Market Review
Globex
| (ESH20:CME) GLOBEX Session | (ESH20:CME) Day Session |
| High 3035.00 | Opening Print: 3017.50 |
| Low: 2983.25 | High 3036.75 Late |
| Volume: 439,000 | Low: 2965.50 |
| ES Settlement: 3035.75 41.25 Handles or +1.41% | |
| Total Volume: 1.8M |
S&P 500 Futures: #ES 3049.00; Here Comes The Short Squeeze
This is going to be short and sweet. The ES traded 3017.50 on yesterday’s 8:30 CT futures open, printed up to 3019.00 and sold off down to 2998.50 at 9:01. After the sell-off, the ES traded back to 3003.00 at 9:20 and then dropped 37 1/2 handles down to 2965.50 at 9:50 am. The ES rallied and then back and filled and at 2:01 traded up to 3014.75, 49.25 handles off the low. The ES pulled back and traded back up to a new afternoon high at 3017.75 at 2:28. On the 2:50 cash imbalance, the ES traded 3025.00 as the MIM showed $3 billion to buy.
On the 3:00 cash close, the ES traded 2931.25 and settled at 3035.75 on the 3:15 futures close, up 41.25 handles or +1.44% on the day. In terms of the ES’ overall tone, the early tech sell program combined with the weakened Dollar/YUAN caused a big early collapse but the S&P regained its footing to close on its highs of the day, 70.25 handles off the low of the day. In terms of the day’s overall trade, volume was higher than expected, a total of 1.8 million ES futures traded with 439,000 coming from Globex making total day volume 1.36 million futures traded on the day session.
Economic Calendar
Closing Prices
In the Tradechat Room
MiM
3B buy on the MIM at 15:50 which added to the upside momentum, but the close was in the bag starting at 15:40 which gave us a strong finish on the day. Early MiM starts at 14:00 now and by 14:15 we were showing a strong buy that never really wavered. That #% number held above my 66% threshold all through the close and a 66%+ number at 15:50 was a real show of buying strength.
Questions? Please email me: Marlin@mrtopstep.com
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Our View
T+1 Meets The End Of The Quarter Rebalance
If you can keep your wits about yourself and not get overly bearish, stick to the patterns and trend and you will do much better. As I have said, the ES can pull back one day, two days but three-day sell-offs are very hard to come by. I’m not going to do a big view today. Our view, the ES is going to 3100 and beyond. I can’t rule out selling the gap up but ideally my lean is buying weakness. The shorts haven’t even started to cover. 3076, 3096, 3104 on TAP! Additionally, the first trading day of June has the Dow up 25 of the last 32 occasions. If I don’t hit my price targets this week I will next week.
Danny Riley is a 39-year veteran of the CME trading floor. He has helped run one of the largest S&P desks on the floor of the CME Group since 1985.
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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