Last night, the S&P futures opened at 1965.00 slightly down and traveled lower, making an early globex low at the 1960.00 area before bouncing higher during the Asian session and especially into the European session, making a high of 1985.50. Shortly after the 3:00 am globex pivot we have spoken of for weeks, the futures came off by 10 handles before finding support there and began to rally heading into the U.S. cash session.
At the regular trading hours open (RTH) in the U.S., the index futures opened at 1982.50, up 18 handles from the prior days contract close and immediately started trading higher, heading into the first floor resistance area before losing steam 10 handles from the open, making a high of 1992.50. Shortly after the opening 30 minutes, strong sell programs took over, taking the index down nearly 25 handles in less than an hour before the futures found a mid day low, and bounced into the afternoon closing near the highs.
Heard across the newswires today was very little, but was mainly centered on news coming out of Syria, as Russia has taken steps to enter the conflict.
Heading into tomorrow is a much fuller economic calendar, beginning with PMI numbers coming out of China tonight. In addition to the early numbers in tomorrow’s session, all eyes will be on the September FED minutes released in the afternoon, which coincides with a couple of members of the Federal Reserve giving talks.
Seen Today In The IM Pro Trading Room:
Chicagostock ( 9:36:41 AM ): L8250
Chicagostock ( 10:06:08 AM ): flat last 8750 +5
Floor Pivots For Tomorrow’s RTH E-mini
R3 2020.00
R2 2005.75
R1 1996.50
PP 1982.00
S1 1972.25
S2 1958.50
S3 1949.00