| (ESH20:CME) GLOBEX Session | (ESH20:CME) Day Session |
| High 3334.50 | Opening Print: 3316.25 |
| Low: 3303.50 | High 3348.00 |
| Volume: 420,000 | Low: 3316.25 |
| ES Settlement: 3353.00 | |
| Total Volume: 1M |
S&P 500 Futures: Coronavirus Spreads, ES Dips Then Rips
The news that there were over 40,000 reported cases of the coronavirus in China, the death total is nearing 1,000 people, it has now spread to 17 countries and there are two cruise ships quarantined with 190 cases ‘spooked’ the S&P futures down to 3303.50 on Globex Sunday night. After the low, the ES rallied all the way to 3334.50 and opened Monday’s regular session at 3316.25 and at 9:40 CT had traded all the way up to 3341.50 and then sold off down to the 3333.00 area. After some ‘back and fill’ in the 3334.00 to 3336.00 range, traded back to 3338 and then pulled back down to 3334.50 and back up to 3343.00 at 2:00 CT as the early MiM showed $193 million to sell and promptly traded up to another new daily high at 3346.50.
At 2:30 the ES traded 3346.00 as the MiM showed $154 million to sell, traded 3345.00 on the 2:50 cash imbalance as the final cash imbalance flipped to $512 million to buy and traded up to 3349.50 at 2:58. On the 3:00 cash close the ES traded 3351.00 (3351.75 high) and then traded 3353.00 on the 3:15 futures close, up 30 handles or +0.90% on the day.
In terms of the ES’s overall tone, most of the selling was done overnight and once that was used up it became a big buy fest. In terms of the day’s trade, a total of 1.32 million futures traded with 420,000 coming from Globex meaning the total for the day session was only 900,000.
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