Traders work on the floor of the New York Stock Exchange shortly after the markets opened in New York September 3, 2015. REUTERS/Lucas Jackson
Turn Around Tuesday
Overnight the S&P 500 futures opened and traveled 6 handles higher to the 1949 area before turning early in the Asian session and grinding lower into the Euro session making a low of 1935.00 at 3:30 CST. After finding that low price bounced about 16 handles before opening the cash session in the U.S at 1948.75 up about 5 handles. The index tried to trade lower early on but the 1945 area was met with buyers as the index rallied 25 handles from its open and nearly 40 handles from the overnight low up to the 1973 handle before coming off the highs into the close eventually settling the cash session at 1969.75 up 25.75 handles.
Tomorrow all eyes began to take focus on the Fed’s two day meeting on an otherwise light economic calendar. Interestingly over the last 20 years September 16th has only closed lower a single time however the futures have not found much comfort above 1970 in recent weeks as every attempt to rally higher has failed. Today’s low volume, thin trade could be telling or more to come tomorrow as the mid month book squaring is underway ahead of the FOMC release on Thursday.
Seen Today In The MrTopStep IM Pro Trading Room:
Dboy1 ( 10:43:35 AM ): sold 57.00s
Dboy1 ( 10:46:46 AM ): sold 60.50s
Dboy1 ( 10:53:16 AM ): paid 57.50 on half
Dboy1 ( 12:13:38 PM ): I scratched the other half of my 60.50s
Dboy1 ( 12:14:01 PM ): volume is so low , makes it hard to sell
Floor Pivots For Tomorrow’s RTH E-mini
R3 2021.00
R2 1991.50
R1 1980.75
PP 1962.00
S1 1951.75
S2 1932.50
S3 1903.00