|(ESH20:CME) GLOBEX Session||(ESH20:CME) Day Session|
|High 3375.50||Opening Print: 3316.75|
|Low: 3300.25||High 3359.50|
|Volume: 550,000||Low: 3311.50|
|ES Settlement 3339.50|
|Total Volume 1.98 M|
S&P 500 RECAP – Trade Date 10/02/ 2020
#ES Money Maker Chart
S&P 500 Futures: Two Days Into October = ES Up 1 Handle
After a 75.25 handle overnight range where the index futures sold off, the S&P 500 futures managed to bounce off the lows and open the regular hours at 3316.75, down 50.00 handles and bottomed out in the opening minutes at 3311.50 before a strong first-hour rally up to an early morning high of 3353.50. After pulling back to a midmorning low of 3319.50, the buying pressure resumed pushing the index to a late morning high of 3359.50 at 11:30, which would hold as the high of the day.
The afternoon saw a slow down of price action as the ES gradually traded lower, making lower highs and ultimately printing an afternoon low of 3335.25 in the closing minutes before settling the day at 3339.50, down 27.50 handles or -0.85%. Total volume was just under two million and price action was all about buying the early low and then selling the late morning high.
In the Tradechat Room
Our 15:50 candle had a smallish buy that was not enough to reverse the selling from 15:35. All in all the last two hours were sideways within a 20- point range.
Questions? Please email me: Marlin@mrtopstep.com
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For the world, new daily cases have remained flat for the week, just shy of 300K. On daily deaths, there is an improvement down from around 6,000 to 5,000. Certainly the right direction.
To use our table, go to https://t2r4.com/cv19/views. Each column is sortable and if you click on a cell you will get a time-based chart of the state.
Wear your masks!
Take your Vitamin D!
Chart of the Day
Beware the Headline
The ES that upticked late Friday and then got slammed going into the close when news hit that President Trump had been moved to Walter Reed Hospital opened sharply lower Sunday night. I am not going to do a long drawn out view this morning. Despite the reports and video showing the President was doing better and working from the hospital, the abundance of uncertainty will continue to play out in the markets in the week ahead.
Our view, if the ES gaps lower on 400,000 to 450,000 futures traded my lean would be to buy the open or the fist sell-off after the gap lower. If the futures gap higher my lean would be to let the futures rally a little more and sell the early rallies and buy the pullback keeping in mind the headline risk.
Market Vitals Technical Analysis
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As always, please use protective buy and sell stops when trading futures and options.
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