Market Review
GLOBEX
| (ESH20:CME) GLOBEX Session | (ESH20:CME) Day Session |
| High 3363.00 | Opening Print: 3355.00 |
| Low: 3331.00 | High 3357.25 |
| Volume: 310,000 | Low: 3280.75 |
| ES Settlement 3317.25 | |
| Total Volume 2.29 M |
S&P 500 RECAP – Trade Date 09/18/ 2020
S&P 500 Futures: Nasdaq in Correction Territory
After a quieter overnight session, the S&P 500 futures opened Friday’s regular trading hours at 3355.00, up 4.00 handles, traded a 3357.25 morning high in the initial moments and then heavy selling entered the markets pushing the index futures lower to 3332.25 before 9:00. After a 19.50 handle bounce to 3351.75 less than a half-hour later, sell pressure resumed as the S&Ps pushed lower through the rest of the morning making a low of 3307.00 just before noon.
Midday, the selling continued as the ESZ would print a 3280.75 low around 12:45, a 76.75 handle pullback from the early high. From there the benchmark futures would climb for the duration of the afternoon, making a late day high of 3317.50, 36.75 handles off the lows before settling the day at 3317.25, down 33.75 handles or -1.01%.
In terms of volume, it was a strong 2.29 million contracts traded. In terms of price action, it was all about selling the open and holding the throttle until noon, then buying the midday low for a smaller move.
Economic Calendar
Closing Prices
In the Tradechat Room
MiM
Opex is always a big day on the numbers but not usually markets. Early MiM at 14:00 was 3B to sell but that slowly paired off into the 15:50 lockdown where the firm orders becam 2B to sell and the market did a nice 8 point swoon as the D-Quotes paired it down to 1B into the closing auction.
Questions? Please email me: Marlin@mrtopstep.com
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Covid Corner:
Belgium is seeing the same 2nd wave like the rest of Europe without much movment in daily deaths.
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.
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Chart of the Day
OUR VIEW:
Ruth Bader Ginsburg
President Trump was fast on his decision to nominate a woman to the Supreme Court after Ruth Ginsburg passed away last Friday and the democrats were just as fast to say that they will use every possible maneuver available to stop the Republican from filling the vacancy. Democrats have already begun channeling their pain at losing RBG into action, pouring a record-breaking $100 million in donations to Democratic candidates and causes via the online fundraising platform ActBlue since Friday. Senate Majority Leader Republican McConnell pledged to hold a Senate floor vote after Trump chooses a nominee and said the president plans to determine the nominee as soon as next week. And early Sunday, Nancy Pelosi said Democrats “have our options” in terms of potential approaches to stalling a prompt Supreme Court nomination. They included new impeachment proceedings against Trump and Attorney General William Barr. The fight between both parties has gotten ugly fast and is set to get uglier this week. Some are saying this could be a turning point for the democrats but the latest Rasmussen Report election poll has Trump’s approval rating at 53%, higher then it was before the 2016 election. https://www.rasmussenreports.com/public_content/politics/weekly_updates/what_they_told_us_sep19?utm_campaign=RR09192020DN&utm_source=criticalimpact&utm_medium=email All I know is this election was a dog fight before Ginsburg’s passing and it’s even worse now. Adding to all the commotion this week is a deluge of economic data. On Tuesday is the July existing home sales that are at the highest level since the housing bubble in 2006. On Wednesday the Surveys of purchasing managers in the U.S., Europe, and Japan are expected to show that the pace of the economic recovery steadied in September, after strong rebounds in previous months. Thursday is the US weekly jobless claims number that have been elevated over the last few weeks and Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin are set to appear before the Senate Banking Committee to present a quarterly report to Congress on the Cares Act. And last but not least on Friday is the durable goods numbers which is likely to post its fourth monthly gain.
Our view, all of the above is a lot to take in. The ES rallied late Friday, opened sharply lower last night, and went positive not long after the gap down. So when you look at it the price action is indicating that a low ‘could be in’. Our lean, ideally, I would love to buy a gap down open but it doesn’t appear that will happen and if the futures rally early I am not sure they will hold. I just want to get a look at the price action before jumping in. Sorry, I can’t be more specific but there are just too many moving parts.
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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