Tariff Wars And Slower Global Growth

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Index Futures Net Changes and Settlements:

Contract

Settlement

Net Change

+/-%

S&P 500 (ESM19:CME)

2862.00

-16.50

-0.57%

DowJones (YMM19:CBT)

25,780

-87

-0.33%

Nasdaq 100 (NQM19:CME)

7511.50

-88.75

-1.16%

Russell 2000 (RTYM19:CME)

1537.60

-22.30

-1.42%

Foreign Markets, Fair Value and Volume:

  • In Asia 6 out of 11 markets closed lower: Shanghai Comp -0.41%, Hang Seng -0.57%, Nikkei +0.24%
  • In Europe 12 out of 13 markets closed lower: CAC -1.47%, DAX -1.43%, FTSE -0.89%
  • Fair Value: S&P +1.44, NASDAQ +10.06, Dow -4.01
  • Total Volume: 1.92 million ESM & 284 SPM traded in the pit

Today’s Economic Calendar:

Today’s economic calendar includes Chicago Fed National Activity Index 8:30 AM ET, Raphael Bostic Speaks 8:50 AM ET, Patrick Harker Speaks 9:30 AM ET, John Williams Speaks 1:00 PM ET, Richard Clarida Speaks 1:00 PM ET, and Jerome Powell Speaks 7:00 PM ET.

S&P 500 Futures: Late China Headlines Weaken The Index Markets

During Thursday nights Globex session, the S&P 500 futures (ESM19:CME) printed a high of 2882.50, a low of 2852.50, and opened Friday’s regular trading hours at 2853.00.

After a 25 handle selloff overnight, the ES was able to gather some strength going into the 8:30 CT open, and traded up to an early high at 2867.50. From there, the futures did a little back and fill down to 2857.75, before buyers stepped in and started squeezing the overnight shorts. By 10:15 the ES had rallied up to 2887.25, 30 handles off the low.

Once the morning high was established, the futures made a run for some sell stops, eventually trading back down to 2869.00, before consolidating in a sideways range until the late afternoon. At 2:00, CNBC came out with a headline announcing that trade talks with China had stalled, and the ES tumbled down to 2857.50.

When the 2:45 cash imbalance reveal came out showing $1.3 Billion to sell, the ES had popped back up to 2864.25. It would then go on to print 2860.75 on the 3:00 cash close, and 2862.50 on the 3:15 futures close, ending the week on a low note, and down 16 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 1.9 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_F LONG
Type Entry Exit Trade % Profit % Points HeatMap
normal-21 1331 1426 95 0.02 54.00 chart
normal-13 1331 1426 92 0.01 41.25 chart
normal-11 1041 1114 91 0.02 51.00 chart
normal-8 1331 1428 100 0.01 36.00 chart
normal-5 1007 1101 100 0.02 69.75 chart
taylorPlus-21 0939 1031 86 0.02 65.50 chart
taylorPlus-13 0939 1026 92 0.02 53.50 chart
taylorPlus-11 1009 1108 91 0.02 61.75 chart
taylorPlus-8 1230 1300 100 0.01 15.50 chart
taylorPlus-5 0930 1026 100 0.02 47.50 chart
taylor3-21 1332 1417 86 0.01 36.75 chart
taylor3-13 1441 1522 100 0.01 41.25 chart
taylor3-11 1441 1522 100 0.01 30.50 chart
taylor3-8 1150 1238 100 0.02 43.75 chart
taylor3-5 1151 1234 100 0.02 47.25 chart

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

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Danny Riley (3203 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.


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