Last night, the S&P 500 futures opened higher by a tick in the 1915 area before falling early in first hour of globex trade down to 1905, 10 handles from the open and then proceeded to rally in the duration of the Asian session and into the Euro session making a high at the 1929 handle up nearly 25 handles from the lows. However early in the Euro session the equity index futures began to tank and traded back down below the lows down to 1902 before rallying a few handles going into the U.S. cash session open.
At the regular trading hours open in the U.S. the index futures were at 1910.00 and failed to trade as much as two handles higher before heavy sell programs hit the tape dragging the index lower throughout the morning, afternoon, and into the final hour before making a low of 1868.75 before making a small rally on a 450 market-on-close buy imbalance to settle the session at 1871.50
Heard across the newswires today was several FED members taking to media their outlook and opinion for rate hikes including Evans who sees three 25 bps rate hikes in 2016 and believe that there should be some further delay in raising interest rates, and the Fed’s Dudley who believes that rates will increase at the end of this year but seems uncertain as to what would cause him to be a supporter of such a decision. Lastly the San Fransisco Fed’s William’s is set to speak at 4:00 pm CT today.
Heading into tomorrow is a rather light economic calendar overseas as well as the U.S. All eyes will be on tonight’s globex session and tomorrow’s cash open as the anticipation is that more outflow may be seen with the final two days of the quarter approaching.
Seen Today In The IM Pro Trading Room:
Chicagostock ( 9:27:38 AM ): sold short 1910.00
Chicagostock ( 9:31:02 AM ): using a stop of break even
Chicagostock ( 9:31:12 AM ): covered some at 1907.00
Chicagostock ( 9:54:29 AM ): flat covered all at 1900 +10 handles
Floor Pivots For Tomorrow’s RTH E-mini
R3 1970.00
R2 1927.00
R1 1899.25
PP 1884.00
S1 1856.25
S2 1841.00
S3 1798.00