S&P 500 Futures: Up 5.3% In 2018, Best 13-Day Start To A Year Since 1987
It seems the world markets didn’t care too much about U.S. government shutdown, nor does the S&P.
Friday, the Asian markets closed firm, and the German DAX was up 1%. In the U.S., the S&P 500 futures made an overnight low on Globex 2791.75, and traded all the way up to 2806.00, with 275,000 lots traded. On the 8:30 CT futures open, the ES traded 2806.25, sold off a little, then rallied up to 2805.25. After that, it sold off down to 2801.50, rallied up to 2806.25, and then double bottomed at 2802.50.
From 10:00 AM to 1:00 PM the ES traded in a three handle range. Around 1:15 it started hitting some buy stops and running some buy programs, which helped push the futures up to a new all time contract high at 2809.75. Unlike Thursday, when most people were saying there was going to be a government shutdown, a late headline came out from a source familiar with the Schumer-Trump meeting saying he did not think there would be a government shutdown. He said that progress was being made, but there were still a number of disagreements. We all know what happened next though…
As the MiM went from over $500 million to buy to $973 million to buy, the ES popped up to another new high at 2812.50, up 15.5 handles or + 0.49%. At 2:45 the NYSE imbalance came out buy $1.4 billion. On the 3:00 cash close the ES traded up to 2815.25, and then went on to settle at 2811.00.
As always, please use protective buy and sell stops when trading futures and options.
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