Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
- In Asia 11 out of 11 markets closed lower: Shanghai Comp -0.59%, Hang Seng -1.48%, Nikkei -2.50%
- In Europe 12 out of 12 markets are trading lower: CAC -1.88%, DAX -2.26%, FTSE -1.00%
- Fair Value: S&P -0.26, NASDAQ +2.60, Dow -6.88
- Total Volume: 2.8mil ESH & 1.4k SPH traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes Consumer Sentiment 10:00 AM ET, and the Baker-Hughes Rig Count 1:00 PM ET.
S&P 500 Futures: #ES Drops 72.50 Handles
Wednesday was a wild Globex and day session for the S&P 500 futures (ESH18:CME). The #ES initially traded down to 2702.75, then traded up to 2722.50, and then dropped down to 2698.00 before rallying back up to 2719.25 just before the 8:30 CT open. Globex volume was pretty heavy, with 340,000 contracts traded.
On Thursdays 8:30 bell, the futures traded 2714.00, shot up to 2720.25 at 8:34, and then sold off all the way down to 2698.50. After the low, the ES dropped and popped several times, making a higher low at 2704.50, and then took off up to 2731.00. After the run up there was a selloff down to the 2708 area, followed by a rally back up to 2718.50, and then dropped back down to 2706.00.
After a quick move back up to 2721.75, the ES went into a downside tailspin selling, off down to 2695.50, then down to 2673.75, and eventually hit a low at 2658.50. Once the low was in, the futures traded up to the 2675 area, and then sold back off down to 2663.50 before a late day buy program, which I warned the forum about, boosting the ES all the way up to 2688.75 at 2:20.
The MiM came out showing over $600 million to buy, and as it decreased, flipping to $300 million to sell, the ES sold off down to 2667.00, and then rallied back up to 2684.00 on the 3:00 cash close.
In the end, the VIX may have pulled back down to the low 16’s, but the damage just doesn’t go away. After a big earthquake there are always aftershocks, and thats whats happening now. After a slowdown the, news headline algos have gone ballistic the last few days, and most of it is the fed and Powell.
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