S&P 500 Rollover Meets The ECB

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 9 out of 11 markets closed higher: Shanghai Comp +0.75%, Hang Seng +0.98%, Nikkei +1.05%
• In Europe 9 out of 13 markets are trading higher: CAC +0.34%, DAX +0.56%, FTSE -0.02%
• Fair Value: S&P +2.78, NASDAQ +26.25, Dow -0.02
• Total Volume: 1.7 million ESU & 1,731 SPU traded in the pit

_{*As of 7:00 a.m. CST}

Today’s Economic Calendar:

Today’s economic calendar includes Retail Sales 8:30 AM ET, Import and Export Prices 8:30 AM ET, Business Inventories 10:00 AM ET, Consumer Sentiment 10:00 AM ET, and the Baker-Hughes Rig Count 1:00 PM ET.

S&P 500 Futures: #ESZ 3023.50, Who Would Have Thought?

Chart courtesy of Scott Redler @RedDogT3 – $spx futures +9 on their way to tag 2028 ATH area. We’ll see if opening strength sticks. Or not. Manage your trades. Lots of spots to get involved along the way.

After Trump’s tweet storm Wednesday night, the S&P 500 futures (ESZ19:CME) made a high at 3021.75, and then traded down to 3000.75. On the 8:30 CT futures open, the ES printed 3011.50, and then traded down to3002.75 at 8:50 AM. 

After the drop, the futures traded up to 3021.50, sold off down to 3011.75, traded back up to a new high a 3022.75, then sold back off down to 3011.75. After a bounce up to a lower high at 3022.25, the ES sold back off down to the 3003.00 level, did a few hours of back and fill under the vwap, and then rallied back to 3023.75 at 12:00 CT. 

For the next two hours the futures traded in a five handle range between 3023 to 3018. At 2:20 the ES was trading 3018.25 with the MiM showing $384 million to sell.

After trading down to the 3016.00 area, the ES traded 3016.50 as the 2:45 cash imbalance showed $450 million to sell. On the 3:00 cash close the futures printed 3012.50, and then went on to settle at 3011.75, up x+9.75handles on the day. 

Let’s face it, these markets are out of hand. Like it or not, money is pouring into the US stock markets. In terms of the ES’s overall tone, it was very firm all day. In terms of the days overall volume, the roll has begun, and 514k December contracts traded. 

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

_{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.}