Index Futures Net Changes and Settlements:
|S&P 500 (ESU19:CME)||2876.00||+46.00||+1.62%|
|Nasdaq 100 (NQU19:CME)||7515.50||+130.25||+1.76%|
|Russell 2000 (RTYU19:CME)||1499.40||+19.50||+1.31%|
Foreign Markets, Fair Value and Volume:
- In Asia 6 out of 11 markets closed lower: Shanghai Comp -0.32%, Hang Seng +0.08%, Nikkei -0.33%
- In Europe 13 out of 13 markets are trading higher: CAC +1.14%, DAX +1.04%, FTSE +0.71%
- Fair Value: S&P -0.74, NASDAQ +6.38, Dow -53.10
- Total Volume: 2.59 million ESU & 540 SPU traded in the pit
*As of 7:00 a.m. CST
Today’s Economic Calendar:
Today’s economic calendar includes MBA Mortgage Applications 7:00 AM ET, Charles Evans Speaks 9:30 AM ET, EIA Petroleum Status Report 10:30 AM ET, 10-Yr Note Auction 1:00 PM ET, and Consumer Credit 3:00 PM ET.
S&P 500 Futures: Globex Rip
Chart courtesy of Stewart Solaka @Chicagostock – $ES_F Closed below its 3D pivot on Tuesday. So long as market continues to close below, trend=down. If looking for a turn, need 2 closes above. Wednesday’s 3D pivot range narrowed within 68-73, has Tuesday’s longs walking a tight rope. Tight pivots = opp for volatility expansion.
During Monday nights Globex session, the S&P 500 futures traded down to a low at 2775.75 due to continued weakness from the day session, and a selloff in Asian stocks. U.S. markets found some strength when European markets opened stronger, and the ESU went on to stage a powerful 90 handle rally that would last the rest of the night session, eventually topping out at 2865.25.
Buying continued into Tuesday’s regular trading hours (RTH), and the ES printed 2862.50 on the 8:30 CT bell, and rallied to a new high at 2872.75 in the first 15 minutes of trading. From there, things turned choppy, and the futures began to grind lower amidst a series of 20 point swings, first trading down to 2850.50, then, after a pop back up to 2868.25, down to 2864.
Once the morning low was, in things started to settle down, and the ES slid into a sideways range for the next few hours.
Just after 1:00 CT, the ES found some strength, and started heading up to test the highs. Even with the early MiM showing close to $1 billion to sell, the futures were able to push through and print a new daily high at 2883.50.
When the MiM reveal flipped to show $275 million to buy, the ES held to close on its highs, and would go on to print 2881.50 on the 3:00 cash close, and 2876.00 on the 3:15 futures close, up +46 handles on the day.
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.