Market Review
| (ESH20:CME) GLOBEX Session | (ESH20:CME) Day Session |
| High 2582.00 | Opening Print: 2608.75 |
| Low: 2380.00 | High: 2697.25 |
| Volume: 1.04 M | Low: 2476.50 |
| ES Settlement: 2685.25 | |
| Total Volume: 3.23 M |
It was another night of wild swings on Globex, the low came in at 2380.00 and the high at 2582.00 LIMIT UP. The ES opened Friday’s regular day session at 2608.75 and then the ES sold off down to 2534.75, rallied to 2597.50, broke down to 2476.00, rallied up to 2551.00, pulled back, made three higher lows and then traded up to 2558.25. The ES then pulled back down to the 2520.00 level and then rallied up to 2582.00 and then sold off all the way down to the 2519 area. After the low, the ES rallied back up to 2551, pulled back down to the 2537 area.
At 2:00 the ES traded 2568 as the early MiM showed $1.7B for sale and just after traded up to 2638, pulled back down to the 2541 area and then traded 2572 just before Trump’s press conference and dropped down to the 2510 area as President Trump declared a national state of emergency and then climbed back up to the 2570 level. The ES traded 2571.00 at 2:30 and the MiM showed $1.6 to sell and traded 2557 at 2:50 as the final cash imbalance showed $3 billion to buy and traded all the way up to 2694.75 on the 3:00 cash close and traded 2685.25 on the 3:15 futures close, up 248 handles or +10.18% on the day.
In terms of overall tone, it would be hard to say anything less than spectacular, down over 10% Thursday and up over 10% on Friday. In terms of the day’s overall trade, total volume was 3.23 million with 1.04 M coming from Globex making total day volume 2.19 million contracts traded on the day session.
Economic Calendar
Closing Prices
Closing prices for Friday, March 13
In the Tradechat Room
MiM
Friday seems so far away as I write this Monday morning. The market was not able to stay open and we will be stop limit at the open today. Watching the opening MIM today will show those that want to get out early in the day and get it over with. There will be some sitting on hands today, only because the market will close. Friday’s close as the President was holding a press conference roared a ripping 160 handles. Never seen that before.
Get the skinny when we get it. Join the MiM.
Chart of the Day
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Our View
Limit Up / Limit Down, A Daily Occurrence
After falling over 12% on Thursday the ES came charging back on Friday. From its Globex low to high the ES rallied 295 points with almost 100 points of the rally coming after President Trump’s coronavirus press conference. After Friday’s close the ES sold off 20 to 25 handles and according to IG.com over the weekend fell 47 handles; see https://www.ig.com/en/indices/markets-indices/us-spx-500 as France and Spain implement massive and dramatic quarantine restrictions and Dr. Anthony Fauci, said Americans will need to do much more to prevent community spread of the novel coronavirus, urging them to avoid unnecessary public outings.
I am not going to beat a dead horse. The underlying question is simple; is the virus way worse than the Trump administration is making it out to be? After shutting down ski resorts in Aspen and threatening to shut down roads and Trump shutting down flights to all of Europe and talking about limiting flights across the US one would think so.
Our view, the stats show that the ES should rally today but with the continued barrage of negative headlines and the possibility of cities like NY and California and Seattle being quarantined the rally could be limited in scope. My own view is that the S&P is going a lot lower.
Market Vitals Technical Analysis
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