Early Close for the 4th of July

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 5 out of 11 markets closed lower: Shanghai Comp +0.39%, Hang Seng -1.41%, Nikkei -0.12%
• In Europe 12 out of 13 markets are trading higher: CAC +1.00%, DAX +1.35%, FTSE +0.68%
• Fair Value: S&P +1.50, NASDAQ +18.99, Dow -19.76
• Total Volume: 1.21mil ESU & 650 SPU traded in the pit

Today’s Economic Calendar:

Today’s economic calendar includes Redbook 8:55 AM ET, Factory Orders 10:00 AM ET, NYSE Early Close, and SIFMA Rec. Early Close 2:00 ET.

S&P 500 Futures: Dip Buyers Win Again

The S&P 500 futures (ESU18), which dumped 22.50 handles Sunday night, opened the cash session Monday at 2703.25 down -18.25 handles. The day started with an early low of 2700.75, followed by a rally, first pushing up to 2707.75 in the opening minutes, then making a higher low and higher high at 2712.75 at 9:00. From there, another higher low came in at 2704.00 before strong buyers throughout the 9:00 hour helped make a new high for the ES at 2719.00 just after 10:00 on the heels of top of the hour buy programs.

After that the index drifted lower into the Euro close, making another higher low 2708 at 10:45. However, this was followed by a weak lower high as triggers turned to the offer side and the ES pushed lower down to 2705.00, a -14 handle pullback from the morning high, before rebounding up to 2711.75 to close out the morning.

The afternoon saw further weakness as the ES pulled back down to the open, bottomed there, and began the afternoon rally by holding the bid through to 2722.00 after 1:30. The ES then pulled back to 2714.25 just after 2:00 pm before rallying up to new highs on the close at 2728.50

On the 3:00 cash close the ESU printed 2727.25 and settled the day at 2727.25, up +5.50 handles, or +0.26%. Overall the feel of the day in the morning was failed rallies, but the afternoon bulls took charge to turn it into a semi productive day, closing marginally after being down -22.50 handles before the open.

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As always, please use protective buy and sell stops when trading futures and options.

_{Disclaimer: Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Any decision to purchase or sell as a result of the opinions expressed in the forum will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.}