Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
- In Asia 7 out of 11 markets closed lower: Shanghai Comp +0.37%, Hang Seng +0.07%, Nikkei -0.34%
- In Europe 13 out of 13 markets are trading higher: CAC +2.08%, DAX +1.96%, FTSE +1.63%
- Fair Value: S&P +0.70, NASDAQ +1.38, Dow +16.15
- Total Volume: 2.56mil ESZ & 842 SPZ traded in the pit
As of 8:00 AM EST
Today’s Economic Calendar:
Today’s economic calendar includes the 8-Week Bill Settlement, NFIB Small Business Optimism Index 6:00 AM ET, PPI-FD 8:30 AM ET, Redbook 8:55 AM ET, and a 3-Yr Note Auction 1:00 PM ET.
S&P 500 Futures: Early Drop And Afternoon Pop
.After trading lower in the overnight session and then rallying into the open, the S&P 500 futures opened yesterday’s regular session at 2630.75, then ran up to an early high at 2639.25 in the first 15 minutes. Before long, attention turned to the downside, as a selling frenzy pulled the ES down to 2609.50, a 30 handle pullback in 15 minutes. From there, the futures rallied 20 handles, then turned lower again, running through some sell stops all the way down to 2583.00 just after 10:00, making a low for the day, and breaking the May low for the S&P 500.
The late morning saw a rally up to 2609.75 following the Euro close, and then after a 16.75 handle pullback, strong buy programs came in pushing the benchmark futures up to 2624.75 heading into the noon hour. The afternoon saw a new high of day, as the ES gradually made a series of higher highs and higher lows, printing 2648.50 at the high, before trading 2637.50 on the 3:00 close, and going on to settle the day at 2643.25, up +7.25 handles, or +0.28%.
In the end, the tone was about the open and the European close, as the ES looked terribly weak, making a new multi month low before reversing following the Euro close, and then looking impressively firm later in the day.
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