Market Review
GLOBEX
| (ESH20:CME) GLOBEX Session | (ESH20:CME) Day Session |
| High 3258.25 | Opening Print: 3225.75 |
| Low: 3206.50 | High 3294.75 |
| Volume: 250,000 | Low: 3216.00 |
| ES Settlement 3287.50 | |
| Total Volume 1.6 M |
S&P 500 RECAP – Trade Date 09/25/ 2020
#ES Money Maker Chart
S&P 500 Futures: The Late Friday RIP
After trading lower in the overnight session the S&P 500 futures opened Friday’s regular trading hours at 3225.75 down 12.25 handles and in the first hour reached what would amount to the low of day at 3216.00. From there buyers would step in an push the index future into a rally reaching 3258.25 for the late morning high, then 3271.25 for the noon hour high, up 55.25 handles off the morning low.
The rest of the afternoon saw a continuance of the buy pressure as the ESZ20 pushed up to 3278.00 ahead of the final hour, then late in the day a face ripping buy program pushed the index to the high of day at 3294.75, up 78.75 handles from the morning low.
The ES settled at 3287.50, up 49.50 handles or +1.52%. In terms of price action, it was all about buying the early low and holding into the close. However, volume was modest for such a move at 1.6 million.
Economic Calendar
Closing Prices
In the Tradechat Room
MiM
Smallish MOC on Friday with the 15:50 reveal showing about a 1.2B sell which was all paired off five minutes later and had us settling higher from the reveal. A smallish move of just around 7 ES points overall.
Questions? Please email me: Marlin@mrtopstep.com
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Covid Corner:
It is Monday and time to look at the USA as a whole for the week. Our new daily cases stay flat at just above 40K as the larget states, FL, TX, CA, are making progress in reducing while smaller states in the west, WY, OK, SD continue to see exponential rise.
Along with daily new cases news deaths are also flat at around 700 a day.
A study was released last week indicating a correlation between a COVID-19 infected person’s vitamin D level and the severeness of symptoms. There have been earlier indications vitamin D might be beneficial in the war against CV19. There is also an observation of ours between the death rate during the early spring dark days vs the summer’s long days. This also might explain the reduction in deaths/infection. We are heading into darker days now in the northern hemisphere so some vitamin D might be a good idea. You can read the full article on WebMD:
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!
Take your Vitamin D!
Chart of the Day
OUR VIEW:
Rosh Hashanah, T+2, Presidential Debate, September Month-End Rebalance
There is a lot going on this week, everything from the Jewish holiday Rosh Hashana to T+2 to the first of three presidential debates on Tuesday night. According to the Stock Trader’s Almanac, the last trading day of September has the S&P down 15 of the last 22 occasions and the first trading day of October (Thursday) has the Dow down 8 of the last 14 and Friday is the September jobs report which is expected to show the first month that net payroll gains are fewer than 1 million jobs.
Our view is to sell the early rallies and buy the pullbacks. There is a big line of buy stops that start above 3302.70 up to 3312 and again above 3316.50 up to 3324.00. My guess is we see those levels today.
Market Vitals Technical Analysis
Did you know that your premium membership gives you access to our Market Vitals? Click on the image below and get today’s key levels.
As always, please use protective buy and sell stops when trading futures and options.
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