Last night, the S&P 500 futures opened the globex session at 2099.50 and maintained a sideway chop into the Asian close and from there rallied into the Euro open making an overnight high of 2105.00 on the European open before trading sideways to lower into the U.S. cash session open.
At the regular trading hours open, the S&P futures opened at 2099.50 and bid up making an early high at the 2103.00 area before trailing off later morning following the path of crude oil futures (CLF16) as stops we are run under the $40.00 level and later in the afternoon the shootings alert in California did not favor the equity index futures at all as new lows came in the final hour on a $1.1 billion dollar MOC (market-on-close) flow taking the ESZ down to 2075.00 nearly 30 handles from the days high before rallying into the closing bell to settle at 2082.00 down 18.00 handles on the day, but up 7 handles from the afternoon low.
Heard across the news wires today was Fed Speak from Chair Yellen, Lockhart and Williams, who offered considerable hawkish statements suggesting support for a rate hike this month. Also reported late in the day were multiple gunmen having been involved in shootings in California with news still breaking into the U.S. regular session close.
Going into tomorrow, the economic calendar is heavy beginning with the European session being capped with the ECB’s Mario Draghi’s press conference followed by several U.S. economic releases and Fed speak from Chair Janet Yellen and others. Technically, the ESZ failed 2100.00 again and produced an outside day on the chart which is historically indicative of lower prices to come.
Floor Pivots For Tomorrow’s RTH E-mini
R3 2142.50
R2 2114.75
R1 2098.25
PP 2087.00
S1 2070.50
S2 2059.25
S3 2031.50