Market Review
Globex
| (ESH20:CME) GLOBEX Session | (ESH20:CME) Day Session |
| High 2957.50 | Opening Print: 2954.50 |
| Low: 2908.50 | High 2975.75 |
| Volume: 320,000 | Low: 2952.25 |
| ES Settlement: 298.00 Down 51 Handles or +1.75% | |
| Total Volume: 1.5M |
S&P 500 Futures: Globex Drop And Day Session Pop
The ES traded 2957.50 on yesterday’s 8:30 CT futures open and then rallied up to 2958.25 and sold back off down to a double bottom at 2954.25 at 8:35 am. After the low, the ES got hit by a big tech buy program that pushed it up to 2972.50 at 9:21, pulled back 5 handles, back and filled and then traded up to 2975.75 at 10:27. The ES then dropped 21 handles down to 2957 at 11:45. The ES rallied back up to a lower high at 2966.75 and then sold off down under the vwap to 2956.25 then rallied up to 2966.00 and then back up to 2966.00 at 1:08 and then sold off again down to 2655.00 at 1:16 CT. After the low, the ES rallied back up to 2971.00, sold off 3 or 4 handles then got hit by a sell program that pushed the futures back down to the vwap at 2958.75. The ES traded back up to 2967.25 at 2:25, traded 2969 at 2:30 and traded 2965.25 as the 2:50 cash imbalance flipped from sell $143 million to buy $150 million. On the 3:00 futures close the ES traded 2967.75, shot up to 2972 at 3:05 and then settled at 2968.00 on the 3:15 futures close, up 51 handles or +1.75% on the day and the NQ up 2%.
In terms of the ES’s overall tone, the futures were weak on Globex and ROCKETED higher most of the day! In terms of the day’s overall trad, 1.5 million ES traded with 320,000 coming from Globex making total day volume LOW at 1.18 million futures traded on the day session.
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MiM
While there was a range in the last hour, about a 10 points, there was no direction and that is apparent on the MIM too. A small reveal at 3:50 showing a slight buy, that returned the market to about the 3 pm price. A good oscillator day for trading.
Questions? Please email me: Marlin@mrtopstep.com
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Our View
#ES The Higher It Goes,The Scarier It Gets
The ES made a low at 2809 last Friday and made a high yesterday at 2975.75, a gain of 156.75 handles in 4 sessions or 39.25 handles a day. That’s a lot of wood to chop in a small amount of time.
Yesterday’s view was outright terrible. I did not convey my thoughts correctly and it’s not worth going over because neither scenario worked. That said, the PitBull has a saying that says… YOU’Re ONLY AS GOOD AS YOUR LAST TRADE!!! I think that’s correct.
Our view, this has been a great trade if you’re a trend follower and have paid attention to the patterns over the last 3+ weeks. Pop on the open, sell off, base mid-morning, rally into midday and pull back after 2:00 and rally. Am I right about this or what? Our lean, if the ES gaps 20 to 30 higher I plan on selling the open and buying the pullback. Avoid the midday chop and buy the pullback after 2:00 for a MIM rip. The stats going into the holiday weekend say buy it today and hold it till Tuesday. Not sure about that but can’t rule out a big ‘late Friday’ RIP.
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.
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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.
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