Trump Says Chinese President Xi Sent Him A Nice Letter

Charts, Commentary, News, Stocks, Technical Analysis, The Opening Print


Index Futures Net Changes and Settlements:

S&P 500 Futures: Big Drop & Pop

Contract

Settlement

Net Change

+/-%

S&P 500 (ESM19:CME)

2872.75

-14.50

-0.50%

DowJones (YMM19:CBT)

25,816

-198

-0.76%

Nasdaq 100 (NQM19:CME)

7595.25

-52.25

-0.68%

Russell 2000 (RTYM19:CME)

1572.10

-9.20

-0.58%

Foreign Markets, Fair Value and Volume:

  • In Asia 8 out of 11 markets closed higher: Shanghai Comp +3.10%, Hang Seng +0.84%, Nikkei -0.27%
  • In Europe 11 out of 13 markets closed higher: CAC +0.49%, DAX +0.79%, FTSE +0.38%
  • Fair Value: S&P +1.21, NASDAQ +11.31, Dow -7.83
  • Total Volume: 2.68 million ESM & 319 SPM traded in the pit

Today’s Economic Calendar:

Today’s economic calendar includes CPI 8:30 AM ET, Lael Brainard Speaks 8:30 AM ET, Raphael Bostic Speaks 9:05 AM ET, John Williams Speaks 10:00 AM ET, Mary Daly speaks on Sunday 10:55 AM ET, the Baker-Hughes Rig Count 1:00 PM ET, and Treasury Budget 2:00 PM ET.


S&P 500 Futures: Big Drop & Pop

Chart courtesy of Stewart Solaka @Chicagostock$ES_F Failed recovery >2900 followed by gap down today giving way to expand 2901-2956 range down to 2846 to fill March gap. Market is ready for a trade deal!

During Wednesday nights Globex session, the S&P 500 futures (ESM19:CME) printed a high of 2885.00, a low of 2852.00, and opened Thursday’s regular trading hours at 2856.25.

Selling pressure was strong after the 8:30 CT bell, and by 10:30 the ES had traded down to a new low at 2836.25, thus filling the April 1st gap at 2840.75. From there, the news headline algo’s took over, and after a few tweets from President Trump regarding the China trade deal, the futures quickly sought higher ground.

By 11:45, the ES had rallied back up to 2874.75, a 38 handle move in just over an hour. After that, the markets began to consolidate in a sideways range for the rest of the morning, and into the afternoon.

Just before 1:00, the futures began to creep higher again, this time topping out at 2877.00, which would remain the RTH high for the day. As the final hour rolled around, the ES did a little back and fill down to 2859.25, then turned higher going into the close.

When the 2:45 cash imbalance reveal came out showing $486M to sell, the futures started creeping higher again, and went on to print 2871.25 on the 3:00 cash close, and 2872.75 on the 3:15 futures close, down -14.50 handles, or  -0.50% on the day.

In the end, the overall tone of the ES was weak early in the day, and strong late in the day. In terms of the days overall trade, total volume was on the high end, with 2.7 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_FLONG
TypeEntryExitTrade %Profit %PointsHeatMap
normal-2112021237860.0254.25chart
normal-1313371421920.0133.75chart
normal-11132014081000.0125.00chart
normal-8132013581000.0120.75chart
normal-5120412531000.0247.25chart
taylorPlus-2110421141900.0374.00chart
taylorPlus-1310421141920.0243.75chart
taylorPlus-1110421141910.0134.25chart
taylorPlus-8104411151000.0120.75chart
taylorPlus-5110411411000.0122.25chart
taylor3-2113071401810.0137.25chart
taylor3-1311591232850.0131.00chart
taylor3-11145015211000.0134.25chart
taylor3-8120412341000.0125.75chart
taylor3-5120212331000.0128.00chart
ES_FSHORT
TypeEntryExitTrade %Profit %PointsHeatMap
normal-1314441543-85-0.01-19.00chart
normal-1114441543-82-0.01-15.75chart
normal-814441543-87-0.01-17.75chart
normal-510001039-100-0.01-25.00chart
taylorPlus-2109461023-81-0.01-34.50chart
taylorPlus-1310031045-92-0.01-40.50chart
taylorPlus-1110031045-100-0.02-43.25chart
taylorPlus-810021035-100-0.01-32.75chart
taylorPlus-509471045-100-0.01-27.00chart
taylor3-1111101203-82-0.01-41.25chart
taylor3-811101203-87-0.01-38.50chart
taylor3-511131146-100-0.01-23.00chart

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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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