Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
- In Asia 7 out of 11 markets closed lower: Shanghai Comp +0.52%, Hang Seng +0.46%, Nikkei -0.22%
- In Europe 13 out of 13 markets closed higher: CAC +0.24%, DAX +0.39%, FTSE +0.75%
- Fair Value: S&P +1.07, NASDAQ +12.12, Dow -32.16
- Total Volume: 1.81 million ESM & 256 SPM traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes Employment Situation 8:30 AM ET, International Trade in Goods 8:30 AM ET, Retail Inventories 8:30 AM ET, Wholesale Inventories 8:30 AM ET, PMI Services Index 9:45 AM ET, ISM Non-Mfg Index 10:00 AM ET, Charles Evans Speaks 10:15 AM ET, Richard Clarida Speaks 11:30 AM ET, Baker-Hughes Rig Count 1:00 PM ET, John Williams (NYSE:WMB) Speaks 1:45 PM ET, Michelle Bowman Speaks 3:00 PM ET, James Bullard Speaks 7:45 PM ET, Mary Daly Speaks 7:45 PM ET, Robert Kaplan Speaks 7:45 PM ET, and Loretta Mester Speaks 7:45 PM ET.
S&P 500 Futures: Rollercoaster Swings
Chart courtesy of Stewart Solaka @Chicagostock – $CL_F Shaking out longs after leaving them trapped > 65. 5960 next major test, late March low 5817 next major stops.
During Wednesday nights Globex session, the S&P 500 futures (ESM19:CME) printed a high of 2932.25, a low of 2915.50, and opened Thursday’s regular trading hours at 2922.75.
The ES was strong out of the gate after the 8:30 CT bell, and rallied up to a new high at 2932.75 on solid factory orders data. By 9:30 its had double topped at 2932.75 and then started to head lower.
Wave after wave of selling pressure came in, and the ES would find its way down to a double bottom at 2901.00, a 32 handle move in just under 2 hours. The swings just kept coming after that, and by 1:30 the futures had recovered back up to 2920.50.
Going into the close, the ES had pulled back a little, trading down to 2909.75, and when the MiM came out showing $103M to sell, the futures had popped back up to 2916.00. It would then go on to print 2918.75 on the 3:00 cash close, and 2918.00 on the 3:15 futures close, down 5 handles on the day.
In the end, the overall tone of the ES was weak, but firmed up at the end of the day. In terms of the days overall trade, total volume was higher, with 1.80 million futures contracts traded.
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