Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
- In Asia 6 out of 11 markets closed higher: Shanghai Comp -0.23%, Hang Seng +0.72%, Nikkei +1.14%
- In Europe 11 out of 13 markets are trading lower: CAC -0.37%, DAX -0.23%, FTSE -0.89%
- Fair Value: S&P -0.46, NASDAQ +6.13, Dow -40.04
- Total Volume: 1.30mil ESZ & 756 SPZ traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes Redbook 8:55 AM ET, JOLTS 10:00 AM ET, 10-Yr Note Auction 1:00 PM ET, and Treasury STRIPS 3:00 PM ET.
S&P 500 Futures: Pre-Election Rotation, Buy Dow And S&P / Sell Nasdaq
After a big selloff after last Friday’s job report, the S&P 500 futures traded up to 2729.50 on Sunday nights Globex session, and opened at 2727.75, up +4.5 handles, Monday’s 8:30 CT regular session open. The first move was a trade up to an early high 2733.25. After that, the NQ got weak and dragged the ES down to an early low at 2717.00, before bouncing back up to 2734.25, one handle higher than the early high.
Once the new high was in, the ES sold back off just below the vwap at 2724.25, back and filled for a few hours, and then did a big stop run up to new highs at 2734.75 around 1:45 CT. The next move was back down to the 2732.00 area, as the Mim started to show $165 million to sell. On the 3:00 cash close the ES traded 2738.00, and then went on to settle at 2739.00 on the 3:15 futures close, up +14.75 handles, or +0.54% on the day.
In the end, the overall price action of the ES was positive, but was also being held back by the weakness in the NQ. In terms of the days overall trade, it was the lowest volume in over three weeks, as traders cut back going into today’s elections.
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