Market review: Danny Riley



GLOBEX SessionDay Session 
High: 3250.50Opening Print: 3239.00
Low: 3222.00High: 3267.25
Volume: 543,000Low: 3237.75

ES Settlement: 32

Total Volume: 1.86 M

S&P 500 Futures Beginning Of The Month ‘Short Squeeze’

The ES initially sold off on Globex Sunday night down to 3222, rallied all the way up to 3250.50 and opened Monday’s regular session at 3239.00. After the open, the ES rallied straight up to 3264.50, pulled back down to the 3258 area and then marched up to a new daily high at 3267.25 going into 9:30 am CT. After the high, the ES sold 3247.50 and then the ES traded in a 5  handle range for the next 2 1/2 hours and made a low at 3245.25 and rallied up to 3252.50 just before 2:00. At 3:00 the ES traded 3250.50, up 23.50 handle as the early MiM showed $134 million to sell. The ES traded up to 3255.00 just before 2:30, traded 3246.00 on the 2:50 cash imbalance and the final MiM showed 1.36 billion to sell, traded 3246.25 on the 3:00 cash close and settled at 3245.75 on the 3:15 futures close, up 21.75  handles or +0.67% on the day. 

In terms of the ES’s overall tone, the futures acted good but I think most of it was short covering. In terms of the day’s overall trade 1.86 million ES traded with 543,000 coming from Globex making total day trade volume 1.48 million on the day.

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Marlin Cobb (1068 Posts)

Marlin Cobb, aka RedLionTrader has been trading for over ten years. Previously, Marlin worked in high-technology with a specialty in very high resolution display controllers. Marlin’s recent work has been in market timing signals. As a developer of the MrTopStep imbalance Meter (MiM), he is also a leader in the MrTopStep IM-Pro Trading Room, where he shares trading ideas and breaking market news live from the floor with our other professional traders and new traders eager to experience the power of collective intelligence. Join us today and get the edge only social trading can give you.

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