No 1% Moves In 21 Trading Sessions

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 6 out of 11 markets closed higher: Shanghai Comp +0.80%, Hang Seng +0.20%, Nikkei +0.41%
• In Europe 8 out of 13 markets are trading lower: CAC -0.41%, DAX +0.29%, FTSE -0.99%
• Fair Value: S&P +2.17, NASDAQ +15.14, Dow -17.25
• Total Volume: 1.04 million ESU & 125 SPU traded in the pit

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

Today’s Economic Calendar:

Today’s economic calendar includes the MBA Mortgage Applications 7:00 AM ET, PMI Composite FLASH 9:45 AM ET, New Home Sales 10:00 AM ET, and EIA Petroleum Status Report 10:30 AM ET.

S&P 500 Futures: Thin To Win Meets Turn Around Tuesday

Chart courtesy of Scott Redler @RedDogT3 – $spx futures -10 as we see how we absorb the DOJ news and the meat of earnings season.

The S&P 500 futures (ESU19:CME) traded up to 3001.00 on Globex early Tuesday morning, then opened regular trading hours at 3000.00, and by 9:24 the ESU had sold off to a new daily low at 2990.75. 

After the low, the ES rallied up to 2989.00, sold back off down to 2992.50, rallied up to a lower high at 2997.25, and then made a lower low at 2990.25 just after 11:00 CT. That’s when the news hit about the U.S. and China preparing to restart the tariff negotiations hit the tape, and the markets reacted in kind, they rallied.  

The ES shot up to 3005.25, pulled back down to 3001.25, and then traded up to another new high at 3006.75. Later, the futures ‘back and filled’ until after 2:00 when the MiM went from sell $250 million to sell, to $385 million to sell, and traded up to another new high at 3008.25.

The futures traded 3006.50 on the 2:45 cash close as the final MiM showed $190 million for sale, and traded 3007.50 on the 3:00 cash close. The ES then went on to settle at 3008.00 on the 3:15 futures close, up 19 handles, or +0.64% on the day. 

Then, after the close, the ES got whacked by a headline that said, “Justice Department to Open Broad, New Antitrust Review of Big Tech Companies.” Ha, no rest for the wary!!!

In the end, it was ‘Thin to Win meets Turn Around Tuesday’. In terms of the ES’s overall tone, the markets acted fine. In terms of the days overall trade, volume was light, with only 1.02 million futures contracts traded. 

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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.}