The S&P Futures (ESZ19: CME) closed on Tuesday at 3136, even with its opening print of 3136, after closing Monday at 3134.5. Its trading range (3121.50 – 3143) is unremarkable to the exclusion of lower highs and lower lows, perhaps the beginning of a trend. The more important USMCA trade deal (US/Mexico/Canada) getting the green light should have benefitted the markets over the last couple days. Overall, it’s going to be “sell the news” when and if the China deal gets done. But since it’s China that needs the trade deal more than the United States, don’t be surprised to see Trump walk away.
Danny likes it when my writing has something to do with the S&P futures. So here it is. The market is either going to hold here and move higher or it is going to retest the recent lows, consolidate, and then move higher. In my book, those I respect are predicting up another 8% next year.
Taking a look at the next two charts and perhaps you can see why I feel the way I do. Remember, I cannot teach anyone how I trade. All I can do is to show you the symbols and patterns I look for, say what they mean to me, and trust you will be able to do the same.
Exciting collaborations are around the corner; we’ll be announcing a combined AMS / MTS product to compliment the changes taking place. Keep your eyes peeled for “The Ticker”, a publication that takes on a life of its own. If you want to hear about 50+ years of trading, you will find “The Ticker” of great interest. This is my contribution to Danny, Marlin and TopStep team towards their worldwide the actions. They are good people who care about you, so consider this AMS’ opportunity to throw their own hat into the ring.
At 2:30 CT the ES traded 3136.50 as the MiM was showing small to buy and flipped to over $200 million to sell. At the 2:45 the ES traded 3136.50 as the final cash imbalance showed $170 million to sell, traded 3137 on the 3:00 cash close and settled at 3136 on the 3:15 futures close, up 1.5 handles or +0.09% on the day.
In terms of the day’s overall tone, the ES recovered nicely from the 3116.25 Globex low after the Trump administration suggested delaying the December 15th deadline to increase the Chinese tariffs. But the ES sold off 10 handles after 2:00 CT. In terms of the days overall trade, total volume was 1.4 million ES contracts traded with 441,000 coming from Globex.
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.