ESM22 Daily Debrief 05/31/2022
Market Overview
The NYSE was closed yesterday in observation of Memorial Day. However, index futures traded for half the day and ES was balanced. The markets re-opened today but were stuck in vacation mode. 9/11 sectors snoozed into the red on this final trading day of May. It wasn’t enough to erase the small MoM gain for the S&P, which was a biproduct of last week’s rally. The Dow also had its own MoM gain while the Nasdaq and Russell finished May in negative territory.
Here are some of today’s closing prices.
Top-Down Analysis
Monthly Change: +0.09%
Thus far, the lows from the past three months were all erased and May has established new 2022 lows. MoM, ES is OTFD to end the month of May. The rally last week had wiped out all of the losses and allowed May to gain 9 basis points over the prior month.
Prior month’s close: 4127.5
Weekly Change: -0.59%
ES has broken the streak of 7 straight losing weeks. It has also ended OTFD by erasing the highs of the past two weeks. If ES can maintain 3872, ES will be OTFU for three consecutive weeks.
Prior week’s close: 4155.75
Daily Change: -0.59%
ES broke a streak of three consecutive green days. However, it extended the OTFU streak to five sessions.
Unbroken Levels (M, W, D)
Highs: 4631, 4588.75, 4519.75, 4509, 4393.25, 4303.5
Lows: 3807.5, 3796.25, 3728.5, 3720.5
Performance & Technicals
5-Day Performance
Technicals
ES Composite Volume Profile (5 days)
ETH VAH: 4202.25
ETH VPOC: 4128.75
ETH VAL: 4012.75
ES RTH Volume Profile (today)
RTH VAH: 4154.50
RTH VPOC: 4130.50
RTH VAL: 4122.50
Prior Day RTH High and Low
T+2 High (for next RTH session): 4187
T+2 Low (for next RTH session): 4166.25
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 4132.75.
Session Recap
Electronic Trading Hours (ETH)
Globex Session:
The ONO was inside of the previous day’s value area. At yesterday’s close, wholesale’s position was long over Friday’s close. Overnight inventory was entirely short.
ONO: 4175.75
ONH: 4180
ONL: 4121.5
ONRange: 58.5
Regular Trading Hours (RTH)
US Session:
The RTH open was below yesterday’s low, creating a gap down. It was also inside of the T+2 high and low. After the opening bell, supply pushed ES lower. The ONL was breached and a new LOD was reached. It failed to escape the bottom of Friday’s value area. Buyers arrived beforehand to lift ES 65 points from the RTH session low. At 4167.75, buyers diminished in the face of inventory and traded in a 30-40 point range for the remainder of RTH.
O: 4137.75
H: 4167.75
L: 4102.75
Range: 65.00