JPMorgan Says S&P Will Bounce Back

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 7 out of 10 markets closed lower: Shanghai Comp -0.85%, Hang Seng -0.54%, Nikkei +0.16%
• In Europe 11 out of 13 markets are trading lower: CAC -0.20%, DAX -0.05%, FTSE +0.21%
• Fair Value: S&P +0.98, NASDAQ +10.16, Dow -11.38
• Total Volume: +2.09mil ESZ & 525 SPZ traded in the pit

^{As of 8:00 AM EST} 

Today’s Economic Calendar:

Today’s economic calendar includes MBA Mortgage Applications 7:00 AM ET, CPI 8:30 AM ET, Randal Quarles Speaks 9:00 AM ET, Atlanta Fed Business Inflation Expectations 10:00 AM ET, Jerome Powell Speaks 5:00 PM ET, and Robert Kaplan Speaks 5:00 PM ET.

S&P 500 Futures: US And China Working On Trade Deal

Chart courtesy of @Chicagostock – $ES_F Today’s 3D pivot range provided a lid on the market and acted as resistance all day as sellers defended the range and buyers failed to overcome. Close below pivot keeps S/T trend negative. Wednesday’s range also above market.

After rallying in the overnight session, and then trading lower into the open, the S&P 500 futures opened yesterday’s cash session at 2733.25, up +5.50 handles. The first move after the bell was a rally up to an early morning high of 2744.00, before reversing and trading down to an early morning low of 2728.50 just after 9:00. From there, the futures rallied to a mid morning high of 2740.75, and then a wave of sell programs took the ES down to the morning low of 2719.50 just after 9:30. After that, the futures rallied up to a late morning high, which would also be the high of day, of 2755.75 at 10:15, and then once again gave way to selling pressure, pulling the ES down to 2739.50. The morning ended with a bounce up to a lower high of 2747.50, before strong selling once again took the ES down to another low at 2731.75.

The afternoon saw another lower high at 2738.00, followed by a reversal to the early afternoon low at 2727.75, before bouncing up to 2740.75, and then turning lower to 2716.25 for the mid afternoon low. There was another attempt at a rally with the ES bouncing up to 2731.25 for the late afternoon high, but it could not hold, and the futures once again turned lower, printing one more low at 2714.50. The end of the day saw the futures get a lift at 2:30, pushing up to 2729.00, and then printed 2722.75 on the 3:00 cash close, before settling the day at 2727.50, down 1 single tick on the day.

Daily HotSpots

HotSpots are times during the market trading session that for the past XX days have consistently moved in one direction or the other. These HotSpots are published each morning pre-market. The next day, a results post is also published and weekly a summary post.

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