Do you ever get the feeling that time is flying by? Well, this past Friday the November options expired, and there is only one expiration left in 2017, the December quad withiching.
After making a high at 2589.50 on Thursday, the S&P 500 futures gave back part of its gain going into the close. During the evenings Globex session, the ES traded down to 2579.50, and then rallied back up to 2585.50 before Friday mornings futures open. On the 8:30 open the ES printed 2581.00 and then dropped down to 2587.50 before rallying back up to the vwap at the 2582.00 area. From there, the futures pulled back to the 2578.50 level, and then pushed above the vwap to 2583.25. After double bottoming, the ES made a higher low at 2579.00 and popped back above the vwap. It then made a lower high at 2582.25 before selling off down to a new low at 2577.75. After that, the ES popped back up to the 2582.25 level, and then sold back off down to 2579.50 at 2:30.
The trade was one big chop shop, and despite the downdraft, volume was half of what it was throughout the week. At 2:40, the MiM went from small to buy to showing $251 million to buy, and just as it did small buy imbalances in the ES started to show up, but it was short lived, as the MiM flipped to sell $1.35 billion. The actual NYSE MOC came out $1.5 billion to sell. Funny thing… The ES made a low at 2576.25, and then quickly rallied up to 2579.50 before selling back off down to a new low at 2575.75 and closing at 2576.00, down 9 handles, or -0.38%.
In the end it was a slow and ugly day for the markets. The Dow and S&P extended their weekly losses to two weeks in a row. The Dow kept a cap on the S&P and Nasdaq, and every rally was sold. In the end, the S&P 500 futures (ESZ17:CME) settled at 2576.25, down -8.75 handles, or -0.33%; the Dow Jones futures (YMZ17:CBT) settled at 23,316, down -108 points, or -0.46%; the Nasdaq 100 futures (NQZ17:CME) settled at 6313.25, down -27.75 points, or -0.43%; and the Russell 2000 (RTYZ17:CME) settled at 1492.90, up +6.90 points, or +0.46% on the day.
As always, please use protective buy and sell stops when trading futures and options.
- In Asia 7 out of 11 markets closed higher: Shanghai Comp +0.30%, Hang Seng +0.21%, Nikkei -0.60%
- In Europe 12 out of 12 markets are trading higher: CAC +0.20%, DAX +0.16%, FTSE +0.10%
- Fair Value: S&P -0.90, NASDAQ +3.58, Dow -30.79
- Total Volume: 1.18mil ESZ & 547 SPZ traded in the pit
Sign up here to get the full MrTopStep Premium Opening Print commentary!
No responses yet