JP Morgan Trades $117.02

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 6 out of 11 markets closed higher: Shanghai Comp -1.81%, Hang Seng -0.85%, Nikkei +0.86%
• In Europe 7 out of 13 markets are trading lower: CAC -0.06%, DAX -0.21%, FTSE -1.20%
• Fair Value: S&P +0.28, NASDAQ +8.65, Dow -27.87
• Total Volume: 1.35mil ESU & 600 SPU traded in the pit

Today’s Economic Calendar:

Today’s economic calendar includes Motor Vehicle Sales, MBA Mortgage Applications 7:00 AM ET, ADP Employment Report 8:15 AM ET, Treasury Refunding Announcement 8:30 AM ET, PMI Manufacturing Index 9:45 AM ET, ISM Mfg Index 10:00 AM ET, Construction Spending 10:00 AM ET, EIA Petroleum Status Report 10:30 AM ET, and the FOMC Meeting Announcement 2:00 PM ET.

S&P 500 Futures: July, Best Month For The S&P Since January

Following a quiet overnight trade, the S&P 500 futures opened the regular session Tuesday at 2812.75, up +9.50 handles. The benchmark futures ran up to 2818.00 in the opening minutes before trading down to 2810.25 just before 9:00, and then up to 2816.50 for a lower high, then made the morning low of 2808.50 just before 9:30.

From there, the ES went on a thin to win grind higher, helped by a couple buy programs along the way, as the markets turned thin in anticipation of the afternoon FOMC. The morning high print at 11:30 was 2825.00.

The afternoon saw a mostly quiet trade, but the direction was lower after the morning high. The ES printed 2818.50 at 1:15, rallied to 2822.50, and then start dropping in the final hours as the MiM was growing to the sell side, and the ES traded to a 2816.25 low. The 2:45 reveal showed MOC to be $710 million to sell, and the futures sold off down to 2813.50, then rallied into the cash close, trading 2817.50 at 3:00, and then rallied into the settlement up to 2824.75, finishing the day at 2824.00, up +20.75 handles, or 0.74%.

In the end, the buyers showed up at month end pushing the S&P up to its best month since January. In terms of the ES’s overall tone, it went from bad to good in one day. In terms of the days overall trade, it was a thin to win rip that squeezed out a lot of shorts. Now it’s time to see if the ES can hold up in the first trading days of August.

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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.}