Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
- In Asia 11 out of 11 markets closed lower: Shanghai Comp -0.55%, Hang Seng -1.03%, Nikkei -0.77%
- In Europe 8 out of 12 markets are trading lower: CAC -0.12%, DAX +0.30%, FTSE +0.06%
- Fair Value: S&P -0.46, NASDAQ +0.55, Dow -4.88
- Total Volume: 1.4mil ESH & 1.9k SPH traded in the pit
Today’s Economic Calendar:
MBA Mortgage Applications 7:00 AM ET, William Dudley Speaks 7:30 AM ET, Raphael Bostic Speaks 8:00 AM ET, ADP Employment Report 8:15 AM ET, William Dudley Speaks 8:20 AM ET, International Trade 8:30 AM ET, Productivity and Costs 8:30 AM ET, EIA Petroleum Status Report 10:30 AM ET, Beige Book 2:00 PM ET, and Consumer Credit 3:00 PM ET.
S&P 500 Futures: #ES Drop, Pop And Chop
Yesterday’s S&P 500 futures trade started with a Globex trading range of 2716.00 to 2734.50, with 208,000 contracts traded. On the 8:30 CT bell, the first print was 2732.00. Just after the open, the ES upticked to 2732.75, and then made several lower lows down to 2712.75. After that, the ES rallied back up to 2720.75, and then sold off down to a new low at 2711.25. From there, the futures rallied a little, and then made a new low of 2710.25 at 10:41 CT. Just before 12:00, the ES had traded up to 2724.25, and then up to 2730.00 at 1:10.
After an hour of back and fill the futures broke back down to 2720.00.The next move was up to 2730.50 just before 2:00. There was a pullback down to 2721.50, then a move back up to a lower high at 2729.00, followed by a drop down to a higher low at 2722.50 as the MiM went from $86 million to buy to $270 million to buy. On the 2:45 cash imbalance reveal, the ES traded 2726.50, then printed 2727.00 on the 3:00 cash close, and went on to settle at 2724.00 on the 3:15 futures close, up 5.25 handles, or + 0.19%, on the day.
In the end, there were two good trades, selling the open and buying when it dropped down to the 2710 area. After that it was a big chop. The ES staged several late rallies, but kept failing from the 2729-2730 level. Overall, volume was OK, but it was a very choppy trading session.
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