ES[U22] Debrief 07/18/2022
Market Overview
The S&P 500 gapped up to open this morning but the afternoon selloff closed the gap and the index ended the day in red territory. The Dow, Nasdaq and Russell all were negative as well. Energy, materials and consumer discretionary were the only sectors in the green. Treasury yields, Bitcoin and Ether rose as well.
Here are some of today’s closing prices.
Top-Down Analysis
Monthly Change: +1.17%
ES has been OTFD for four consecutive months. If longs can’t erase the June high of 4189, then this trend will continue for a fifth straight month.
Prior month’s close: 3789.50
Weekly Change: -0.81%
The past 5 weeks for ES have been going sideways in a range between 3639 to 3950.
Prior week’s close: 3865
Daily Change: -0.81%
ES is OTFU for three straight sessions.
Unbroken Levels (M, W, D)
Highs: 4631, 4588.75, 4519.75, 4509, 4393.25, 4303.5, 4303, 4202.25, 4189, 4168.25, 4160, 4144.25, 4030.5, 3950, 3922, 3909.5,
3900.75,3876.5Lows: 3820.25, 3780.25, 3723.75, 3693.25, 3661.5, 3639, 3596, 3592.25, 3575.25, 3545.5, 3518, 3506.5
Performance & Technicals
ES Composite Volume Profile (5 days)
ETH VAH: 3867
ETH VPOC: 3856.50
ETH VAL: 3775
ES RTH Volume Profile (today)
RTH VAH: 3905
RTH VPOC: 3893
RTH VAL: 3851
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 3892.25. There were single prints between 3865.75 and 3879.25 and below 3831.50.
Session Recap
Electronic Trading Hours (ETH)
Globex Session:
Wholesale’s position was long at the previous day’s close. The ONO was above the previous day’s high. Inventory in Globex was long.
ONO: 3878.50
ONH: 3909.50
ONL: 3865.75
ONRange: 43.75
Regular Trading Hours (RTH)
US Session:
The RTH open gapped up and was above the previous day’s high and T+2 high. After the bell, buyers attempted to lift ES. However, there wasn’t enough demand to get over the ONH. For about 2-3 hours, ES remained balanced in a 20-point range. In the afternoon, buyers disappeared and supply busted the floor of the channel. ES descended for the entire afternoon. It filled the ON gap and fell into the previous day’s price range. It erased the ONL in the process. It sliced through the previous day’s value area. It missed the previous day’s low by 2 ticks before supply ran out and shorts covered. The auction stabilized and closed the RTH session at 3838.25.
O: 3898
H: 3905.25
L: 3820.25
Range: 85