The ES traded down to 2567.75 on Globex Sunday night, and by the time Mondays 8:30 futures open rolled around, it was trading 2580.25, up +4.5 handles, a 12.5 handle rally. Some people disregard Globex, but there are a lot of good setups that occur at night, and clearly, if you were looking to be a buyer, it was a perfect setup.
The ES opened at 2580.00 and then dropped down to 2577.00 in the first few minutes. After the quick drop, the ES traded back up and made a new high by 1 tick at 2580.50. The futures then pulled back a little and ‘triple’ topped at 2580.50. As the NQ traded down to the vwap, the ES also pulled back a little before rallying up to 2581.00 at 9:22 CT.
It was a grinding trade. After another NQ drop under the vwap, the ES pulled back to the 2579 level and rallied up to new highs at 2882.50. From there, the ES pulled back down to 2597.75, and then rallied up to 2594.00 just after 2:00 CT. As the MiM dropped from $268 million to buy, to $9 million to buy, the ES sold off down to its prior low at 2579.75. The actual MOC came out sell $7 million, or flat. The ES rallied up to the 2583 area and closed at 2582.25 on the 3:15 futures close.
In the end is was a very quiet day with low volume. The S&P 500 futures (ESZ17:CME) settled at 2582.00, up +5.75 handles, or +0.22%; the Dow Jones futures (YMZ17:CBT) settled at 23,395, up +79 points, or +0.33%; the Nasdaq 100 futures (NQZ17:CME) settled at 6316.00, up +2.75 points, or +0.04%; and the Russell 2000 (RTYZ17:CME) settled at 1504.10, up +11.20 points or +0.74% on the day.
- In Asia 9 out of 11 markets closed higher: Shanghai Comp +0.55%, Hang Seng +1.91%, Nikkei +0.70%
- In Europe 11 out of 12 markets are trading higher: CAC +0.70%, DAX +0.83%, FTSE +0.33%
- Fair Value: S&P -1.09, NASDAQ +3.43, Dow -32.84
- Total Volume: 1.00mil ESZ & 425 SPZ traded in the pit
As always, please use protective buy and sell stops when trading futures and options.
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