#ES 2800 On Tap

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 9 out of 11 markets closed lower: Shanghai Comp -1.78%, Hang Seng -1.29%, Nikkei -1.19%
• In Europe 13 out of 13 markets are trading lower: CAC -1.22%, DAX -1.30%, FTSE -1.14%
• Fair Value: S&P +2.08, NASDAQ +17.03, Dow -11.74
• Total Volume: 920k ESU & 322 SPU traded in the pit

Today’s Economic Calendar:

Today’s economic calendar includes MBA Mortgage Applications 7:00 AM ET, PPI-FD 8:30 AM ET, Atlanta Fed Business Inflation Expectations 10:00 AM ET, Wholesale Trade 10:00 AM ET, EIA Petroleum Status Report 10:30 AM ET, and John Williams Speaks 4:30 PM ET.

S&P 500 Futures: #ES Approaches ‘The Big Figure’ At 2800.00

Yesterday, Asia and Europe both traded higher overnight, and so did the S&P 500 futures. The trading range on Globex for the ES was 2786.25 to 2797.75, with 147,000 contracts traded. The first print of the day was 2791.50.

After some early ‘back and fill’ between 2793.50 and 2789.00, the ES traded back up to the Globex high at 2797.75 at 10:08 CT, followed by a selloff down to 2791.50. From there, the futures bounced up to 2796.50 to print a lower high, then drifted back down to 2788.50 at 12:48 CT. After that, the ES traded back up to the 2797.00 area as the MiM went from $101 million to buy to $386 million to buy, to $36 million to sell at 2:40 CT.

The ES went on to trade 2794.50 on the final 2:45 cash imbalance reveal, which ended up showing $1.3 billion for sale, traded 2795.75 on the 3:00 cash close, and settled at 2796.50 on the 3:15 futures close, up +9.00 handles, or +0.32% on the day.

In the end, the S&P and Dow have had their best four days since February. Stocks have closed higher 7 out of the last 8 sessions, and the S&P traded at its highest level since February 2nd. The Russell 2000 made another new all time high. It’s hard to argue with that! In terms of the days overall trade, it was a very slow trading day, at 2:30 only 734,000 contracts had traded. Clearly the summer trade is now in full gear.

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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.}