S&P Down 5 of Last 6 Days

Charts, Commentary, News, Stocks, Technical Analysis, The Opening Print


Index Futures Net Changes and Settlements:

Contract

Settlement

Net Change

+/-%

S&P 500 (ESM19:CME)

2807.00

-80.00

-2.77%

DowJones (YMM19:CBT)

25,281

-683

-2.63%

Nasdaq 100 (NQM19:CME)

7314.75

-295.75

-3.88%

Russell 2000 (RTYM19:CME)

1520.10

-58.50

-3.70%

Foreign Markets, Fair Value and Volume:

  • In Asia 10 out of 11 markets closed lower: Shanghai Comp -0.69%, Hang Seng -1.50%, Nikkei -0.59%
  • In Europe 13 out of 13 markets closed higher: CAC +1.15%, DAX +0.60%, FTSE +0.92%
  • Fair Value: S&P +1.10, NASDAQ +8.93, Dow -12.70
  • Total Volume: 2.76 million ESM & 343 SPM traded in the pit

Today’s Economic Calendar:

Today’s economic calendar includes the 8-Week Bill Settlement, John Williams Speaks 3:15 AM ET, NFIB Small Business Optimism Index 6:00 AM ET, Import and Export Prices 8:30 AM ET, Redbook 8:55 AM ET, and Esther George Speaks 12:45 PM ET.


S&P 500 Futures: Upside Gap To Fill

Chart courtesy of Scott Redler @RedDogT3$spx futures +14 as the oscillator hit -60 (oversold). Now we see the type of bounce. Resistance#1 is 2825, then 2840. (Here is where sellers will probably try and make a stand. (Be careful playing a bounce, make sure to map out where resistance comes into play).

After gapping lower to open Sunday nights Globex session at 2858.50, the S&P 500 futures (ESM19:CME) printed a high of 2869.25, a low of 2826.00, and opened Monday’s regular trading hours at 2826.75.

The overnight weakness continued into the day session, but not before a quick pop up to 2837.75 after the 8:30 CT bell. Heavy selling pressure took the ES down to an early low at 2813.50, and from there did a little back and fill up to 2828.25, before heading lower again.

It was a steady grind lower, and by 12:30 the futures had bottomed out at 2802.00. From there, the ES turned around, and started creeping back up for the next few hours, eventually trading up to 2825.00

Going into the close, the futures began to back off once again, and when the 2:45 cash imbalance reveal came out showing $560M to buy MOC, it was trading at 2807.75. The ES then went on to print 2813.00 on the 3:00 cash close, and 2806.75 on the 3:15 futures close, down -80.25 handles on the day.

In the end, the overall tone of the ES was weak. In terms of the days overall trade, total volume was high, with 2.8 million futures contracts traded.


Daily HotSpots

HotSpots are times during the market trading session that for the past XX days have consistently moved in one direction or the other. These HotSpots are published each morning pre-market. The next day, a results post is also published and weekly a summary post.

CAUTION: This data is under development and provided only for research and teaching purposes

If you have questions about HotSpots you can contact us at info@mrtopstep.com.

ES_FLONG
TypeEntryExitTrade %Profit %PointsHeatMap
normal-2112011239860.0262.00chart
normal-13132014081000.0248.00chart
normal-11132014081000.0244.50chart
normal-8115212401000.0264.50chart
normal-5115112381000.0259.75chart
taylorPlus-2109391031860.0253.75chart
taylorPlus-1309401026920.0253.00chart
taylorPlus-1109391026910.0139.00chart
taylorPlus-8120413011000.0128.25chart
taylorPlus-5093910261000.0130.25chart
taylor3-2113541431810.0133.50chart
taylor3-1312481347850.0134.25chart
taylor3-1112481347910.0129.25chart
taylor3-810591156880.0131.00chart
taylor3-5110611561000.0133.25chart
ES_FSHORT
TypeEntryExitTrade %Profit %PointsHeatMap
normal-1115071543-91-0.01-21.00chart
normal-810001039-87-0.02-47.50chart
normal-509421041-100-0.03-82.50chart
taylorPlus-1111161203-82-0.01-40.00chart
taylorPlus-811161203-87-0.01-32.50chart
taylorPlus-515071548-100-0.00-13.25chart
taylor3-813031337-87-0.00-4.75chart

Get All of Today’s HotSpots Here


SIGN UP HERE TO GET THE FULL MRTOPSTEP OPENING PRINT!

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.

Follow MrTopStep in our Social Space:

Danny Riley (2876 Posts)

Danny Riley has worked in the futures and options industry for 38 years, including the CBOT’s bond room, where he worked for several of the Market Wizards. He went on to build the largest volume desk in the S&P 500 Index Futures, serving some of the largest banks and hedge funds, the UBS program trading business, and some of the world's top individual traders. As a leader and co-creator of the MrTopStep IM-Pro Trading Room, he shares trading ideas and breaking market news live from the floor with our other professional traders and new traders eager to experience the power of collective intelligence. Join us today and get the edge only social trading can give you.


Leave a Reply