Index Futures Net Changes and Settlements:

Contract Settlement Net Change +/-%
S&P 500 (ESH18:CME) 2678.25 -36.25 -1.35%
Dow Jones (YMH18:CBT) 24,620 -418 -1.69%
Nasdaq 100 (NQH18:CME) 6760.75 -104.25 -1.54%
Russell 2000 (RTYH:CME) 1505.40 -5.80 -0.38%

Foreign Markets, Fair Value and Volume:

  • In Asia 11 out of 11 markets closed lower: Shanghai Comp -0.59%, Hang Seng -1.48%, Nikkei -2.50%
  • In Europe 12 out of 12 markets are trading lower: CAC -1.88%, DAX -2.26%, FTSE -1.00%
  • Fair Value: S&P -0.26, NASDAQ +2.60, Dow -6.88
  • Total Volume: 2.8mil ESH & 1.4k SPH traded in the pit

Today’s Economic Calendar:

Today’s economic calendar includes Consumer Sentiment 10:00 AM ET, and the Baker-Hughes Rig Count 1:00 PM ET.

S&P 500 Futures: #ES Drops 72.50 Handles

Wednesday was a wild Globex and day session for the S&P 500 futures (ESH18:CME). The #ES initially traded down to 2702.75, then traded up to 2722.50, and then dropped down to 2698.00 before rallying back up to 2719.25 just before the 8:30 CT open. Globex volume was pretty heavy, with 340,000 contracts traded.

On Thursdays 8:30 bell, the futures traded 2714.00, shot up to 2720.25 at 8:34, and then sold off all the way down to 2698.50. After the low, the ES dropped and popped several times, making a higher low at 2704.50, and then took off up to 2731.00. After the run up there was a selloff down to the 2708 area, followed by a rally back up to 2718.50, and then dropped back down to 2706.00.

After a quick move back up to 2721.75, the ES went into a downside tailspin selling, off down to 2695.50, then down to 2673.75, and eventually hit a low at 2658.50. Once the low was in, the futures traded up to the 2675 area, and then sold back off down to 2663.50 before a late day buy program, which I warned the forum about, boosting the ES all the way up to 2688.75 at 2:20.

The MiM came out showing over $600 million to buy, and as it decreased, flipping to $300 million to sell, the ES sold off down to 2667.00, and then rallied back up to 2684.00 on the 3:00 cash close.

In the end, the VIX may have pulled back down to the low 16’s, but the damage just doesn’t go away. After a big earthquake there are always aftershocks, and thats whats happening now. After a slowdown the, news headline algos have gone ballistic the last few days, and most of it is the fed and Powell.

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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.


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