Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
- In Asia 10 out of 11 markets closed higher: Shanghai Comp +1.36%, Hang Seng +2.02%, Nikkei +0.96%
- In Europe 7 out of 13 markets are trading lower: CAC -0.07%, DAX -0.29%, FTSE -0.05%
- Fair Value: S&P +0.12, NASDAQ +9.60, Dow -31.97
- Total Volume: 1.19mil ESH & 110 SPH traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes PPI-FD 8:30 AM ET, Empire State Mfg Survey 8:30 AM ET, Redbook 8:55 AM ET, Neel Kashkari Speaks 11:30 AM ET, Robert Kaplan Speaks 1:00 PM ET, and Esther George Speaks 1:00 PM ET.
S&P 500 Futures: Down Overnight And Then Upside Grind
Chart courtesy of @Chicagostock – $ES_F Fought to consolidate Monday as 3rd negative open was defended, however buyers failed to overcome prior close. Tuesday: Open >2588 keeps shorts from Monday on the hook, giving buyers opportunity to run/expand. Open
After dropping in the overnight session, the S&P 500 futures opened yesterday’s cash session at 2575.50, and traded down to an early low of day at 2570.75 in the first half hour. From there, through the rest of the morning it was all about steady buying, as the ES pushed up to 2588.00 just after 9:30, then after a 9.75 handle pullback, rallied up to 2588.25 for the morning high.
The midday saw a 5 handle pullback, before buyers printed a new high of day at 2589.75 heading into 1:00. After that, the ES began to pull back heading into the final hour, making a mid-afternoon low at 2589.75 and then rallied in the last hour to 2589.50 before selling off late in the day down to 2577.00. The benchmark futures contract went on to settle the day at 2580.75, down -14.25 handles, or -0.55%.
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