China And Higher Rated Weigh on Markets

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 7 out of 11 markets closed lower: Shanghai Comp +2.58%, Hang Seng +0.42%, Nikkei -0.56%
• In Europe 10 out of 13 markets are trading lower: CAC -0.58%, DAX -0.06%, FTSE +0.49%
• Fair Value: S&P +1.62, NASDAQ +13.57, Dow -12.80
• Total Volume: 2.20mil ESZ & 400 SPZ traded in the pit

Today’s Economic Calendar:

Today’s economic calendar includes Existing Home Sales 10:00 AM ET, Raphael Bostic speaks on Saturday 11:30 AM ET, Raphael Bostic Speaks 12:00 PM ET, Robert Kaplan Speaks 12:45 PM ET, and the Baker-Hughes Rig Count 1:00 PM ET.

Sign up for the MrTopStep Saturday October 20th Webinar Here…It’s going to be the best of the year!

S&P 500 Futures: Churn And Burn

After once again trading lower in the overnight session, the S&P 500 futures opened on the 8:30 bell at 2801.25 and traded down to 2790.50 for the early morning low at 9:15 and then rallied up to what would be the high of day at 2808.00 going into the 10:00 hour. From there waves of sell programs began to hit the tape starting at 10:00 that pushed the ES from that high down to the late morning low of 2768.00 before the end of the hour finishing a 40 handle drop in less than 60 minutes. From there the ES rallied up to make a late morning high of 2786.50 at 11:40 and drifted lower into the noon hour.

The afternoon saw more weakness as noon sell programs hit, likely some margin selling that helped pull the ES down to a new low of day of 2756.50 at 12:45 where the benchmark future attracted some buyers leading to a push up to 2777.75 before the end of the 1:00 hour. Late in the day the MIM was showing small to buy as the ES chopped for much of the hour until the MOC came out flat. The ES went on to print 2772.00 on the 3:00 cash close before settling the day at 2773.00, down -43.25 handles or -1.54%.

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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.}