As the old saying goes, ‘another day, another day’, but unless a deal gets cut by the December 9th deadline, a government shutdown will occur. It seems like there is no shortage of headline news recently, and it doesn’t seem to be slowing.
After trading down to 2620.00 on Globex, the ES short covered before the 8:30 CT futures open. On the bell, the futures opened at 2623.50 and then traded up to 2631.25, pulled back below the vwap down to 2626.00, made a higher high at 2632.25. After that, the ES sold off under the vwap two more times and made an early low at 2624.00. From there, it rallied, making two new high at 2633.25 and 2633.57, and completing a MrTopStep 10 handle rule.
After the high was in, the ES sold back off under the vwap down to a higher low at 2626.00 around 11:30 CT. The next move was up to a new high at 2634.50 around 1:30 CT. When you look at the ES chart it looks like the futures have been doing some back and fill at the vwap the last few days. Late in the day the MiM started to show $450 million to sell, and the ES sold off down to 2627.75, 3 ticks under the vwap, and then bounced back up to 2630.00 on the 3:00 cash close.
In the end it was a pretty uneventful day that saw the ES above and below the vwap several times. The S&P 500 futures (ESZ17:CME) went on to settle at 2629.25, up +1.00 handles, or +0.03%; the Dow Jones futures (YMZ17:CBT) settled at 24,157, down -18 points, or -0.07%; the Nasdaq 100 futures (NQZ17:CME) settled at 6293.00, up +21.25 points, or +0.33%; and the Russell 2000 (RTYZ17:CME) settled at 1508.10, down -8.30 points or +0.55% on the day.
As always, please use protective buy and sell stops when trading futures and options.
- In Asia 6 out of 11 markets closed higher: Shanghai Comp -0.67%, Hang Seng +0.28%, Nikkei +1.45%
- In Europe 8 out of 12 markets are trading higher: CAC +0.03%, DAX +0.22%, FTSE +0.12%
- Fair Value: S&P +0.33, NASDAQ +16.34, Dow -13.54
- Total Volume: 1.25m ESZ & 3.7k SPZ traded in the pit
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.