The S&P 500 futures (ESZ19:CME) closed on Monday at 3134.50, about six points below its opening print of 3142, its low of the day, after closing Friday at 3146.00. Its trading range (3131.25 – 3149.50) is unremarkable to the exclusion of this year’s intraday highs around 3158.00, again proving to be resistance.
From my perspective, the more important USMCA trade deal (US/Mexico/Canada) getting the green light should have benefited the markets. I’m sensing that if and when the China trade deal gets pushed through, it’s going to be a “sell the news” event.
At 2:30 CT the ES traded 3140.25 as the MiM started showing over $800 million to sell, then traded 3140.25 at 2:45 CT as the final cash imbalance showed $862 million to sell. Going into the final minute of the day the ES made a new low, trading 3135.50, then traded 3133 on the 3:00 cash close. It finally settled at 3134.50 on the 3:15 futures close, down -11.5 handles, or -0.38%, on the day.
In terms of the day’s overall tone, the ES rallied initially, but as AAPL fell so did the ES and NQ. In terms of the day’s overall trade, total volume was low, with 1.1 million contracts traded.
As always, please use protective buy and sell stops when trading futures and options.
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