IMF Says China Should Keep Yuan Stable

Charts, Commentary, News, Stocks, The Opening Print

Index Futures Net Changes and Settlements:

ContractSettlementNet Change+/-%
S&P 500 (ESU19:CME) 2919.75-20.25-0.68%
DowJones (YMU19:CBT)26,268-97-0.36%
Nasdaq 100 (NQU19:CME)7660.25-75.50-0.97%
Russell 2000 (RTYU19:CME)1513.70-20.40-1.32%

Foreign Markets, Fair Value and Volume:

  • In Asia 6 out of 11 markets closed higher: Shanghai Comp +1.45%, Hang Seng -0.44%, Nikkei +0.44%
  • In Europe 10 out of 13 markets are trading lower: CAC -0.51%, DAX -0.29%, FTSE -0.49%
  • Fair Value: S&P -0.37, NASDAQ +6.04, Dow -25.24
  • Total Volume: 2.02 million ESU & 203 SPU traded in the pit

*As of 7:00 a.m. CST

Today’s Economic Calendar:

Today’s economic calendar includes a 3-Month Bill Auction 11:30 AM ET, a 6-Month Bill Auction 11:30 AM ET, and Treasury Budget 2:00 PM ET.

S&P 500 Futures: Sell the Rips, Buy the Dips

Chart courtesy of Scott Redler @RedDogT3$spx futures -20 as we measure the action this week. If you simplify it. Use 2894-2900 area as keycontrol. #consolidation.

During Thursday nights Globex session, the S&P 500 futures (ESU19:CME) printed a low at 2915.75, a high at 2935.75, and opened Friday’s regular trading hours (RTH) at 2928.75.

After the 8:30 CT bell, the ESU initially popped, and looked like it would take out the Globex high, but after falling short and topping out at 2931.50, sellers stepped in and it became a “risk off” morning trade.

With a little help from a Trump/China trade tweet, by 9:30 the futures had traded through the bottom of the Globex range, and printed a new low at 2907.50. Then, after a little back-and-fill up to 2918.25, continued lower to print another new low at 2899.00.

As the afternoon rolled around, buyers began to step back in. Things got started with buy program just as the noon hour struck, rallying the ES 15 handles in just a few minutes. 

The ES continued to trade higher, despite the fact that the early MiM was showing nearly $1billion to sell. When the actually MOC reveal came out at $1.8 billion to sell, the futures finally took a step back, trading down to 2917.00 on the 3:00 cash close, and ending the day at 2919.75 on the 3:15 futures close, down -20.25 handles.


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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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Danny Riley (3313 Posts)

Danny Riley has worked in the futures and options industry for 38 years, including the CBOT’s bond room, where he worked for several of the Market Wizards. He went on to build the largest volume desk in the S&P 500 Index Futures, serving some of the largest banks and hedge funds, the UBS program trading business, and some of the world's top individual traders. As a leader and co-creator of the MrTopStep IM-Pro Trading Room, he shares trading ideas and breaking market news live from the floor with our other professional traders and new traders eager to experience the power of collective intelligence. Join us today and get the edge only social trading can give you.

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