CRB Break Down Spells Bad News For Commodities

Commentary, News


Index Futures Net Changes and Settlements:

ContractSettlementNet Change+/-%
S&P 500 (ESU19:CME) 2848.50+7.75+0.27%
DowJones (YMU19:CBT)25,575+120+0.47%
Nasdaq 100 (NQU19:CME)7496.25+7.50+0.10%
Russell 2000 (RTYU19:CME)1463.30-5.00-0.34%

Foreign Markets, Fair Value and Volume:

  • In Asia 6 out of 11 markets closed higher: Shanghai Comp +0.29%, Hang Seng +0.94%, Nikkei +0.06%
  • In Europe 12 out of 13 markets are trading higher: CAC +1.04%, DAX +1.00%, FTSE +0.60%
  • Fair Value: S&P +0.65, NASDAQ +8.64, Dow -6.15
  • Total Volume: 2.49 million ESU & 821 SPU traded in the pit

*As of 7:00 a.m. CST

Today’s Economic Calendar:

Today’s economic calendar includes Housing Starts 8:30 AM ET, Quarterly Services Report 10:00 AM ET, Consumer Sentiment 10:00 AM ET, and the Baker-Hughes Rig Count 1:00 PM ET.


S&P 500 Futures: #ES Chop Fest

Chart courtesy of Stewart Solaka @Chicagostock$ES_F Shorts left trapped below yesterday’s lower window as cash market rallied to test its Reversal window, key level for buyers to overcome to force shorts to cover.

After trading down to 2817.75 during Wednesday nights Globex session, the S&P 500 futures (ESU19:CME) rallied 54 handles to print a high at 2871.75 just after 7:00 am CT, then broke 20 handles to open Thursday’s regular trading hours (RTH) at 2850.25.

They say the S&P tends to go sideways to higher after a big down day, and sideways is what we got, so I guess the theory held true once again. The ES was unable to break through either the Globex high or low, and spent the day chopping around in a 32 handle RTH range.

Even at the end of the day when the futures were hovering around the high, and the MiM reveal came out showing over $1 billion to buy MOC, buyers were unable to break through the ceiling, and the ES would go on to close out at 2848.50, up +7.75 handles.

Despite being held to a tighter range than we’re used to seeing the last few weeks, volume was still impressive, with close to 2.5 million mini S&P futures contracts traded.


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Danny Riley (3473 Posts)

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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