|(ESH20:CME) GLOBEX Session||(ESH20:CME) Day Session|
|High 3524.00||Opening Print: 3508.00|
|Low: 3493.75||High 3520.25|
|Volume: 300,000||Low: 3472.00|
|ES Settlement 3480.25|
|Total Volume 1.6 M|
S&P 500 RECAP – Trade Date 10/14/ 2020
#ES Money Maker Chart
S&P 500 Futures: First 2 Day Losing Streak of October
After trading in a 30.25 handle overnight range that went sideways, the S&P 500 futures opened Wednesday’s cash session at 3508.00, up 2.75 handles and traded to the daily high of 3520.25 just before 9:00 CT and then reversed, selling down to 3498.25 just after 9:30. Following a midmorning rally to 3510.50 at 10:00, the S&Ps once again showed weakness as sellers pushed the index down to 3472.00 at 11:15 for what would hold as the daily low.
For the remainder of the morning and most of the afternoon, the ES would trade range-bound until the final hour when the index made an afternoon high of 3493.75 just after 2:30 before late-day selling pushed the futures back lower. The ESZ20 settled the day at 3480.25, down 20.00 handles or -0.65% on total volume of 1.5 million.
In terms of price action, it was all about selling the early and midmorning rallies. While the market found support in the afternoon, there was no momentum for the long trade.
In the Tradechat Room
Nothing on the MOC, totally down the middle as the market is stalled for direction.
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The US continues to see higher cases for wave 3, but daily deaths remain flat.
Russia on the rise. Bucking the trend of higher cases but lower deaths, Russia has record cases and record deaths going into wave 2.
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
This dog fight is a big fat mess. Everything we do is now one side or the other’s political view(s). They say politics and the markets don’t mix and they don’t. With only 19 days and 14 trading sessions to the election, volatility is setting up to go a lot higher. Stocks fell yesterday as the prospects of a stimulus deal dimmed. At this stage, both parties are unwilling to budge.
Our view, I had the first part of yesterday’s view correct but the buy the pullbacks part didn’t work. Our lean is going to be a long term call. I do not doubt the ES can bounce but I am starting to think you maintain a sell the rallies posture. There are just too many longs. In addition to that, it seems like the market has been falling almost every day in the late session trade.
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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