Slow chop lower could mean a RIP higher is coming

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 8 out of 11 markets closed higher: Shanghai Comp +1.85%, Hang Seng +0.88%, Nikkei -0.20%
• In Europe 10 out of 13 markets are trading lower: CAC -0.39%, DAX -0.25%, FTSE -0.77%
• Fair Value: S&P +0.16, NASDAQ +6.97, Dow -15.59
• Total Volume: 741k ESU & 635 SPU traded in the pit

Today’s Economic Calendar:

Today’s economic calendar includes the Weekly Bill Settlement, Jobless Claims 8:30 AM ET, PPI-FD 8:30 AM ET, Charles Evans Speaks 9:30 AM ET, Wholesale Trade 10:00 AM ET, EIA Natural Gas Report 10:30 AM ET, a 30-Yr Bond Auction 1:00 PM ET, Fed Balance Sheet and Money Supply 4:30 PM ET.

S&P 500 Futures: No Real Pullbacks Allowed

The S&P 500 futures traded in a sideways to lower range during a quiet globex session before opening Wednesday’s regular trading hours at 2857.00, down two handles on the day. The early high came in at 2858.25 before chopping lower for much of the first hour, and making a low of day at 2853.00 just after 9:30 ct.

Buy programs pushed off that low and pressed the ES up to the mid morning high of 2861.00 just after 10:30. Then, and after trading back down to 2855.50 just before 11:30, the ES started to climb back up.

The afternoon saw a chop higher with no real momentum leading up to the high of day, which came in the final hour at 2862.50, just below Tuesday’s high. After that, the ES sold off in the final minutes of the session, erasing the small gains and pushing the ES down to 2857.75 on the 3:00 cash close, before settling the day at 2855.25, just a tick above the afternoon low, down -4.00 handles, or -0.14%

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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.}