China To Ask State To Discontinue US Agricultural Purchases

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 11 out of 11 markets closed lower: Shanghai Comp -1.62%, Hang Seng -2.85%, Nikkei -1.74%
• In Europe 13 out of 13 markets are trading lower: CAC -1.82%, DAX -1.41%, FTSE -2.14%
• Fair Value: S&P +0.01, NASDAQ +7.30, Dow -45.83
• Total Volume: 2.44 million ESU & 522 SPU traded in the pit

_{*As of 7:00 a.m. CST}

Today’s Economic Calendar:

Today’s economic calendar includes the PMI Services Index 9:45 AM ET, ISM Non-Mfg Index 10:00 AM ET, TD Ameritrade IMX 12:30 PM ET, and Lael Brainard Speaks 1:30 PM ET.

S&P 500 Futures: ES Down 3.6% From Its 3022.25 High

Chart courtesy of Scott Redler @RedDogT3 – $spx futures-35 as we get some downside follow thru to last weeks active composure change. Map out levels and plan ahead.

During Thursday nights Globex session, the S&P 500 futures printed a high of 2961.00, a low of 2933.00, and opened Friday’s regular trading hours (RTH) at 2943.25.

The positive jobs number wasn’t enough the hold the futures up, and after the 8:30 CT bell, the ES got hit by wave after wave of sell programs. The futures went on to make a sequence of lower lows all the way down to 2913.50 at 10:00, a 30 handle drop in one and a half hours, as the VIX climbed above 20. 

Once the low was in, things began to calm down a little, and the futures started to do a little back-and-fill. By 2:30 the ES had traded back through the RTH opening range, and topped out at 2945.00.

Going into the close, as the MiM reveal came out showing $250 million to sell, the futures began to back off once again, trading down to 2936.00, and then closed out at 2931.75, down 20 handles on the day.

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_{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.}