Volume Pick Up On The Selloff

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 5 out of 11 markets closed higher: Shanghai Comp +0.05%, Hang Seng +0.01%, Nikkei -0.14%
• In Europe 11 out of 13 markets are trading higher: CAC +0.45%, DAX +0.31%, FTSE -0.22%
• Fair Value: S&P -0.13, NASDAQ +7.61, Dow -27.89
• Total Volume: 1.88mil ESH & 329 SPH traded in the pit

Today’s Economic Calendar:

Today’s economic calendar includes MBA Mortgage Applications 7:00 AM ET, Redbook 8:55 AM ET, FHFA House Price Index 9:00 AM ET, and the Richmond Fed Manufacturing Index 10:00 AM ET.

S&P 500 Futures: Buy Bonds / Sell S&P

Chart courtesy of @Chicagostock – $ES_F Minor pullback off retest of 12/12 2686 high. Third close > 2630. So long as Thursday low 2596 intact, buyers remain in control.

After grinding lower through Monday’s globex session and into yesterday’s open, the S&P 500 futures printed 2654.25 on Tuesday’s 8:30 CT bell. In the first few minutes the ES traded up to what would be the high of day at 2656.50, and then began to turn lower, making a first hour low of 2641.25. After a 9 handle bounce the bottom began to fall out, as a steady stream of selling controlled the rest of the day, and the ES printed a morning low of 2633.50.

The afternoon saw an early low of 2623.25, then after another 9 handle bounce the ES began to selloff again, dropping down to 2618.00 heading into the final hour. The last hour of the day saw the low of day print at 2616.50, followed by a rally up to 2633.50, and then printed 2635.00 on the 3:00 cash close, before settling the day at 2632.00, down -39.50 handles, or -1.48%.

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