Index Futures Net Changes and Settlements:
| Contract | Settlement | Net Change | +/-% |
| S&P 500 (ESZ19:CME) | 2963.75 | -16.75 | -0.56% |
| DowJones (YMZ19:CBT) | 26,796 | -96 | -0.35% |
| Nasdaq 100 (NQZ19:CME) | 7701.25 | -86.00 | -1.06% |
| Russell 2000 (RTYZ19:CME) | 1524.10 | -13.10 | -0.85% |
Foreign Markets, Fair Value and Volume:
- In Asia 8 out of 11 markets closed lower: Shanghai Comp -0.92%, Hang Seng +0.53%, Nikkei -0.56%
- In Europe 7 out of 13 markets are trading higher: CAC +0.08%, DAX +0.03%, FTSE -0.31%
- Fair Value: S&P +1.20, NASDAQ +18.00, Dow -28.12
- Total Volume: 1.66 million ESZ & 295 SPZ traded in the pit
*As of 7:00 a.m. CST
Today’s Economic Calendar:
Today’s economic calendar includes Chicago PMI 9:45 AM ET, and the Dallas Fed Mfg Survey 10:30 AM ET.
S&P 500 Futures: Failed Rallies And Broken Hearts
Chart courtesy of Scott Redler @RedDogT3 – $spx futures +11 as we end this quarter of sloppy trade. Most key tech names are under the 8/21day, Some under the 50/200day. Yet, the $spx is less than 2% from ATH’s. 4th quarter will be very interesting. (I will have limited involvement as per the Jewish Holiday Today).
During Thursday nights Globex session, the S&P 500 futures (ESZ19:CME) traded down to 2971.50 then rallied to print a high at 2993.00 5:15 am CT, before trading 2988.75 to open Friday’s regular trading hours (RTH).
The first move after the 8:30 CT bell was a quick sell-off down to 2981.75, followed by a rally up to the 2986.00 area, and then a puke down to 2972.75 at 9:15 am. After the low, our new trade setup software @HFTAlert started showing buy programs, and the ES traded up to 2987.00.
You can learn more about @HFTAlert at this weeks Trader’s Symposium: https://mrtopstep.com/openhouse/
Once the buying died down, the futures pulled back to 2962.00, then this headline hit the tape, “BREAKING: Trump Officials Considering Delisting Chinese Companies from U.S. Stock Exchanges.”
The markets took that headline as good news, and the ES ripped up to 2982.25. That was it for the early bulls though. Once the headlines were all out, and the buying had dried up, the futures traded back down to a new low at 2956.50 just before 12:00 CT.
A Lot of the weakness was coming from several tech names, like MICRON, which fell 10% in the early part of the day. FAANG stocks took a beating too, and after a rallying up to 2966.25, the ES sold off all the way down to 2946.00.
Going into the end of the day, the powers that be decided to end the week on a high note, and the futures rallied 20 handles from the low to close out at 2963.75.
In the end, it was a non-stop week of Trump tweets, with Friday’s selloff capping things off. In terms of the markets overall tone, the ES could not have looked worse, that is until the PPT showed up late in the day. In terms of the days overall trade, 1.6 million mini S&P futures contracts traded, which is kind of low for that type of selloff.
If you haven’t already signed up for the MrTopStep Traders Symposium, let me tell you, you really should. We have a great lineup of traders with some really cool new products. I, personally, will be listening to every presentation.
Below is a list of traders and their Twitter handles. This is going to be the best show we’ve ever had!
Danny Riley @MrTopStep
Marlin Cobb @RedLionTrader
Jeff Hirsch @AlmanacTrader
Niels Koops @Niels_AMS
Steve Crutchfield @BamaTrader
David Dube @PolarisTrading
Keith Gallagher http://wyckoffamtrader.com/
Stewart Solaka @Chicagostock
Steve Hammer @HFTAlert
Peter Davies @Jigsaw_Trading
Ophir Gottlieb @CMLviz
Kaushal Shah @TOSindicators
Gagan Daphu – ES Zones @GaganDaphu
Bill Olsen @NewsWare
Peter Reznicek – ShadowTrader @PeterReznicek
Learn More Here
SIGN UP HERE TO GET THE FULL MRTOPSTEP OPENING PRINT!
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.
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