Economic Calendar
Closing Prices
In the TradeChat Room
Market On Close : Decent End Of Month Sell and some Stats for the Month
We have June MOC stats in the full post, click below.
Check out all the Market Closing action in our daily post
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SpyGate: Positive end of the month and bots joined in buying.
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Chart of the Day
Facebook sets speed record in reaching $1 trillion value
Facebook Inc. wasted no time in becoming the fifth U.S. company ever to surpass $1 trillion of market value. The social-media company reached the milestone Monday, just over nine years after going public, according to data compiled by Bloomberg. Facebook broke a U.S. record set by Google’s owner, Alphabet Inc., which needed more than 15 years to reach the milestone. Those time periods compare with more than 22 years for Amazon.com Inc., 33 years for Microsoft Corp. and 37 years for Apple Inc., the first company to reach the trillion-dollar mark.
Our View
S&P and Nasdaq Up 7 Out Of The Last 8 Sessions, S&P Makes 34th Record Close
The end of the quarter rebalance was a dud just like the Russell 2000 rebalance was. What used to be two of the busiest days of the year are now traded 100% mechanically. It’s seamless and there are no hiccups. I remember how intense the quad witchings were and what a commotion they caused at my S&P desk on the CME floor and that’s gone too. It’s an odd thing. The S&P has made 30-something new highs in 2021 and you know what? No one is cheering.
All the hype about the end of the 2nd quarter rebalance was just that: Hype. At 3:28 the ES was trading 4287.50, up 3.25 points on the day and then made a new high by 3 ticks at 4289.75 a few minutes later. The ES traded 4289 at the 3:50 cash imbalance and traded 4289.25 on the 4:00 cash close and settled at 4293.59 on the 5:00 futures close, up 11.5 points or 0.27% on the day.
In the end it was another slow day on a list of many recently. I mean, what else is there to say? The S&P is up five days in a row and up in 7 of the last 8 sessions. Further, the biggest one-day gain we’ve seen in the last three sessions is 9.25 points.
In terms of the ES’s overall tone, it was firm vs the NQ, which was weak. In terms of the day’s overall trade, volume was higher at 1.035 million.
Our View: There is no denying the Bulls right now. The S&P futures (ESU21:CME) traded up to 4305.75 on Globex. Yesterday was the end of the quarter rebalance with over 1 billion to sell and today is the first trading day of the new quarter. In most cases, the big ETF and mutual funds put new money to work on the first few sessions of the new quarter.
Our lean, sell the early rallies and buy the pullbacks. 4340 is on TAP!
As we all know, there’s no crystal ball when it comes to trading stocks, options or futures. But the Market Imbalance Meter may be as close as it comes. Knowing how the “Big Money” is placing its bets can give our trading room a big wave to ride — or a warning sign to stay out of the water. Come check it out now, risk free for 30 days.
Danny Riley is a 39-year veteran of the CME trading floor. He ran one of the largest S&P desks on the floor of the CME Group since 1985.
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. Decisions 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
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