Market Review
GLOBEX
| (ESH20:CME) GLOBEX Session | (ESH20:CME) Day Session |
| High 3319.75 | Opening Print: 3309.25 |
| Low: 3291.50 | High 3312.50 |
| Volume: 250,000 | Low: 3221.00 |
| ES Settlement 3231.75 | |
| Total Volume 1.9 M |
S&P 500 Futures: Selling Continues, ES Lowest Close Since 7/24
#ES Money Maker Chart
After an active overnight session leaning higher, the S&P 500 futures opened yesterday’s cash hours at 3309.25, up 9.50 handles, and traded up to an early high of day at 3312.50 in the opening minutes. Soon after, a wave of strong sell power came into the equity futures markets pushing the S&P down to 3271.25 for the morning low just after 11:00 CT. Then, following a 17.00 handle bounce to 3287.25 at noon, sellers once again resumed momentum pushing the ES lower down to a late low of 3221.00, down 91.50 from the early high.
Late in the session, the markets did rally up to 3240.00 before settling the day at 3231.75, down 67.50 handles or -2.05% on 1.9 million volume. In terms of price action, it was all about the selling, the open first, and then the noon high.
Economic Calendar
Closing Prices
In the Tradechat Room
MiM
2 Billion to sell, but he market had been doing that all day, why would you sell when you are down already 70 ES Points? Because you can go even lower and that is that what we did as we closed out the day.
Questions? Please email me: Marlin@mrtopstep.com
Get the skinny when we get it: Join the MiM.
Covid Corner:
Why-oming? Because they are seeing a record high in cases… yet their daily deaths are not moving much higher. On the watch list for sure.
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!
Stay Home!
Chart of the Day
S&P 500 RECAP – Trade Date 09/22/ 2020
S&P 500 Futures: Turnaround Tuesday Sees a Modest Bounce
After another active overnight session, the S&P 500 futures opened yesterday’s cash session at 3286.00, up 5.25 handles, and in the opening minutes went on to trade what would amount to the morning high of 3291.75. From there the index would sell down to 3270.25 just before 9:00 CT and after a failed retest of the highs with a 3290.00 print at 9:30 the S&Ps would sell down to 3258.75 for what would hold as the low of day just after 10:00.
Through the rest of the morning, the futures would climb off those lows making a 3283.25 late morning high. Then after a pullback to 3269.25, noon buyers would enter the market and keep a consistent bid on the ESZ throughout the afternoon, and into the close with a late-day high print of 3309.50, a 50.75 rally from the morning low.
The ES settled the day at 3299.75 up 24.25 handles or +0.74%. Total volume was a much more modest 1.5 million compared to late. In terms of price action, it was all about finding the morning low and holding through the grind up to the late session high.
OUR VIEW:
COVID19 / Presidential Election / Breonna Taylor Indictment / Supreme Court
Life has become quite complicated over the last seven months. The United States has gone from the top economy in the world to a complete disaster. In the mid-1990s when I was travelling in and out of the UAE for weeks at a time I would come back and tell myself that the United States was a wonderland, now I think that party is over. While some economists say the US is seeing an economic recovery I don’t see it. What I see is thousands of businesses closed or boarded up. The picture I put up of Chicago’s LaSalle Street yesterday is a shocking example. Entire cities are under distress and as the US presidential election nears it’s only going to get worse. Yesterday, the ES sold off in the early part of the day and started to bounce but got killed after a headline hit saying a Kentucky grand jury indicted former Detective Brett Hankison on three counts of wanton endangerment for his role in the shooting of Breonna Taylor. Riot police with batons dispersed a group of protesters confronting a line of police in the street late Wednesday afternoon, the city has issued a curfew from 9 p.m. until 6:30 a.m., and the National Guard was activated to help with patrolling. I think this will fuel other protest across the US. I have never seen this level of uncertainty.
Our view, the ES made a low on Globex last night at 3210.00 and rallied up to 3233.00. If you take the overall price action of the ES it should bounce but I think if it gets up to 3260 you have to hit the sell button and f the NQ rallies up to 10,900 to 10,950 you lean into a short. I know I said I didn’t think the rally was over in yesterday’s view but I just don’t think the rallies will last. There is just too much uncertainty to have any type of sustained rally. I’m going to leave it at that.
Market Vitals Technical Analysis
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