|(ESH20:CME) GLOBEX Session||(ESH20:CME) Day Session|
|High 3573.25||Opening Print: 3564.75|
|Low: 3531.00||High 3575.75|
|Volume: 200,000||Low: 3551.25|
|ES Settlement 3573.25|
|Total Volume 1.3M|
S&P 500 Futures RECAP – Trade Date 11/11/2020
S&P 500 Futures: Lowest Volume In Nearly A Month
After trading in a 42.25-handle sideways range in the overnight session, the S&P 500 futures opened Wednesday’s regular hours at 3564.75, up 18.00 handles, and traded down to the first hour morning low of 3552.00 before rallying up to what would amount to the high of the day printing 3576.75 just after noon.
From there the ES would reverse, leading to a selloff that pushed the index to the daily low of 3551.25, just before 2:00, and then rallied late in the session to settled of 3573.25, up 27.50 handles or +0.81% on the total volume of 1.2 million contracts.
In terms of price action, it was all about buying the first hour low, selling the noon rally, and then buying the midafternoon low.
In the Tradechat Room
Wednesday’s MIM again was rotational, although 800M to buy is decent. We continue to be selling the COVID leader stocks and buying the laggards getting ready for a post-vaccine world.
Questions? Please email me: Marlin@mrtopstep.com
Get the skinny when we get it: Join the MiM.
The Florida experiment continues. Florida is fully open for business and attempting to co-exist with COVID. There are no mask restrictions, at least none with a penalty or enforcement, and restaurants, bars, gyms, and all the bad acting services are open. That started Sept. 28th and we are now approaching two months into the experiment. Like most of the other 50 states, Florida has seen a back to school rise which coincides with the October opening up. While cases have risen, new admissions have not followed and daily new deaths are around their pre-summer wave.
Wear your masks!
Take your Vitamin D!
Chart of the Day
GMTT / Chart of the day / Coffee – Nov 12, 2020
Coffee reached a three and a half month low.
As you can see on the chart it is now close to breaking out.
We want to go long Coffee (DEC) above 111.00, with a suggested sell stop at 105.
First short-term upside target is 117.
A good close above this target leads to a test off the last high.
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Tech Rotation Not Over
Short and sweet. If the ES is 10 to 20 handles lower on the open my lean would be to buy the open. I don’t think the rotation back into tech is over. If that is correct and the NQ is bid we should see some type of early rally. My guess is there will be a two-way trade but I’m really not interested in selling weakness. That said, if the ES gets up near the 3575 level I may try and sell a rally but ideally, I think there is a good possibility the ES gets back to the 3600 level or above today or tomorrow.
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.