S&P 500 Futures: #ES Earnings Short Squeeze

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Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• • In Asia 11 out of 11 markets closed higher: Shanghai Comp +0.23%, Hang Seng +0.91%, Nikkei +0.66%
  • In Europe 10 out of 13 markets are trading higher: CAC +0.13%, DAX +0.67%, FTSE +0.71%
  • Fair Value: S&P -1.43, NASDAQ 4.26, Dow -43.42
  • Total Volume: 1.28 mil ESM & 1.8 k SPM traded in the pit

Today’s Economic Calendar:

GDP 8:30 AM ET, Employment Cost Index 8:30 AM ET, Consumer Sentiment 10:00 AM ET, Baker-Hughes Rig Count 1:00 PM ET, Farm Prices 3:00 PM ET

After trading in a 15.25 handle rangle in the overnight session the S&P 500 futures opened the 8:30 am cst cash regular session at 2651.00 up 7.00 handles and sold early on the open down to 2645.50 making a low 10 minutes into the session before buy programs at into the 9:00 hour began to push the futures higher, first up to 2659.25 then pulled back to the open at 2651.50 then the second push made it to 2633.25 before pulling back to 2652 after the Euro close on from there buyers once again came in to push the equity futures higher 2668.50 at noon then up to 2674.50 just after 1:30 up 30.00 handles at that point as the MiM was showing MOC orders collecting near $500 million to the buy side, making it above last week’s close nearing this week’s 2677.00 open.

In the final hour of the session, the ESM made a new 2675.50 high and the MiM began to pull back and so did the S&P’s as they benchmark futures saw one tick shy of a 10 handle drop from the highs down to 2665.75 as the MiM flipped to the sell side. At 2:45 the official market-on-close imbalance came in at $400 million to sell and the futures continued lower down to 2663.75, and at 3:00 the ES printed 2666.00 and then settled the day at 2672.25 up 28.25 handles or 1.08% on the 3:15 ct settlement.

In the end, it was a rock solid rally packed with buy programs and buy stops. As the ESs overall tone, the market act like higher prices are on tap.

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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.}