China’s New Deal, Buy $70 Billion In U.S. Farm And Energy Products If Trump Abandons Tariffs

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 8 out of 11 markets closed higher: Shanghai Comp +0.05%, Hang Seng +0.53%, Nikkei +0.38%
• In Europe 8 out of 13 markets are trading lower: CAC -0.05%, DAX +0.27%, FTSE +0.41%
• Fair Value: S&P -0.37, NASDAQ +1.05, Dow -2.85
• Total Volume: 993k ESM & 1,205 SPM traded in the pit

Today’s Economic Calendar:

Today’s economic calendar includes Bank Reserve Settlement, MBA Mortgage Applications 7:00 AM ET, International Trade 8:30 AM ET, Productivity and Costs 8:30 AM ET, and the EIA Petroleum Status Report 10:30 AM ET.

S&P 500 Futures: #ES 2752 ‘Gap Fill’

Tuesdays traded started with Asian and European markets moving higher. On Globex, the S&P 500 futures had an overnight trading range of 2742.00 to 2751.75, with 139.000 contracts traded. The first print on the 8:30 CT futures open came in at 2747.50.

The first move after the bell was a small pullback down to 2745.50, then at 9:30 the futures ‘double topped’ at 2752.50. After making the high the ES sold off down to 2742.00, rallied back up to 2747.00, and then ‘double bottomed’ at 2739.00 before trading back up to 2747.75 at 12:20 CT.

From there, futures pulled back to 2745.00, and going into 2:00 traded back up to 2750.75. As the MiM went from $849 million to sell to $976 million to sell, the ES sold off back down to 2746.25. The ES traded 2747.50 as the final MiM showed $1.4 billion for sale, traded 2749.50 on the 3:00 cash close, and went on to settle at 2751.50 on the 3:15 futures close, up +5 handles, or +0.18% on the day.

In the end, it was a slow but steady pullback and rally. Clearly the technology sector was leading the way. In terms of the days overall trade, it was slow. In terms of the markets overall tone, it was firm. The summer trade is here!

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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.}