Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
- In Asia 6 out of 11 markets closed higher: Shanghai Comp -1.81%, Hang Seng -0.85%, Nikkei +0.86%
- In Europe 7 out of 13 markets are trading lower: CAC -0.06%, DAX -0.21%, FTSE -1.20%
- Fair Value: S&P +0.28, NASDAQ +8.65, Dow -27.87
- Total Volume: 1.35mil ESU & 600 SPU traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes Motor Vehicle Sales, MBA Mortgage Applications 7:00 AM ET, ADP Employment Report 8:15 AM ET, Treasury Refunding Announcement 8:30 AM ET, PMI Manufacturing Index 9:45 AM ET, ISM Mfg Index 10:00 AM ET, Construction Spending 10:00 AM ET, EIA Petroleum Status Report 10:30 AM ET, and the FOMC Meeting Announcement 2:00 PM ET.
S&P 500 Futures: July, Best Month For The S&P Since January
Following a quiet overnight trade, the S&P 500 futures opened the regular session Tuesday at 2812.75, up +9.50 handles. The benchmark futures ran up to 2818.00 in the opening minutes before trading down to 2810.25 just before 9:00, and then up to 2816.50 for a lower high, then made the morning low of 2808.50 just before 9:30.
From there, the ES went on a thin to win grind higher, helped by a couple buy programs along the way, as the markets turned thin in anticipation of the afternoon FOMC. The morning high print at 11:30 was 2825.00.
The afternoon saw a mostly quiet trade, but the direction was lower after the morning high. The ES printed 2818.50 at 1:15, rallied to 2822.50, and then start dropping in the final hours as the MiM was growing to the sell side, and the ES traded to a 2816.25 low. The 2:45 reveal showed MOC to be $710 million to sell, and the futures sold off down to 2813.50, then rallied into the cash close, trading 2817.50 at 3:00, and then rallied into the settlement up to 2824.75, finishing the day at 2824.00, up +20.75 handles, or 0.74%.
In the end, the buyers showed up at month end pushing the S&P up to its best month since January. In terms of the ES’s overall tone, it went from bad to good in one day. In terms of the days overall trade, it was a thin to win rip that squeezed out a lot of shorts. Now it’s time to see if the ES can hold up in the first trading days of August.
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