The S&P 500 futures (ESH20:CME) made a low on Globex during Wednesday night’s Globex session at 3293.75, made a high at 3308.00 and opened Thursday’s regular session at 3305.00. After the open, the ES down ticked, rallied up to the 3208 level and from 8:40 am CT to 12:40 traded in a 4 to 5 handle range after which it made a new high at 3310.50.
At 2:30 the ES traded 3310.50 as the final 2:50 cash imbalance showed 2.7B to buy, a big buy, we traded 3615.50 on the 3:00 cash close and settled the day at 3316.50 on the 3:15 futures close, up 23 handles (0.7% ) on the day.
In terms of the ES’s overall tone, it was all about the mid-day ‘back and fill’ and the MOC buyers that have been showing up almost every day this year. In terms of the day’s overall trade, 1.3 million ES traded with 210,000 coming from Globex making the total day session volume 1.09 million contracts traded.
I generally write a larger ES recap but with the exception of the late day rip, it was an extremely quiet, choppy session.
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