ES[U22] Debrief 08/16/2022
Market Overview
It was a mixed day as the S&P and Dow Jones gained while the Nasdaq and Russell fell. 6/11 sectors were green. Treasury yields rose while Bitcoin and Ether fell.
Here are some of today’s closing prices.
Top-Down Analysis
Monthly Change: +4.22%
ES couldn’t take out June’s high of 4189 so it’s OTFD for 5 straight months. However, ES finished up 9% MoM. July was an inside month failing to erase the high and low from June.
Prior month’s close: 4133.50
Weekly Change: +0.62%
ES is OTFU for five straight weeks with four consecutive weeks in the green.
Prior week’s close: 4281
Daily Change: +0.22%
ES has been OTFU for five straight sessions.
Unbroken Levels (M, W, D)
Highs: 4631, 4588.75, 4519.75, 4509, 4393.25, 4327.50,
4304.75Lows: 4278.75, 4249, 4208.25, 4202.75, 4113.75, 4113, 4103.75, 4084.5, 4080.5, 3994.50, 3938.75, 3913.25, 3834, 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: 4282.50
ETH VPOC: 4210
ETH VAL: 4186
ES RTH Volume Profile (today)
RTH VAH: 4314.25
RTH VPOC: 4308.25
RTH VAL: 4290.75
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 4306.25. There was excess below 4284 and above 4323.
Session Recap
Electronic Trading Hours (ETH)
Globex Session:
At the previous day’s close, wholesale’s position was long. The ONO was inside of the previous day’s value area. Inventory during Globex was balanced in a tight range and slightly short. Traders from the previous day are trapped short and keeping the auction up.
ONO: 4294.50
ONH: 4300.25
ONL: 4283.75
ONRange: 16.50
Regular Trading Hours (RTH)
US Session:
The RTH open was inside the previous day’s value area and above the T+2 high. Sellers tried to push the auction down. They took ES below the ONL but couldn’t get beneath the previous day’s VAL before supply ran out. At this point, longs lifted the offer and ES rose above the ONH and the previous day’s HOD. ES encountered sellers at 4327.50 and they dropped ES 30-points and back into the previous day’s range. ES went sideways the remainder of the day and closed at 4310.25.
O: 4287.25
H: 4327.50
L: 4278.75
Range: 48.75