S&P 500 Futures: #ES SteamRoller, Up 7 Out Of The First 8 Session

Charts, Commentary, News, Stocks, Technical Analysis, The Opening Print

To The Opening Print Readers:

We have decided to retool the Opening Print. We will not be doing the lengthy overview of the E-Mini S&P 500 futures daily ups and downs, and will instead do a condensed version of the days trade.

The emphasis will be on streamlining the top part of the Opening Print, and including a new section for the MrTopStep MiM, as well as an additional market news piece. MrTopStep is dedicated to providing you with straight forward trading information and news.

If you have any questions or comments, please feel free to send us an email at info@mrtopstep.com.

Thank you,
Danny

Index Futures Net Changes and Settlements:

Contract

Settlement

Net Change

+/-%

S&P 500 (ESH18:CME) 2769.50 +19.00 +0.68%
Dow Jones (YMH18:CBT) 25,555 +204 +0.79%
Nasdaq 100 (NQH18:CME) 6726.50 +49.25 +0.73%
Russell 2000 (RTYH:CME) 1587.90 +26.00 +1.63%

Foreign Markets, Fair Value and Volume:

  • In Asia 8 out of 11 markets closed higher: Shanghai Comp +0.12%, Hang Seng +0.94%, Nikkei -0.24%
  • In Europe 8 out of 12 markets are trading higher: CAC +0.24%, DAX +0.13%, FTSE +0.20%
  • Fair Value: S&P +0.36, NASDAQ +10.96, Dow -26.47
  • Total Volume: 1.0mil ESH & 980 SPH traded in the pit

Today’s Economic and Earnings Calendar:

Consumer Price Index, 8:30 a.m. Eastern; Retail Sales, 8:30 a.m.; Business Inventories, 10 a.m.; Baker-Hughes Rig Count, 1 p.m. Fedspeak: Patrick Harker Speaks, 12:30 p.m.; Eric Rosengren Speaks, 4:15 p.m. Earnings: BlackRock, 5:45 a.m. (approx.); PNC Financial Services, 6:30 a.m.(approx.); JPMorgan Chase, 6:45 a.m. (approx.); Wells Fargo, 8 a.m.

Thursday’s Trade: Buy S&P / Sell 10-Year Note

On Wednesday night’s Globex session, the ES rallied up to 2756.50, on low volume. After a few drops under the vwap at the 2753.00 area, the ES rallied up to 2759.50, two ticks shy of Tuesdays 2760.00 new all-time high. From there, the ES sold back off to a higher low at 2753.25, and then traded back to the contract high at 2760.00 around 10:15 CT. After a 3 handle pullback, the ES made 3 separate new highs by 1 tick at 2764.25, 2764.50, and 2764.75, pulled back down to 2763.00, and then made two more new highs at 2765.25 and 2765.50.

This is clearly a continuation of the current upside pattern that started at the beginning of 2018. The big trade so far this year has been buying stocks and selling U.S. government bonds. Bond selling has pushed the yield on the benchmark 10-year Treasury note above 2.5%, its highest closing level in nearly 10 months.

The markets continue to surge. Energy stocks have risen 6.2% this year, the best of any sector in 2018. In terms of the stock markets overall tone, there seems to be no sign of letting up. The PitBull said he has not seen anything like this “since 1987,” and I have to agree.

As always, please use protective buy and sell stops when trading futures and options.

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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.

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Danny Riley (2189 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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