Demand For China Stimulus Grows

Charts, Commentary, News, Stocks, The Opening Print

Index Futures Net Changes and Settlements:

ContractSettlementNet Change+/-%
S&P 500 (ESU19:CME) 2880.25-39.50-1.35%
DowJones (YMU19:CBT)25,867-401-1.52%
Nasdaq 100 (NQU19:CME)7566.75-93.50-1.22%
Russell 2000 (RTYU19:CME)1493.10-20.60-1.36%

Foreign Markets, Fair Value and Volume:

  • In Asia 11 out of 11 markets closed lower: Shanghai Comp -0.63%, Hang Seng -2.10-1.11%, Nikkei %
  • In Europe 13 out of 13 markets are trading lower: CAC -0.58%, DAX -0.94%, FTSE -0.66%
  • Fair Value: S&P -0.33, NASDAQ -5.99, Dow -25.95
  • Total Volume: 1.7 million ESU & 214 SPU traded in the pit

*As of 7:00 a.m. CST

Today’s Economic Calendar:

Today’s economic calendar includes the 8-Week Bill Settlement, NFIB Small Business Optimism Index 6:00 AM ET, CPI 8:30 AM ET, and Redbook 8:55 AM ET.

S&P 500 Futures: MOC Selling Continues

Chart courtesy of Scott Redler @RedDogT3$spx futures -8 as we see what the day brings. 2873 is yesterday’s pivot low. Do we reclaim it and relieve pressure to see 2894-2900. Or get and stay below for a move back to last weeks lows.

During Sunday nights Globex session, the S&P 500 futures printed a high of 2931.00, a low of 2893.00, and opened Monday’s regular trading hours at 2902.00.

After trading 38 handles lower during the Globex session, the ESU continued to face weakness during the day session. It was a slow grind that lasted all day.

The futures traded in a 35 handle range during regular trading hours, and every attempt at a rally was sold. It was a near perfect 5-wave pattern (looking at a 5 minute chart), with the ES first stopping at 2893.50, then 2888.25, and eventually bottoming out at 2872.50.

Going into the end of the day, and once the low had been established, the futures started to do a little back-and-fill up to 2885.00, but turned lower once again when the MiM reveal came out showing over $800 million to sell MOC. 

The ES would end the day on a weak note, printing 2883.50 on the 3:00 cash close, and 2880.00 on the 3:15 futures, down nearly 40 handles.


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As always, please use protective buy and sell stops when trading futures and options.

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