Suiting Up For Battle

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 7 out of 11 markets closed higher: Shanghai Comp +0.49%, Hang Seng +0.50%, Nikkei +0.40%
• In Europe 11 out of 13 markets are trading lower: CAC -0.44%, DAX -0.52%, FTSE +0.14%
• Fair Value: S&P +0.10, NASDAQ +7.14, Dow -13.51
• Total Volume: 1.46 million ESU & 359 SPU traded in the pit

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

Today’s Economic Calendar:

Today’s economic calendar includes New Home Sales 10:00 AM ET, Jerome Powell Speaks 10:00 AM ET, and the Baker-Hughes Rig Count 1:00 PM ET.

S&P 500 Futures: Down But Not Out

Chart courtesy of Scott Redler @RedDogT3 – $spx quick glance. 2900 is now key upper support. Micro support is 2917. Resistance zone is 2931-2935.

If you are getting the free edition of the Opening Print, you’re missing MrTopStep’s view. Over the last 23 years, Danny Riley has written an S&P 500 futures recap. He readily admits he never went to college, and ended up at the ‘School of Hard Knocks’ on the CME trading floor. 

Recently, we asked Riley what made his S&P desk so successful, and he responded by saying, “I had to fight everyone, from the pit, to the members bathroom.” He went on to  say, “I know things have changed, but when the big accounts needed to move 10,000 or 15.000 big S&P’s, they came to me because they knew I was crazy enough to take on the pit for better execution.”  

Then we asked Riley what it was like getting up to do battle in the S&P pit, and he said, “I came from the streets. While the guys from JP Morgan or Goldman we’re going to college, I was popping brokers in the S&P pit.” 

The last question was about The View from the Opening Print, and Riley said, “It’s the sum of all my learning on the trading floor. It’s not always right, but it gives traders a feel for direction, and while this might be presumptuous, I believe my market feel is more on than off. One thing about me, I don’t pretend to be the greatest trader, I’m just there fighting like everyone else.” 

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.}