Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
- In Asia 8 out of 11 markets closed higher: Shanghai Comp +0.68%, Hang Seng +0.10%, Nikkei +2.61%
- In Europe 12 out of 13 markets are trading higher: CAC +1.00%, DAX +1.25%, FTSE +0.17%
- Fair Value: S&P -0.76, NASDAQ +4.44, Dow -24.34
- Total Volume: 1.1mil ESH & 188 SPH traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes a the 8-Week Bill Settlement, NFIB Small Business Optimism Index 6:00 AM ET, Redbook 8:55 AM ET, JOLTS 10:00 AM ET, Jerome Powell Speaks 12:45 PM ET, Esther George Speaks 5:30 PM ET, and Loretta Mester Speaks 6:30 PM ET.
S&P 500 Futures: UNCHED
Over the weekend it sounded like the U.S. / China trade negotiations were not going well, but after U.S. trade representative Robert Lighthizer and Treasury Secretary Steven Mnuchin arrived in Beijing, there seemed to be a softer tone. Jonathan Golub, chief U.S. equity strategist at Credit Suisse (SIX:CSGN), said “There’s this belief that this is going to very quickly resolve itself, and I think the reality is that there are very complicated long-term issues on the trade relationship between the two most powerful economies around the world.”
During Sunday nights Globex session, the S&P 500 futures (ESH19:CME) printed a high of 2721.50, a low of 2700.50, and opened Monday’s regular trading hours at 2714.50. The morning high print was 2717.50 right after the bell, and the morning low came in at 2703.75. The S&P’s traded 2708.25 on the 10:30 European close, and 2710.50 going into the noon hour.
The early afternoon saw a low of 2702.75, a high of 2711.75, and a print of 2705.50 going into the final hour of the day. The futures staged a minor rally heading into the close, and traded 2706.50 on the 2:45 cash imbalance reveal, then printed 2708.75 on the 3:00 cash close, and settled the day at 2708.50 on the 3:15 futures close, up +2.25 handles, or +0.08%.
In the end, most of the buying was done before the open, and the overall tone of the ES was somewhat weak. In terms of the days overall trade, volume was lower, with only 1.1 million futures contracts traded.
Disclaimer: Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Any decision to purchase or sell as a result of the opinions expressed in the forum will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.