Market Review
David Zimmer – AMS Trading
The S&P futures (ESC20: CME) closed on Friday at 3265.35, sixteen points below its opening print of 3281.81, after closing Thursday at 3274.70. Its twenty-two point trading range (3282.99 – 3260.86) gave traders a solid range to work with. Post setting a new intraday high, traders took a little off the table going into the weekend but that’s standard for the week we had.
What the market did give us last week was a downside support level. Despite breaking through the 3215 level on “drone retaliation day” the buyers came back to the table and “bet on black”. Without any consequential economic reports this week all eyes will remain fixed on the Middle East; react on the spikes and don’t get scared away.
A continued shout out to Danny and Marlin for the work they do behind the lines. Everyone writing dialogue on the MrTopStep side deserves to be supported as they all bring something to the process. We at AMS suggest you start your relationship with IMPRO and MiM. I’ve got 50+ years trading commodities and have learned quite a bit from everyone, thanks and best wishes for a good week.
Closing Prices
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In the Tradechat Rooms
The MiM
Down-Down-Down, closing hours were in a very orderly down-trend. Our MiM was small to sell, flipping at 3:30 pm to a small buy. Reveal was really balanced, no real buy or sell on the close.
Economic Calendar
Globex
High 3274.00 Low 3257.50 Volume 93,874 Day Session 1/9/2020 Opening Print High 3275.50 Low 3260.75 ES Settlement 3264.75 Change: -11.25 Total Volume 1.5M
Chart of the Day
Our View
S&P 500 Futures Reverse Lower
The S&P futures (ESH20:CME) ‘finally’ had a down day. After trading up to another new all-time high at 3287.00 the ES sold off all the way down to a late-day low at 3260.75 and settled at 3262.50. The overall tone was weak. In terms of the overall trade, 1.46 million (ESH20:CME) futures traded.
U.S. And China To Sign Trade Trade Deal Wednesday
Our view: a trader asked me over the weekend if the current rally reminds me of the 1999-2000 tech bubble and I told him that it really does. Up to Friday’s trade if you sold that ES short at any point between the last trading day of the year to Friday’s high you really never saw daylight. That said, I did have a good call for selling the rallies Friday but the announcement that the U.S. and China are set to sign the trade deal this week has the global markets up sharply this morning. Our lean, you may be able to sell the early rallies and buy weakness but we prefer being patient and buying the pullbacks.
Market Vitals Technical Analysis
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. Decisions 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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