Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
- In Asia 6 out of 11 markets closed higher: Shanghai Comp -0.60%, Hang Seng +0.79%, Nikkei +0.72%
- In Europe 11 out of 12 markets are trading higher: CAC +0.39%, DAX +0.60%, FTSE +0.40%
- Fair Value: S&P +0.78, NASDAQ +14.62, Dow -14.91
- Total Volume: 2.8mil ESM, and 1.2k SPM traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes Chicago Fed National Activity Index 8:30 AM ET, Dallas Fed Mfg Survey 10:30 AM ET, William Dudley Speaks 12:30 PM ET, and Loretta Mester Speaks 4:30 PM ET.
S&P 500 Futures: #ES #NQ #YM FlashCrash
Fridays trade started with Japan’s Nikkei down -4.5%, and markets in Hong Kong, South Korea, Australia and Shanghai all down by 2% to 4% each. Also, before Friday’s open, the The Stoxx Europe 600 was down -1.1%.
The S&P 500 futures sold off down to 2617.00 on Globex Thursday night, then rallied all the way up to 2752.25 just before Friday mornings open. Total Globex volume was 458,000 contracts traded. On the 8:30 bell, the ES traded 2750.00, and then shot up to 2758.75 in the first few minutes before quickly selling off down to 2741.00. After the pullback, the futures traded up to 2752.00, pulled back a little, and then traded down to 2635.25.
It was a big day of ‘rips and dips’. At 1:00, the ES had traded up to 2649.75, and then back down to 2627.50 by 1:36. Total volume was 1.86 million contracts. After a small uptick the ES sold off down to 2619.00, and then broke all the way down to 2601.75, 67 handles off the high of the day. From there, the ES rallied up to 2615.25, and then dropped back down to 2602.50 as the MiM went to over $2bil to sell at 2:30.
There was a small pop, and then the futures went down again and made a new daily low at 2601.25. After another small bounce, the ES traded down to 2686.00 at 2:54. On the 3:00 cash close the futures traded 2590.50, and went on the settle at 2598.75, down -50 handles, or -1.89%. The NQ settled down -144.75 points, or down -2.16%.
In the end, it was all about what I have been saying, the ES can go up, but it just can’t hold the rallies.
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