S&P 500 Going Parabolic

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 6 out of 11 markets closed lower: Shanghai Comp -1.20%, Hang Seng +0.15%, Nikkei -0.02%
• In Europe 12 out of 13 markets are trading higher: CAC +0.70%, DAX +0.10%, FTSE +0.70%
• Fair Value: S&P +5.39, NASDAQ +30.06, Dow +33.52
• Total Volume: 1.6mil ESM & 4.9k SPM traded in the pit

Today’s Economic Calendar:

Today’s economic calendar includes Jobless Claims 8:30 AM ET, Import and Export Prices 8:30 AM ET, New Home Sales 10:00 AM ET, EIA Natural Gas Report 10:30 AM ET, Fed Balance Sheet and Money Supply 4:30 PM ET.

S&P 500 Futures:  #ES Up 10 Of The Last 11 Weeks, Trades At A 5 Month High

Chart courtesy of Stewart Solaka @Chicagostock – $ES_F Old resistance (200DMA Oct-Dec), converted into new support. WWHT? Friday slip below 200DMA followed by close above, trapping shorts below. Next major resistance and objective 2880 – 2920 to recover Oct breakdown and retest failed ATH.

During Tuesday nights Globex session, the S&P 500 futures (ESH19:CME) printed a high of 2805.50, a low of 2788.25, and traded 2807.50 on Wednesday mornings 8:30 CT futures open, up +9.75 handles. After the bell the futures continued to rally, and didn’t stop until a new high was made at 2823.75 just after 10:30 CT. For the next 2 hours the ES saw a sideways trade in a 6 handle range.

At 1:00 the futures got a boost when a wave of buy programs came in, helping push the ESM up to a new high at 2826.50. After the high a headline hit the tape that the FAA was going to ground Boeing’s 737 Max planes the ES dropped down to the vwap at 2813.75. The futures bounced back up to 2820.00 as the MiM started to show over $3.3 billion to buy. As the MiM jumped to over $3.5 billion to buy the ES retested the 2814.00 area.

The futures traded 2819.00 as the final 2:45 cash imbalance showed a crazy $65 billion to buy (actual was buy $1 billion), then traded 2817.00 on the 3:00 cash close, and settled at 2819.75 on the 3:15 futures close, up +20.75 handles, or + 0.74% on the day.

In the end, the overall tone of the ES continues to be strong. In terms of the days overall trade, total volume was a little higher, with 1.6 million futures contracts traded.

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