Index Futures Net Changes and Settlements:
|S&P 500 (ESM18:CME)||2718.25||-9.25||-0.34%|
|Nasdaq 100 (NQM18:CME)||6960.25||+3.00||+0.04%|
|Russell 2000 (RTYM:CME)||1625.30||-4.80||-0.29%|
Foreign Markets, Fair Value and Volume:
- In Asia 8 out of 11 markets closed lower: Shanghai Comp -0.47%, Hang Seng -1.00%, Nikkei -0.55%
- In Europe 13 out of 13 markets are trading lower: CAC -1.46%, DAX -1.36%, FTSE -1.39%
- Fair Value: S&P -0.94, NASDAQ +2.81, Dow -16.44
- Total Volume: 990k ESM & 936 SPM traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes James Bullard Speaks 12:40 AM ET, S&P Corelogic Case-Shiller HPI 9:00 AM ET, Consumer Confidence 10:00 AM ET, State Street Investor Confidence Index 10:00 AM ET, and the Dallas Fed Mfg Survey 10:30 AM ET.
S&P 500 Futures: #ES What Was The Big Drop On Globex About?
Friday’s trade started with a big drop on Globex in the S&P 500 futures. After closing at 2727.50 on Thursday, the ES traded all the way up to 2737.75 during the night session, and then by 8:10 am Friday morning had sold off all the way down to 2716.25. Total Globex volume was 203,000.
The first print off the 8:30 CST open was 2721.00. After a small push up to 2723.50, the ES ‘double bottomed’ just above the Globex low at 2716.50, then slowly started moving back up to 2727.00. The futures then went on to make two lower highs at 2725.75 and 2724.75 before selling back off down to 2717.00 at 11:20 AM CST. From there, the ES traded back up to the 2721.00 area, pulled back down to a new low at 2715.50, bounce a little, and then dropped to a new low at 2715.00.
The futures continued to drag in the afternoon. The low for the day was finally made at 2713.75 just after 1:45 PM CST, and then the ES rallied up to 2722.00 in the final hour. The futures went on to print 2720.00 on the 3:00 cash close, and settled the day at 2718.25, down -9.25 handles, or -0.33%.
In the end, it was kind of hard to figure out where the weakness was coming from… Turns out it was Italy.
The subtle sign of promise for stocks, from a Wall Street veteran
If you’re negative on the S&P you may want to look at this…
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.