Dow, S&P and Nasdaq All Make 3 Month Highs

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 6 out of 11 markets closed higher: Shanghai Comp +0.91%, Hang Seng +0.13%, Nikkei +0.33%
• In Europe 8 out of 13 markets are trading higher: CAC -0.19%, DAX +0.02%, FTSE -0.26%
• Fair Value: S&P +3.42, NASDAQ +26.52, Dow +9.21
• Total Volume: 1.55mil ESU & 13,010 SPU traded in the pit

Today’s Economic Calendar:

Today’s economic calendar includes the FOMC Meeting Begins, NFIB Small Business Optimism Index 6:00 AM ET, Consumer Price Index 8:30 AM ET, Redbook 8:55 AM ET, a 4-Week Bill Auction 11:30 AM ET, a 30-Yr Bond Auction 1:00 PM ET, and Treasury Budget 2:00 PM ET.

S&P 500 Futures: Mutual Fund Mondays Low Volume Grind

Monday’s trade started with Asian markets up and the European Stoxx 600 up +0.50% at midday. After selling off slightly on Globex Sunday night, the S&P futures overlooked the bumpy G-7 summit and set its sights on President Trump’s planned meeting with North Korean leader Kim Jong Un. The ESU’s globex range was 2774.00 to 2786.50, with 245.000 futures traded.

The S&P 500 futures pointed to a flat open, trading 2783.50 on the 8:30 bell. From 8:30 to 10:30 the ES traded in a 5 handle range, making a low of 2784.00 at 10:36, and then popped up to 2794.25 at 12:30. After the high the ES pulled back to 2789.50 and then rallied up to 2792.75 as the MiM went from $40 million to buy, to $13 million to buy at 2:30, to $9 million to sell. On the 2:45 cash imbalance reveal the MiM flipped up to $140 million to buy, and then before 3:00 went to over $399 million to sell. The ES then sold off down to 2784.00, traded 2786.50 on the 3:00 cash close, and went on to settle at 2786.50, up +3.75 handles, or +0.13% on the day.

In the end, the S&P did move higher, but lost most of its gains in the last 40 minutes. The only real news was Trump saying he was going to leave the US / North Korean nuclear negotiations a day early. It’s almost too hard to believe that he walked out on the G-7 and didn’t back the final statement, but it’s really unbelievable that he is leaving early from one of the most important meetings in the world.

In terms of yesterday’s trade, it was probably one of the quietest of the year. In terms of the days overall tone, the markets acted well until late in the day when it gave back almost all of its gains. Thin to win works both ways I guess.

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