S&P 500 Futures: #ES Down 3 In A Row As 10-Year Yield Approaches 3%

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• • In Asia 6 out of 11 markets closed higher: Shanghai Comp +1.97%, Hang Seng +1.26%, Nikkei +0.86%
  • In Europe 7 out of 12 markets are trading higher: CAC -0.08%, DAX +0.23%, FTSE +0.23%
  • Fair Value: S&P -0.63, NASDAQ 5.66, Dow -34.43
  • Total Volume: 1.23 mil ESH & 1.7 k SPH traded in the pit

Today’s Economic Calendar:

Today’s economic calendar includes Redbook, S&P Corelogic Case-Shiller HPI, FHFA House Price Index, New Home Sales, Consumer Confidence, Richmond Fed Manufacturing Index, State Street Investor Confidence Index, 4-Week Bill Auction, 52-Week Bill Auction, 2-Yr Note Auction

S&P 500 Futures: #ES Down 3 In A Row

Mondays trade started with the Asian markets posting modest losses. In Asia the Nikkei closed down down 0.3% and Hong Kong’s Hang Seng fell 0.5%. In Europe the Stoxx 600 was down -0.60% and the ES was down 0.10%.

The ES popped up on Friday 3:15 futures close can gapped up 10.75 handles higher on Globex and made a high at 2684.75 and made a low at 2666.50. On Mondays 8:30 open the ES traded 2676.50, traded up to 3678.25 and then sold off down to 2667.75. The ES then rallied up top 2675.00, pulled back down to a 2669.25, rallied back up to 2676.25 and then sold off down to a 2667.50 and then popped back up a new high at 2683.00. The ES looked like it was ok but sold back off as the yield on the 10 note started to trade up near 3% and as it did the ES started to sell off again, first down to 2669.50 and then down to 2660.50 around 1:30 CT and then rallied up to 2665.50 and then reversed down to a new low at 2657.25.  After the low I put this out in the IMPRO Forum: Dboy:(3:02:34 PM) : I think the low maybe in.

After the low, the ES traded back up to 2668.25 as the MiM started to show sell $311 million. The ES traded 2667.50 as the MiM ‘flipped’ to buy $187 million. On the 3:00 cash close the ES traded 2670.00 and went on to settle at 2670.75 on the 3:15 futures close, down 3 ticks on the day or down 0.03%.

In the end it was the same price action as last Friday, a late day low and a rally into the close. Now that they have people short again, we see 2700-2710 on TAP.

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_{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.}