Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
Today’s Economic Calendar:
Monday: Personal income, March (+0.4% expected; +0.4% previously); Personal spending, March (+0.4% expected; +0.2% previously); “Core” PCE, year-on-year, March (2% expected; 1.6% previously); Pending home sales, March (+0.5% expected; +3.1% previously); Dallas Fed manufacturing, April (25 expected; 21.4 previously).
S&P 500 Futures: Fridays #ES ‘Dip & Rips’
Thursday, the S&P 500 futures traded up to 2677.50 on Globex after Amazon (NASDAQ:AMZN) reported ‘blockbuster’ earnings, then sold off down to 2665.25 early Friday morning. On Fridays 8:30 CT futures open, the first print in the ES was 2672.50, followed by a trade up to an early high at 2676.26. From there, the futures pulled back down to 2668.50, and then made two lower highs at 2675.75 and 2673.00 at 9:17 am. After the failed move higher, the ES got hit by several small sell programs, pulling the futures down to 2657.75 going into 10:00 am.
It didn’t look good for the ES, but like I said in Friday’s view, I did not think the ES was going to go out weak, and it didn’t.
After the low was in, the futures made a series of higher lows, traded back up to 2671.00, made two more higher lows at 2662.75 and 2663.50, and then traded up to 2674.00 at 12:35. After a drop down to another higher low at 2666.50, the futures rallied up to 2673.25, had one last selloff before the close down to 2666.00 at 2:17 CT, traded 2668.00 on the 2:45 cash imbalance, 2669.00 on the 3:00 cash close, and went on to settle at 2669.25 as the MiM went from over $600 million to sell to $321 million to sell. On the 3:15 futures close, the ES traded 2671.50, down -3.00 handles, or -0.11% on the day.
In the end, all we have to say is, things went pretty much according to what we thought it would; an early selloff and bounce. In terms of the overall trade, things slowed down, as did volume.
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