MrTopStep’s Index Futures Recap Tuesday October 20th
Last night, the S&P 500 futures opened the globex session at 2026.50 down 3 ticks from Monday’s contract settle. Price traded lower during much of the overnight session and after failing to hold its bid on the Asian open it chopped into the euro open before dropping 7 handles at the 3:00 am CT globex pivot we continue to mention. From there the futures found a low of 2019.75 down 7.5 handles on the session before traveling higher in the U.S. cash open.
At the regular trading hours open, the S&P futures opened at 2021.75, and immediately traded down near the overnight low before bouncing about 13 handles before 10:00 CT making a high of 2031.50. From there sell programs kept a steady offer into the midday and early afternoon as the futures barely took out the globex low making a cash session low of 2018.50 before travelling higher in the final hour on a MiM (market-imbalance meter) showing as much as $400 million to buy side and the actual MOC (market-on-close) imbalance came in at $360 million to buy while the futures settled the cash close at
Heard across the wires was very little today as the days Fed speak was muted concerning policy and the economic calendar was very light. Tomorrow’s calendar is another extremely light one as volume is continuing its decline and price is struggling to hold its daily highs. An October rally can be difficult to short but as indexes prepare for month’s end there could be an opportunity to see some selling from profit taking as funds have kept a steady bid since months beginning.
Seen Today In The IM Pro Trading Room:
Dboy1 ( 9:58:22 AM ): bought 25.50s small
Dboy1 ( 10:17:39 AM ): using break even stop
Dboy1 ( 10:22:41 AM ): took some profit at 28.50, leaving the rest with b/e stop
Dboy1 ( 10:53:24 AM ): covered the rest at 30.50 +5 handles
Floor Pivots For Tomorrow’s RTH E-mini
R3 2049.75
R2 2036.75
R1 2029.00
PP 2023.75
S1 2016.00
S2 2010.75
S3 1997.75
Tomorrow’s Notable Earnings: American Express Co (N:AXP), Baker Hughes Inc (N:BHI), Biogen Inc (O:BIIB), Boeing Company (N:BA), Brandywine Realty Trust (N:BDN), Coca-Cola Company (N:KO), Equifax Inc (N:EFX), General Motors Co (N:GM), Kimberly-Clark Corp (N:KMB), Las Vegas Sands Corp (N:LVS), Morningstar Inc (O:MORN), Piper Jaffray Companies (N:PJC), Raymond James Financial Inc (N:RJF), SanDisk Corporation (O:SNDK), Sonoco Products Company (N:SON).