Thin-To-Win Is On The Menu

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 8 out of 11 markets closed higher: Shanghai Comp +0.80%, Hang Seng +1.36%, Nikkei +0.18%
• In Europe 11 out of 13 markets are trading lower: CAC -0.57%, DAX -0.58%, FTSE +0.01%
• Fair Value: S&P -2.21, NASDAQ +1.50, Dow -56.97
• Total Volume: 1.13mil ESM & 968 SPM traded in the pit

Today’s Economic Calendar:

Jerome Powell Speaks 3:15 AM ET, NFIB Small Business Optimism Index 6:00 AM ET, Redbook 8:55 AM ET, and JOLTS 10:00 AM ET.

S&P 500 Futures: Welcome Back Mutual Fund Monday

After bidding higher in the overnight session, the S&P 500 futures opened Monday’s regular trading hours at 2670.00, up +6.25 handles from Friday’s settlement. An early 2667.75 low was made in the first 10 minutes, before a rally up to 2679.25 just before 9:00 AM CST, creating a 30 minute range that would hold until after 1:00 pm.

Just after 9:30 the ESM made a higher low at 2668.75, and then began a midday thin to win type of grind that eventually lead to a new daily high at 2681.50 just after 1:30 pm cst. When the ES tested the 50 day moving average there was some profit taking that coincided with the announcement of a deal with Iran. This announcement sent crude oil tanking, and helped lead a late selloff in the equity futures, pulling the ES down to 2662.50, a nearly 20 handle drop in an hour.

In the final hour, the futures rallied back up to 2671.75, just making it back above the days open, but as the MiM flipped from 200 million to buy to 200 million to sell, so did the rally. On the 3:00 pm cash close the ES printed 2670.25, and on the 3:15 futures settlement the ES ended the day at 2669.75, a tick below the open, up +6.00 handles on the day, or +0.24%.

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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.}