S&P 500 Futures; Due For A Pullback

Charts, Commentary, News, Stocks, The Opening Print

Index Futures Net Changes and Settlements:

ContractSettlementNet Change+/-%
S&P 500 (ESU19:CME) 2990.50-9.75-0.32%
DowJones (YMU19:CBT)26,885-85-0.31%
Nasdaq 100 (NQU19:CME)7851.50-36.00-0.45%
Russell 2000 (RTYU19:CME)1579.40+1.40+0.08%

Foreign Markets, Fair Value and Volume:

  • In Asia 11 out of 11 markets closed lower: Shanghai Comp -2.58%, Hang Seng -1.54%, Nikkei -0.98%
  • In Europe 11 out of 13 markets are trading lower: CAC -0.14%, DAX -0.21%, FTSE -0.03%
  • Fair Value: S&P +3.34, NASDAQ +22.97, Dow -6.32
  • Total Volume: 1.33 ESU & 358 SPU traded in the pit

*As of 7:00 a.m. CST

Today’s Economic Calendar:

Today’s economic calendar includes the TD Ameritrade IMX 12:30 PM ET, and Consumer Credit at 3:00 PM ET.

S&P 500 Futures: 30 Handle Drop And 27 Handle Pop

Chart courtesy of Scott Redler @RedDogT3$spx futures -10 as we see if markets can keep upper commitment and absorb the morning weakness.

During the extended Globex session from Wednesday night through Friday morning, the S&P 500 futures (ESU19:CME) printed a high of 3006.00, a low of 2983.00, and opened Friday’s regular trading hours (RTH) at 2985.75.

The positive jobs number wasn’t enough to keep stocks afloat after printing a new all time high overnight, and the race to sell was on. The ES was due for a pullback, and stops needed to be run. After the 8:30 CT bell, selling pressure continued to grow, and stocks continued to fall.

Just before 10:00, buy imbalances slowly started to creep into the market, and the ES wound up bottoming out at 2971.25. From there, bulls re-took control of the tape, forming a nearly perfect “V” formation (on a 5 minute chart), and by 11:30 the futures had traded back through the RTH opening range.

By the time the MiM reveal showed $244 million to buy MOC, the ES had rallied back through the RTH opening range, and went on to print 2995.00 on the 3:00 cash close, and ended the day at 2990.50 on the 3:15 futures close, down -10 handles on the day.


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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. Any decision 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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Danny Riley (3367 Posts)

Danny Riley has worked in the futures and options industry for 38 years, including the CBOT’s bond room, where he worked for several of the Market Wizards. He went on to build the largest volume desk in the S&P 500 Index Futures, serving some of the largest banks and hedge funds, the UBS program trading business, and some of the world's top individual traders. As a leader and co-creator of the MrTopStep IM-Pro Trading Room, he shares trading ideas and breaking market news live from the floor with our other professional traders and new traders eager to experience the power of collective intelligence. Join us today and get the edge only social trading can give you.

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