Last night on the globex open, the S&P futures opened at 2009.00 and bid higher early in the session trading up to 2017.00 early in the first part of the Asian session before rolling over into the Asian close and again after the Euro open, making its session low of 1992.25 just after 4:15 am CT before rallying nearly 20 handles into the cash open.
At the US regular trading hours open, the S&P opened at 2009.00 and buy programs attempted to take the equity markets to an early high but ran out of fuel early on the the ESH6 sold 18 handles from the cash high into the mid-day session and found low of 1995.25 before rallying back near the highs before the final hour.
As the markets entered 2:00 CT the MiM was showing over $350 million to buy early and the futures began to rally before falling short into the close on a MOC of $340 million to buy.
Heard across the news wires today was relatively little after yesterday’s eventful day as the S&P 500 made a higher low on a technical inside day signalling a new “jump ball” between bears and bulls. Tonight’s calendar is fairly quiet but some key economic indicators from the U.S. tomorrow combined with the technical position the global markets are in should offer some amount of decent trade.
‘From Nomura
FOMC minutes are out on Wednesday for its December meeting, and Nomura expects them to give us better insight into the FOMC’s plan for future hikes.
“We are also focused on identifying further discussions about the “neutral” interest rate,” Nomura adds.
For the US jobs report on Friday, Nomura expects a steady pace of job gains again in December, and forecasts total NFP will gain 220k jobs.
“We expect the unemployment rate to remain unchanged and average hourly earnings to grow by a solid 0.28% m-o-m (2.8% y-o-y) as the labor market continues to tighten,” Nomura projects.
Floor Pivots For Tomorrow’s RTH E-mini
R3 2045.25
R2 2026.25
R1 2019.00
PP 2007.25
S1 2000.00
S2 1988.25
S3 1969.25
Tomorrow’s Notable Earnings: Monsanto Co (N:MON)