The Post Labor Day RIP
Heading into the long weekend the S&P 500 futures (ESU15:CME) closed last week not looking very good. Friday’s nonfarm payroll (NFP) release was below expectations and the index responding by adding to it’s globex losses during the cash session without finding a sustainable bid until late in the day.
When globex opened Sunday night the futures traveled higher early into the Asian session before coming off, and then rallied again during Monday night globex session to open today handles higher from Friday’s close. While the index futures did find some weakness early in terms of a 10 handle sell off from the highs it bounced into the midday and in the closing third of the day rallied up toward 1970 coming close to last weeks high.
Last week MrTopStep pointed out that 1950 seemed to be the new pivot and we are seeing trades on a nearly daily basis on both sides of that pivot and we think that if it can stay above that level then 1975.00 will come this week with potential buy stops all the way to the 2000.00 price. However the S&P has run up very quickly covering much range and we may see some pullback below the 1960 area before moving higher.
Seen Today In The MrTopStep IM Pro Trading Room:
IMPRO: Dboy1 ( 9:45:56 AM ): 09:45:42 TRADINGDATA2: (driley) sold 56s small
IMPRO : Dboy1 ( 9:55:02 AM ): Im trying to stay short
IMPRO : Dboy1 ( 10:03:19 AM ): paid 50.00 on half
IMPRO : Dboy1 ( 10:03:25 AM ): + 6
IMPRO : Dboy1 ( 10:24:50 AM ): paid 48.50 on 1/4th postion
IMPRO : Dboy1 ( 10:52:09 AM ): paid 47 on the last of my short
IMPRO : Dboy1 ( 12:31:33 PM ): sold 55s small using a 2 buck stop
IMPRO: Dboy1 ( 12:48:36 PM ): bidding 52 on half
IMPRO : Dboy1 ( 12:52:24 PM ): filled ; stops down to a break even
IMPRO : Dboy1 ( 12:57:00 PM ): bidding 49 on the bal.
IMPRO : Dboy1 ( 1:06:05 PM ): filled
IMPRO : Dboy1 ( 1:09:46 PM ): talking a walk / having a decent day / dont want to over trade
by FairValue Trader