Iran Threatens To Attack US Bases And Ships In The Middle East, Oil Jumps $10.00

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 6 out of 11 markets closed lower: Shanghai Comp -0.02%, Hang Seng -0.83%, Nikkei +1.05%
• In Europe 11 out of 13 markets are trading lower: CAC -0.58%, DAX -0.45%, FTSE -0.08%
• Fair Value: S&P +3.20, NASDAQ +26.08, Dow +3.31
• Total Volume: 1.32 million ESZ & 2,072 SPZ traded in the pit

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

Today’s Economic Calendar:

Today’s economic calendar includes a 10-Yr Note Settlement, a 30-Yr Bond Settlement, and the Empire State Mfg Survey 8:30 AM ET.

S&P 500 Futures: Funky Friday The 13th

Chart courtesy of Scott Redler @RedDogT3 – $spx futures -14 as its seems like the World Markets are taking the Drone/Saudi strike in stride.. Levels and thoughts ahead of the Fed.

Sometimes ‘spooky’ things happen during full moons, but this particular Friday was also ‘Friday the 13th’, and there will not be another one like it for 30 years!

The S&P has skyrocketed over the last few weeks, backed by big money flowing into stocks, and both the US and China making trade concessions. 

On the MrTopStep periscope in the beginning of June I said there would be some type of selloff, and that things could get a little scary in September and October, and then the ES would make a new high and rally into the end of the year. I still feel that way today. 

During Thursday nights globex session, the S&P 500 futures traded down to 3013.25, and then rallied up to 3025.75 before printing 2016.75 on Friday mornings 8:30 futures open.  

I am not going to do a big blow by blow of the days trade, but by 11:00 CT the ES had made three separate lower lows down to 3011.75, and then popped up to an early morning high of 3020.75. 

After 12:00, the ES slid back down to the lows as the bonds sold off down to 157.18, down 10 points from its contract high. After 1:00 the ES sold off down to new lows 3009.25 and traded back up to (1:45). 

I am not a big believer in full moons, but clearly after a big week of dips and rips the early ranges were small, and so was the volume. 

After 2:00 the futures weakened, and even with the MiM reveal showing $1.6 billion to buy MOC, the ES traded down to 3009.50 on the 3:00 cash close, and settled at 3008.50 on the 3:15 futures close down -5.75 handles on the day. 

In terms of the markets overall tone, ES got weaker as the day rolled on. In terms of the days overall trade, total volume was light, with only 1.3 million futures contracts traded, which is below average.

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_{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.}