Will Trump Shut Down The Government?

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 10 out of 11 markets closed lower: Shanghai Comp -0.52%, Hang Seng -0.94%, Nikkei -2.84%
• In Europe 13 out of 13 markets are trading lower: CAC -1.47%, DAX -0.95%, FTSE -0.16%
• Fair Value: S&P +1.91, NASDAQ +20.00, Dow -0.48
• Total Volume: 2.84mil ESH & 1,431 SPH traded in the pit

Today’s Economic Calendar:

Today’s economic calendar includes Weekly Bill Settlement, Jobless Claims 8:30 AM ET, Philadelphia Fed Business Outlook Survey 8:30 AM ET, Leading Indicators 10:00 AM ET, EIA Natural Gas Report 10:30 AM ET, Fed Balance Sheet and Money Supply 4:30 PM ET.

We will be hosting a FREE webinar with our partners at NOFT TODAY at 7:00pm EST featuring ‘Trading tools that make you feel like you’re cheating.’

S&P 500 Futures: Facebook Lawsuit Rains Down On Fed Rally?

Chart courtesy of @Chicagostock – $ES_F Gap fill @ 2461 from last September’s breakout. (09/08/2017)

After chopping higher in the overnight session, the S&P 500 futures opened yesterday’s cash session at 2549.25, and in the opening minutes sold off down to what would be the low of day at 2546.75. After that, heavy buy programs pushed the equity markets higher, up to 2571.00 just before 9:00, and then to the mid morning high of 2574.25 just before 10:00. From there, the futures retraced back to 2562.00 just after 10:30, and then ran up to a late morning high of 2580.75. A wave of selling came not long after the late morning high was printed when a headline came out saying the Washington, D.C. attorney general was suing Facebook over the Cambridge Analytica scandal.

The afternoon saw a move down to an early low of 2564.25, and then a bounce into the 1:00 FOMC statement, which turned into a rip up to 2592.00 following the release, but tanked in short order back down to 2535.25 in less than 15 minutes. The futures then bounced up to 2568.25 before tanking again down to 2489.50 heading into the final hour.

As the MiM was showing $1.5 billion to sell, the S&P’s rallied in the final hour up to 2519.00, and then chopped into the close, printing 2506.25 at 3:00, and settling the day at 2504.75, down -33.25 handles, or -1.3%.

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.

Lookbacks:

The lookback period (number of days) is set at 21,13,11,8 and 5 days. A heat-map is generated for each of these lookback periods, the best trade from day is scored.
The period of time that has consistently produced the best results becomes the hotspot for that look back. There are also different look-back types like Taylor and Taylor Plus.
Taylor cycles are usually 3-day cycles. A Taylor-5 look-back would use the last 5 trading days skipping back by 3 trading days. Taylor Plus uses calendar days so weekends and none
trading days are counted as part of the skip count. If a lookback period falls on a none trading day, it is not used so a TaylorPlus will continue skipping back until 5 trading days are found for the heatmap calculation.

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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.}