Last night, the S&P 500 futures opened the globex session at 2076 and kept a bid during the overnight session, creeping up to make a high of 2087.25 late in the session shortly after 7:00 CT before coming off by more than 5 handles into the cash open, which was expected to be quiet as the bank holiday offered a non-settle day for the markets.
At the regular trading hours open, the S&P futures opened at 2081.75 up 4 handles on the day and almost immediately began to sell at a stronger than expected rate, making a low of 2070.50 just after the 9:30 CT mark, then down more than 10 handles from the open and 17 handles from the overnight high. From there, the futures rallied more than 10 handles, making a 11:30 CT high of 2082.50 before coming off into the afternoon trading back below the morning low down to 2068.00 before settling at 2069.25, 12 handles from the open and 18 handles from the overnight high.
Heard across the news wires was very little overseas and virtually nothing here in the United States. However, overnight the market continued to shake off weaker than expected numbers out of China as the industrial production was reported to be a miss.
The calendar tomorrow will pick back up after a no-news day with a load of releases, which will also included multiple Fed speakers including Fed Chair Yellen. After the S&P failed to hold the overnight rally and then the regular session rally closing near the lows, there seems to be some concern brewing short term at least. Below the 2065 area there could be sell stops to 2055 and then more even to the 2020 area.
Floor Pivots For Tomorrow’s RTH E-mini
R3 2102.25
R2 2087.75
R1 2078.50
PP 2073.25
S1 2064.00
S2 2058.75
S3 2044.25