Index Futures Net Changes and Settlements:
Contract | Settlement | Net Change | +/-% |
S&P 500 (ESU18:CME) | 2788.50 | +9.50 | +0.34% |
DowJones (YMU18:CBT) | 25,210 | +0 | +0.007% |
Nasdaq 100 (NQU18:CME) | 7311.25 | +80.25 | +1.09% |
Russell 2000 (RTYU:CME) | 1691.30 | +10.60 | +0.62% |
Foreign Markets, Fair Value and Volume:
- In Asia 9 out of 11 markets closed lower: Shanghai Comp -0.70%, Hang Seng -0.4.3%, Nikkei +0.50%
- In Europe 12 out of 13 markets are trading lower: CAC +0.23%, DAX -0.22%, FTSE -0.73%
- Fair Value: S&P +4.90, NASDAQ +29.57, Dow +23.01
- Total Volume: 1.25mil ESU & 1,005 SPU traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes the June Quadruple Witching, Empire State Mfg Survey 8:30 AM ET, Industrial Production 9:15 AM ET, Consumer Sentiment 10:00 AM ET, Baker-Hughes Rig Count 1:00 PM ET, Robert Kaplan Speaks 1:30 PM ET, and Treasury International Capital 4:00 PM ET.
S&P 500 Futures: #ES Up, Down And All Around As NY Attorney General Files Lawsuit Against Trump Foundation
Thursday’s trade started with the Asian markets down across the board and the Stoxx 600 up +0.71% at midday. In the U.S., on Globex, the S&P 500 futures trading range was 2772.25 to 2790.75, with 230.000 contracts traded.
On the 8:30 open the first print in the ES was 2790.00, and then back and filled for the first half hour. An early high was made at 2792.00, followed by an early low at 2786.25, and then a move up to 2794.00. The real meat and potatoes was in the NQ, which dropped 25 points down to 2764.00 at 8:55, and then exploded up to 7310.00 at 9.27.
After a slight pullback this headline hit the tape : “New York AG files lawsuit against Pres Trump, Trump family members, and Donald J. Trump Foundation on accusations of violating New York state charities law” – press – AG Underwood says she aims to dissolve the Trump Foundation, and soon after the ES sold off down to 2781.00 at 10:00. At 10:55, the futures traded back up to 2789.75, and then down to 2784.50 as the NQ pulled back slightly. The next move in the ES was back up to 2791.00 as the NQ shot up to new highs up to 7321.00.
As the afternoon continued, that 2791.00 print ended up being the late high as the ES traded lower, down to 2783.00, just after 2:00 pm. The final hour saw the futures rise back up to 2790 as the MiM was showing moderate buy side on the MOC. The ES printed 2787.75 on the 3:00 pm cash close before settling the day at 2788.75, up +9.75 handles, or +0.35%.
In the end, the Nasdaq is driving everything higher. The PitBull said the whole rally is being driven by 6 to 8 stocks. I am sure FAANG makes up five of the eight. The way I see this is to just continue to buy the weakness. In terms of the ES’s overall tone, as long as the NQ keeps going up, so will the ES. In terms of the days overall trade, volume was a little lower than Wednesday.
NASDAQ’s Best Eight Months Update & Basket of Defensive Stocks
From Stock Traders Almanac:
As of the market’s close yesterday, the slower moving MACD indicator applied to NASDAQ remains positive. NASDAQ’s strong momentum has led to a string of new all-time highs and correlating positions still held in the ETF Portfolio continue to perform. With NASDAQ’s gain today, a one-day decline of over 2.3% (179.36 points) would be needed to turn NASDAQ’s MACD Sell indicator negative.
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