The S&P futures (ESH20:CME) rallied up to 3193.50  at 8:15 on Globex Monday morning, up 18.75% or up 0.33%. The  ES traded 3196.50 on Mondays 8:30 CT futures open, pulled back to 3194.00 and then made a series of higher highs up to 3201.00 at 9:45. After a few handles pull back and some ‘back and fill price action the ES traded up to new all-time new contract highs at 3202.50 going at 1:00 CT, up 27.75 handles or up 0.87% at 1:00. Over the next hour, the ES traded sideways to down a few handles, retested the high and gradually pulled back late in the day.

At 2:30 the ES traded 3197.00 as the MiM was showing $400 million to buy. At the 2:45 the ES traded 3198.00 as the final cash imbalance showed $500 million to buy, traded 3196.00 on the 3:00 cash close and settled at 3198.50 on the 3:15 futures close, up 23.75 handles or +0.59% on the day.

In terms of the overall tone, the ES acted firm all day but something didn’t feel right. I am starting to get a feeling we could be on the cusp of a 30+ handle pull back. In terms of the day’s overall trade, volume was steady but not big. A total of 1.95 million ESH traded with 244,00 coming from Globex and over 1 million ESZ/H spreads traded.  

Categories:

Tags:

No responses yet

Leave a Reply