Index Futures Net Changes and Settlements:
| Contract | Settlement | Net Change | +/-% |
| S&P 500 (ESM18:CME) | 2772.25 | UNCH | UNCH |
| DowJones (YMM18:CBT) | 25,268 | +128 | +0.50% |
| Nasdaq 100 (NQM18:CME) | 7161.00 | -54.00 | -0.75% |
| Russell 2000 (RTYM:CME) | 1670.20 | -8.10 | -0.48% |
Foreign Markets, Fair Value and Volume:
- In Asia 10 out of 11 markets closed lower: Shanghai Comp -1.36%, Hang Seng -1.76%, Nikkei -0.56%
- In Europe 10 out of 13 markets are trading lower: CAC +0.03%, DAX -0.41%, FTSE -0.02%
- Fair Value: S&P +3.34, NASDAQ +27.67, Dow +9.78
- Total Volume: 1.76mil ESM & 8,187 SPM traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes Wholesale Trade 10:00 AM ET, and the Baker-Hughes Rig Count 1:00 PM ET.
S&P 500 Futures: #NQ Weakness Weights On The S&P 500
Thursdays trade started with the Asian markets trading higher, and Europe mixed to flat at midday. Japan’s Nikkei was up +0.9%, and Hong Kong’s Hang Seng up +0.8%. The overnight trading range for the S&P 500 futures on Globex was 2774.00 to 2783.50, with 98,000 contracts traded. The first print on the 8:30 CT futures open was 2780.25.
After the bell, the ES upticked, pulled back down to 2777.00, and then traded up to 2783.25, 1 tick shy of the overnight high. From there, the futures sold off down to 2769.25 at 9:39 CT. After the low, the ES stutter stepped back up to 2780.00. Then, after a few failed rallies, the ES made three separate lower low at 2774.00, 2772.25 and 2770.50, as the NQ sold off down to 7161.50. The ES bounced back up to 2774.00 and made another series of lower lows down to 2763.75, jumped up to 2771.00, and then went back down and ‘double bottomed’ at the 2763.75 low. The futures went on to sell off down to 2768.75, and then rally back up to 2775.75 as the MiM went from $635 million to sell to $1.1billion to sell.
On the 3:00 cash close the ES printed 2774.00 before settling at 2775.50 on the 3:15 futures close. In the end the ESM finished the day down three ticks, just marginal percentage wise.
The crowd just got too bullish tech stocks. The Nasdaq was weak from the get go yesterday, and was just plain overbought and over extended. Like the PitBull says… 5 stocks (FAANG) are the whole market, and where they go, goes the markets. In terms of the days overall trade, it was the highest volume day of the week. In terms of the overall tone, the bounce in the NQ helped turn a bad day into a not so bad day.
ETF Trades & NASDAQ’s Best Eight Months: Natural Gas and On Hold
From Stock Traders Almanac
As of the market’s close yesterday, the slower moving MACD indicator applied to NASDAQ was positive. With NASDAQ’s modest loss today, a one-day decline of over 3.2% (245.48 points) would be needed to turn NASDAQ’s MACD Sell indicator negative.
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