Index Futures Net Changes and Settlements:
|S&P 500 (ESM18:CME)||2756.00||+0.50||+0.01%|
|Dow Jones (YMM18:CBT)||24,965||+41||+0.16%|
|Nasdaq 100 (NQM18:CME)||7044.00||-26.50||-0.37%|
|Russell 2000 (RTYM:CME)||1591.10||+8.10||+0.50%|
Foreign Markets, Fair Value and Volume:
- In Asia 6 out of 11 markets closed higher: Shanghai Comp +0.30%, Hang Seng +0.04%, Nikkei -0.90%
- In Europe 11 out of 12 markets are trading lower: CAC -0.59%, DAX -0.85%, FTSE -1.34%
- Fair Value: S&P +4.00, NASDAQ +23.57, Dow +18.12
- Total Volume: 1.1mil ESM, and 1k SPM traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes Raphael Bostic Speaking at 9:00 AM ET.
S&P 500 Futures: March Quad Witch Pop & Drop
Friday, global stocks took a breather, with Asian markets closing mostly lower and European stocks down modestly. The S&P 500 futures (ESM18:CME) did another drop and pop during Thursday nights globex session, trading down to 2750.25, and then trading up to 2760.75 at 9:12 am Friday morning.
On the 8:30 CT futures open the ES traded 2756.75, as the Trump administration continues to struggle and tensions continue to rises between Russia and the West. The ES did initially rallied up to 2660.75, and made a series of higher lows and higher high, and at 10:40 CT traded up to 2766.24. The ES then sold off down to 2757.25, rallied up to 2763.50, and then dropped down to 2753.75. After a small bounce, the futures double bottomed at 2753.75, then rallied up to 2762.00 as the MIM went from over $400 million to buy to $2.4 billion to buy, and then dropped 9.5 handle just before the 3:00 cash close. The ES traded 2753.75 on the 3:00 cash close, and settled at 2755.75, down -2.75 handle or -0.10%.
In the end, despite the rally and big MOC buy, the ES still managed to close lower. In terms of the days overall volume, it was low. In terms of the overall price action, it remained one of failed rallies. I know people keep talking higher prices, but the ES is not acting well.
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.