Federal Reserve Jackson Hole Symposium

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 7 out of 11 markets closed higher: Shanghai Comp +0.11%, Hang Seng -0.84%, Nikkei +0.05%
• In Europe 7 out of 13 markets are trading lower: CAC -0.21%, DAX +0.12%, FTSE -0.37%
• Fair Value: S&P +0.22, NASDAQ +7.53, Dow -12.28
• Total Volume: 1.17 million ESU & 111 SPU traded in the pit

_{*As of 7:00 a.m. CST}

Today’s Economic Calendar:

Today’s economic calendar includes Jobless Claims 8:30 AM ET, PMI Composite FLASH 9:45 AM ET, Leading Indicators 10:00 AM ET, EIA Natural Gas Report 10:30 AM ET, Kansas City Fed Manufacturing Index 11:00 AM ET, Fed Balance Sheet & Money Supply 4:30 PM ET.

S&P 500 Futures: Low Volume Grind

Chart courtesy of Scott Redler @RedDogT3 – $spx quick glance. 2900 is now key upper support. Micro support is 2917. Resistance zone is 2931-2935.

During Tuesday nights Globex session, the S&P 500 futures printed a low at 2893.00 right after the open, then rallied 34 handles to print a high at 2927.00, and opened Wednesday’s regular trading hours (RTH) at 2925.50.

For the distance the ES traveled overnight, volume was low, with 279k futures contracts traded before the 8:30 CT bell. The strength did continue after the RTH open, and the futures printed a new high at 2929.50 in the first 15 minutes of trading.

It was a chop fest waiting for the FOMC minutes to be released. The ESU grinded sideways in a 9 handles range for the rest of the morning. When the fed minutes did come out, the outcome was pretty much as expected, with traders anticipating more rate cuts.

The initial knee jerk reaction lower shook out a few longs out, but the futures quickly recovered, and continued higher, eventually trading up to 2930.00, and closing out the day on the highs.  

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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.}