Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
- In Asia 10 out of 11 markets closed lower: Shanghai Comp -0.71%, Hang Seng -1.38%, Nikkei +0.97%
- In Europe 13 out of 13 markets are trading lower: CAC -0.67%, DAX -0.49%, FTSE -0.82%
- Fair Value: S&P +0.28, NASDAQ +10.25, Dow -30.13
- Total Volume: 1.19mil ESH & 683 SPH traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes a 3-Month Bill Auction and a 6-Month Bill Auction at 11:30 AM ET.
S&P 500 Futures: ES Up 6 Days In A Row
Chart courtesy of @Chicagostock – $ES_F Consolidating its recovery of last FOMC’s failed 2592 high. Monday, open >2600 allows opportunity to “jump >fence” of resistance, giving way to expand higher, next gap @ 2647. Open
After drifting lower in the overnight session, the S&P 500 futures opened Friday’s cash hours at 2583.75, made an early high of 2585.50, and then sold off in the first hour to what would be the low of day at 2577.00. From there, the futures rallied to the mid-morning high of 2584.25, then after trading down to a higher mid morning low of 2577.50, the ES pushed up to to a late morning high at 2596.00.
The midday saw a drift lower, making an afternoon lower at 2585.50 heading into 1:00, and then the ES rallied making a new high into the close at 2596.75. The benchmark futures contract went on to print 2596.25 on the 3:00 close, before settling the day at 2595.00, up a single handle.
In the end, it was one of the slowest trading sessions in over 2 1/2 months. Part of this had to do with the big rally over the last week and a half, and the other part is that people are still on holiday. In terms of the ES’s overall tone, it still feels higher. In terms of the days overall trade, only 1.19 million ES traded, which is just about a 50% drop in volume.
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