Market Review
GLOBEX
| (ESH20:CME) GLOBEX Session | (ESH20:CME) Day Session |
| High 3484.75 | Opening Print: 3381.25 |
| Low: 3320.75 | High 3316.75 |
| Volume: 300,000 | Low: 3381.00 |
| ES Settlement 3407.00 | |
| Total Volume 1.35 M |
S&P 500 RECAP – Trade Date 10/07/ 2020
#ES Money Maker Chart
S&P 500 Futures: Big Ups and Downs
After a sideways 64.00 handle overnight range rallying higher, the S&P 500 futures opened Wednesday’s cash session at 3381.25, made a low of day a tick below the open, and then rallied up to a 3399.00 high just after 10:00 CT and then pulled back to 3385.25 just after 11:00. Following this, the S&P rallied for the remainder of the morning, through the noon hour and then through the afternoon printing a late day high of 3416.75 in the final hour before settling at 3407.00 up 53.75 handles or +1.60% on total volume of a weak 1.35 million.
In terms of price action, it was all about buying the open and holding into the late-day. If you missed the open, the late morning low gave another good buy opportunity. In terms of the day’s overall trade, volume was low at 1.35 million contracts.
Economic Calendar
Closing Prices
In the Tradechat Room
MiM
Small MOC at 15:50 again. We did move up on the positive tilt but the next 5 minute candle (15:55) when the dquotes came in sold it back down into the close.
Questions? Please email me: Marlin@mrtopstep.com
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Covid Corner:
A look at some HOT SPOTS around the US:
Wisconsin is the leader of the pack in hotspots with record-high new cases and daily admissions and deaths that rival the early days of COVID.
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.
The Dakotas continue to struggle at record highs for both daily cases and daily deaths. While the numbers aren’t huge these are small, sub-million states. Scale those up by a NY population of 20 Million and your 500 daily cases becomes 10,000.
Wear your masks!
Stay home!
Take your Vitamin D!
Chart of the Day
OUR VIEW:
Trump’s ‘Stimulus Concession’
The second round of stimulus has become a political bargaining tool. Tuesday, Trump blasted out a Tweet saying “I have instructed my representatives to stop negotiating until after the election.” And then a few hours later, the president called on Congress to approve some additional assistance for airlines, as well as funds for a small-business aid program and direct checks for many Americans. The confusion tumbled the S&P Tuesday afternoon and then rallied the market sharply yesterday as the president reversed his earlier decision. I am upset with myself. After writing ‘our view’ Tuesday night which originally said to buy the ES on pullbacks, I changed it to ‘sell the rallies’. Over the 25 + years of writing the Opening Print I rarely change my lean because when I do it’s generally wrong and yesterday it was DEAD wrong.
Our view, the political wrangling is only going to get worse. I have to be honest; the current state of affairs is a total shit show. That said I think the odds favor some type of stimulus package being announced in the coming days. While some say you have to ‘sell the news’ our lean is that I can not rule out a pullback. I think we see higher prices. If the ES takes out 3422 I think it will be a quick trip up to 3438 and if the ES closes above that level I have the 3460 area. Any 20 to 30 handle pullback should present a good buy op. That said, I also want to keep in mind the average 5-day trading range that stands at 47.50 handles.
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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