Last night the S&P 500 opened at 1941.00, two handles lower from Friday’s contract close and made its low early down to 1937.25 in the first hour of globex. Late in the Euro session the equity index futures began to find a bid that continued and strengthened as the futures rallied higher up to 1959.25 up 16 handles at that point before coming off a little down to 1953.50 shortly before the cash open.
At the regular trading hours open (RTH) in the U.S. the index futures opened at 1957, up 14 handles and never looked back as the market was taken higher mostly by algorithmic buy programs that continued throughout the session. During the day sellers just couldn’t hold an offer and heading into the last hour the MiM (market-imbalance-meter) was showing strong to buy as the futures maintained the rally finding a high of 1980.00. The MOC (market-on-close) imbalance came in at $million to buy as the indexes traded close to the high of day before coming off in the final minutes as the ESZ5 settled it’s cash session at 1975.25 up 32.25 handles on the day.
Heard across the newswires today was very little, but did include Former Fed Chair Bernanke’s article in the WSJ while promoting his new book on “How The Fed Saved The U.S. Economy.”
We're heading into turnaround Tuesday which has been relevant throughout this year as the tendency has been for Tuesday to close in reverse of Monday’s direction. And given the near 120 handles from last weeks low to today’s high it certainly seems plausible for some selling to enter the market. Furthermore this is the post NFP/pre-option expiration week which has a tendency over the last two years of being the weakest week of the month having closed lower on 16 of the last 22 occasions. Otherwise the headlines are very light tomorrow worldwide and in the U.S.
Danny Riley of MrTopStep has been asked to make an appearance on the radio at 7:55 a.m. CST and 11:55 a.m. CST Wednesday at www.rmastars.com. Danny is hoping that all of his followers will come out and listen to him as he discusses relevant market news and timely commentary on the S&P 500 and all tradeable markets.
Seen Today In The IM Pro Trading Room:
(1:19:05 PM ): (bshepard) S&P less than 20 points now from Goldman’s year-end forecast
( 1:20:03 PM ): (driley1) Deutsche Bank’s Bianco cuts year-end S&P 500 target to 2,050 from 2,100
( 1:22:32 PM ): (driley) starting to look like Fridays late run up
( 3:03:59 PM ): (driley1) MiM at 540 million to BUY at 2:00 CT
Floor Pivots For Tomorrow’s RTH E-Mini
- R3 2020.25
- R2 1995.50
- R1 1986.50
- PP 1970.75
- S1 1961.75
- S2 1946.00
- S3 1921.25