Last night, the S&P 500 Futures opened at 1973.00 down 2.5 handles and traded lower for most of the globex session making a low of 1963.50 going into the 3:00 am CT European pivot we have been mentioning for a few weeks.
At the regular trading hours open (RTH) in the U.S. the index futures opened at 1975.50 and tried to reach higher prices in the first hour of the cash session making an early high of 1982.25 before the buying dried up leading the way into sell programs that took the ESZ down 12 handles in the first hour before mostly chopping the rest of the session. It’s low was made midday at 1962.50 and the afternoon rally failed with a $500 million MOC sell imbalance into the close leading price to settle at 1968.00, in the lower half of the range, ending what was a very quiet 20 handle range day.
Heard across the newswires today was very little, but did include Goldman Sachs lowering GDP projections narrowly, while the Atlanta FED raised expectations for GDP.
Heading into tomorrow is an extremely light economic calendar in the U.S as earnings season begins with several light weights. The calendar overseas for Wednesday’s session is also relatively light.
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
- ( 3:03:59 PM ): (driley1) MiM at 540 million to Sell at 2:00 CT
Floor Pivots For Tomorrow’s RTH E-mini
- R3 2010.50
- R2 1990.75
- R1 1979.75
- PP 1971.00
- S1 1959.50
- S2 1951.25
- S3 1931.50