Iran Says Its Ready For War With U.S.

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 7 out of 11 markets closed lower: Shanghai Comp +0.25%, Hang Seng -0.13%, Nikkei -0.18%
• In Europe 10 out of 13 markets are trading higher: CAC +0.23%, DAX +0.13%, FTSE +0.11%
• Fair Value: S&P +2.83, NASDAQ +24.89, Dow -0.92
• Total Volume: 1.68 million ESZ & 7,040 SPZ traded in the pit

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

Today’s Economic Calendar:

Today’s economic calendar includes MBA Mortgage Applications 7:00 AM ET, Housing Starts 8:30 AM ET, EIA Petroleum Status Report 10:30 AM ET, FOMC Meeting Announcement 2:00 PM ET, FOMC Forecasts 2:00 PM ET, and the Fed Chair Press Conference 2:30 PM ET.

S&P 500 Futures: Pre-Fed Decision ‘Back and Fill’ And The Late Day RIP

Chart courtesy of Stock Traders Almanac.

During Monday nights Globex session, the S&P 500 futures traded up to 3007, sold off down to 2993.75 at 7:40 am Tuesday morning, and printed 2998.25 on the 8:30 futures open. After the bell, the ES down ticked a little, then traded up to 3003.00 at 8:43, before back and filling in a 5 handle range for the next two hours. The range narrowed going into 11:00, and then the futures made a new daily high at 3004.50.

After 2:00, the ES traded down to 3000.50, as the early MiM started to show $216 million to sell. At 2:30, a wave of small buy programs helped push the futures back up to 3007.75, as the MiM dropped to sell $111 million. On the 2:45 cash imbalance reveal the ES traded 3007.25, and the final MiM showed $166 million to sell. On the 3:00 cash close the futures traded 3008.25, and settled at 3005.50 on the 3:15 futures close up. 

In terms of the overall price action, I think traders pulled back from making any major decisions. Adding to that were all the US/Iran war headlines. In terms of the days over all trade, only 1.6 million futures contracts traded. 

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