|(ESH20:CME) GLOBEX Session||(ESH20:CME) Day Session|
|High 3514.25||Opening Print: 3499.25|
|Low: 3456.75||High 3515.75|
|Volume: 350,000||Low: 3476.50|
|ES Settlement 3506.00|
|Total Volume 1.63M|
S&P 500 Futures RECAP – Trade Date 11/6/2020
Best Week Since April
After trading in a 57.50-handle overnight range leaning lower, the S&P 500 futures opened Friday’s regular session at 3499.25, down 12.75 handles, traded down to the daily low of 3476.50 in the first half-hour of the session, and then began to rally higher in a grind up to the morning high of 3509.25 just before 11:00 CT,
From midday into the early afternoon, the ES maintained a sideways to lower range printing an afternoon low of 3492.25 early in the final hour before late session buyers pushed the S&Ps up to a new high of day, printing 3515.75, before settling the day at 3506.00, down 6.00 handles or 0.19% on moderate volume of 1.6 million.
In terms of price action, it was all about buying the low before 9:00, selling the late morning high just before 11:00, and then buying the afternoon low and holding into the close.
In the Tradechat Room
Friday’s MIM was a buy swap at 15:35 and up the market went into the reveal and then promptly sold off in the MOC window and the Dquote window for 15:55. Still putting the finishing touches on MIM4, stay tuned.
Questions? Please email me: Marlin@mrtopstep.com
Get the skinny when we get it: Join the MiM.
New Mexico is having a hard time with increasing cases still in exponential mode and admissions and deaths chasing new highs.
But it is not all bad news. This AM while we are writing Pfizer announced:
@LiveSquawk· Pfizer/BioNTech: -Expects To Produce Up To 50 Million Doses Of Covid-19 Vaccine In 2020 -Expects To Produce Up To 1.3 Billion Doses Of Covid-19 Vaccine In 2021
@LiveSquawk· Pfizer/BioNTech: Plans To Seek US Emergency Use Authorization Soon After Safety Milestone Is Reached In Late November -Expects Trial Will Reach Final Analysis Point Of 164 Infections By First Or Second Week Of December1411
@LiveSquawk· Pfizer/BioNTech: Experimental Vaccine Found To Be Over 90% Effective In Preventing Covid-19
7:45am ET: Tech getting crushed:
That has the market up about 70 extra points +100 from Friday’s close. Everyone is anxious for a solution.
Join the MIM and get real-time access to our trading room and news feeds: Join the MiM.
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
GMTT / Chart of the day / Silver – Nov 9, 2020
Silver is on the verge of breaking out.
GMTT is long Silver from 23.75 and the next upside target is 26.30
A good close above 26.30 gives a next upside target of 28.90
Suggested sell stop is 24.85.
GMTT is long from 1898 and Gold reached our next upside target at 1958.
We can now see a move towards 1990.
Suggested sell stop is 1935.
For more info: Global Macro Technical Thoughts
The VIX, The Late Friday Rip and ES 3550
Many times the ES tells a story. The first part of the story is what happens on Globex, the second part of the story comes after the 8:30 CT futures open and the final part of the story is what happens in the final hour. The old story that the algos don’t trade at night was bs years ago and bs today. There is not one CME Group futures contract that isn’t being used by some type of algorithmic or hft program.
The VIX told the story last Friday, it was dropping while the ES and NQ were falling after the open. After the futures started to rally the VIX continued to weaken and late, when the ES and NQ rallied sharply in the final hour, the ViX closed Down 10%. To me, the price action told the story: down on Globex Thursday night, sold off in the first part of the day and short covered (the second part of the day) and rip in the final hour of the day, part 3. All part of a well laid out script.
Our view, I think the markets go higher but I don’t think this happens without a few bumps in the road. Our lean is two-fold, sell the gap up open or the early rallies and buy the pullbacks.
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.