Car Tariff Extension Pushes Stocks Higher

Charts, Commentary, News, Stocks, Technical Analysis, The Opening Print


Index Futures Net Changes and Settlements:

Contract

Settlement

Net Change

+/-%

S&P 500 (ESM19:CME)

2855.00

+15.75

+0.55%

DowJones (YMM19:CBT)

25,674

+104

+0.40%

Nasdaq 100 (NQM19:CME)

7529.75

+108.25

+1.45%

Russell 2000 (RTYM19:CME)

1551.50

+5.40

+0.34%

Foreign Markets, Fair Value and Volume:

  • In Asia 6 out of 11 markets closed higher: Shanghai Comp +0.58%, Hang Seng +0.02%, Nikkei -0.59%
  • In Europe 12 out of 13 markets closed higher: CAC +0.28%, DAX +0.58%, FTSE +0.20%
  • Fair Value: S&P +1.63, NASDAQ +11.76, Dow -2.73
  • Total Volume: 1.73 million ESM & 542 SPM traded in the pit

Today’s Economic Calendar:

Today’s economic calendar includes Housing Starts 8:30 AM ET, Jobless Claims 8:30 AM ET, Philadelphia Fed Business Outlook Survey 8:30 AM ET, EIA Natural Gas Report 10:30 AM ET, Neel Kashkari Speaks 12:05 PM ET, Fed Balance Sheet & Money Supply 4:30 PM ET.


S&P 500 Futures: Headline News Algos Rule The Tape

Chart courtesy of Stewart Solaka @Chicagostock$ES_F Failure against 3D pivots overnight giving way for retest of prior session low. Squeeze through 3D pivot showing signs of life. Since yesterday closed above, a 2nd consecutive close above 3D pivot shows follow through from buyers.

During Tuesday nights Globex session, the S&P 500 futures (ESM19:CME) printed a high of 2847.00, a low of 2815.00, and opened Wednesday’s regular trading hours at 2818.25.

There was no follow through to the overnight weakness in global stocks, and the ES immediately began trading higher after the 8:30 CT bell. The trend day was confirmed by 10:00 when the futures traded up to a new high at 2847.75. Then, after a little back and fill down to 2840.50, the buying continued.

The trade headlines ruled the tape, and by 11:00 the ES had traded up to another new high at 2858.00, before doing a little more back and fill down to 2849.25.

Going into the final hour the futures continued to rally, eventually topping out at 2860.00. When the 2:45 cash imbalance reveal came out showing $612M to sell, the ES was trading at 2855.50, then went on to print 2852.75 on the 3:00 cash close, and 2855.25 on the 3:15 futures close.

In the end, the overall tone of the ES was strong. In terms of the days overall trade, total volume was on par, with 1.7 million futures contracts traded.


Daily HotSpots

HotSpots are times during the market trading session that for the past XX days have consistently moved in one direction or the other. These HotSpots are published each morning pre-market. The next day, a results post is also published and weekly a summary post.

CAUTION: This data is under development and provided only for research and teaching purposes

If you have questions about HotSpots you can contact us at info@mrtopstep.com.

ES_FLONG
TypeEntryExitTrade %Profit %PointsHeatMap
normal-2113311426860.0246.00chart
normal-13132013581000.0244.75chart
normal-11131813571000.0142.25chart
normal-8121812511000.0140.75chart
normal-5110412001000.0140.25chart
taylorPlus-2110421141860.0259.50chart
taylorPlus-1313321408850.0254.25chart
taylorPlus-1113321408910.0242.75chart
taylorPlus-813321408880.0135.75chart
taylorPlus-5133214081000.0136.50chart
taylor3-2110241108810.0263.00chart
taylor3-1310241108850.0248.25chart
taylor3-1110241108820.0132.25chart
taylor3-810331115880.0127.75chart
taylor3-5102811001000.0125.75chart
ES_FSHORT
TypeEntryExitTrade %Profit %PointsHeatMap
normal-1315171547-85-0.01-36.50chart
normal-1115191549-82-0.01-37.25chart
normal-815191549-87-0.01-22.25chart
normal-514531550-100-0.01-26.25chart
taylorPlus-2109461023-86-0.03-70.25chart
taylorPlus-1309471045-92-0.03-78.00chart
taylorPlus-1110021055-100-0.02-51.25chart
taylorPlus-809481042-100-0.02-67.75chart
taylorPlus-509431042-100-0.02-69.75chart
taylor3-2111591231-81-0.01-29.75chart
taylor3-1311591231-85-0.01-25.25chart
taylor3-1109301028-82-0.01-35.25chart
taylor3-809491028-100-0.01-32.25chart
taylor3-509421033-100-0.01-31.75chart

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Danny Riley has worked in the futures and options industry for 38 years, including the CBOT’s bond room, where he worked for several of the Market Wizards. He went on to build the largest volume desk in the S&P 500 Index Futures, serving some of the largest banks and hedge funds, the UBS program trading business, and some of the world's top individual traders. As a leader and co-creator of the MrTopStep IM-Pro Trading Room, he shares trading ideas and breaking market news live from the floor with our other professional traders and new traders eager to experience the power of collective intelligence. Join us today and get the edge only social trading can give you.


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