Hopes Dim For Trade Deal

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 6 out of 11 markets closed lower: Shanghai Comp -0.92%, Hang Seng -1.11%, Nikkei -0.16%
• In Europe 13 out of 13 markets are trading higher: CAC +0.25%, DAX +0.36%, FTSE +0.28%
• Fair Value: S&P -0.47, NASDAQ +14.50, Dow -40.22
• Total Volume: 1.49 million ESZ & 334 SPZ traded in the pit

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

Today’s Economic Calendar:

Today’s economic calendar includes Neel Kashkari Speaks 10:20 AM ET, TD Ameritrade IMX 12:30 PM ET, Jerome Powell Speaks 1:00 PM ET, and Consumer Credit 3:00 PM ET.

S&P 500 Futures: #ES Up 100 Handles In Two Days

The S&P 500 futures (ESZ19:CME) rallied 98.75 handles from Thursday’s 2855.00 low to Friday’s high. During Thursday nights Globex session, the futures printed a low at 2896.75 right before the release of the jobs number, and the high at 2921.25 was printed right after.

I could do a big blow by blow of the days trade, but why? After a rally up to the 2934.00 area at 9:00 CT, the ES sold off down to 2920.50 at 9:47, rallied up to 2938.50 at 10:51, then back and filled for a few hours. The futures shot up to 2953.50 at 2:56 when the MiM went from $200 million to sell, to $1.5 billion to buy, then back down to $500 million to buy. 

The ES went on to trade 2951.50 on the 3:00 cash close, and settled at 2951.00 on the 3:15 futures close, up +39.25 handles, or +1.35 % on the day. 

In the end, what can I say? Or, for that matter, what can anyone say? The decline and rally are both part of the overall pattern of selling off, getting people short (negative), and then reversing. I will say one thing, the 100 handle rally in 2 days is pretty astonishing, but not necessarily out of the realm of how things work. 

In terms of the days overall trade, 2 million mini S&P 500 futures contracts traded Thursday, and only 1.5 million traded on Friday.

MEJT Stock Market Forecast

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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.}