S&P Closes Above 2800 And The Bulls Are Cheering

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 7 out of 11 markets closed lower: Shanghai Comp -0.61%, Hang Seng +0.05%, Nikkei +1.85%
• In Europe 10 out of 13 markets are trading lower: CAC -0.40%, DAX -0.15%, FTSE -1.15%
• Fair Value: S&P +1.68, NASDAQ +15.20, Dow -18.88
• Total Volume: 938k ESU & 324 SPU traded in the pit

Today’s Economic Calendar:

Today’s economic calendar includes Retail Sales 8:30 AM ET, Empire State Mfg Survey 8:30 AM ET, and Business Inventories 10:00 AM ET.

S&P 500 Futures: Quiet Trading Day

Friday, the major Asian markets closed up modesty, but the Nikkei jumped nearly 2%. Europe followed with the Stoxx 600 up 0.40% at midday. The S&P futures (ESU18:CME) traded higher on Globex, with an overnight trading range of 2795.50 to 2807.25, with 144,000 contracts traded. The first print off Fridays 8:30 futures open was 2799.00, up +0.50 handles.

The first move after the bell was a quick pop up to 2701.50, followed by a selloff down to 2793.25 at 10:03. The next move was up to 2806.25, one handle off the Globex high. After a pullback down to the vwap at 2800.25 the ES traded in a 5 to 6 handle range basically until the close. On the 2:45 cash imbalance reveal the ES traded 2802.75, as the MiM showed MOC sell $500 million, then traded 2803.50 on the 3:00 cash close, and settled at 2803.00 on the 3:15 futures close, up +4.50 handles or up +0.16 on the day.

In the end, Friday’s trade would be what I consider a ‘typical summer trade’, ie ‘thin to win’. In terms of the ES’s overall tone, it acted fine. In terms of the days overall trade, after the initial selloff and rally, the futures traded in a very narrow range with total volume standing at 938k.

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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.}