon reaching a new HOD at 4073.25, buying started to fade in the face of supply. ES balanced in this area for several hours. In the final hour of NYSE trading, ES moved up and down in 30 points swings in search of buyers. Supply was shut off and came back on before balancing to end RTH. All of today’s session was above the cost basis from the previous three days.
O: 3989.25
H: 4073.5
L: 3987.5
Range: 86