Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
- In Asia 9 out of 11 markets closed higher: Shanghai Comp +1.06%, Hang Seng +0.26%, Nikkei +1.36%
- In Europe 13 out of 13 markets are trading lower: CAC -1.40%, DAX -1.83%, FTSE -0.90%
- Fair Value: S&P +4.68, NASDAQ +26.85, Dow +13.11
- Total Volume: 1.19mil ESZ & 278 SPZ traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes the Personal Income and Outlays 8:30 AM ET, Chicago PMI 9:45 AM ET, Consumer Sentiment 10:00 AM ET, Baker-Hughes Rig Count 1:00 PM ET, and John Williams Speaks 4:45 PM ET.
S&P 500 Futures: Another Two Sided Day
After hitting a new low down to 2907.50 in the quiet overnight session, the S&P 500 futures opened yesterday’s regular session at 2917.50. The first move after the bell was a break down to an early low at 2914.00, before a rally, assisted by 9:00 and 9:30 buy programs, pushed the ES up to a mid morning high of 2929.00. After that there was a small pullback before the ES traveled up to the late morning high of day at 2932.00 just before noon.
The afternoon saw a slow drip lower which was helped by the MiM building up to $500 million to sell. As the final hour opened, the ES had dropped to a single tick shy of a 12 handle pullback, down to 2920.25. From there the ES drifted lower, printing 2917.00, as the final MOC came out $1.7 billion to sell. The benchmark future went on to print 2919.75 on the 3:00 cash close, before settling the day at 2920.00, up +8.50 handles, or +0.29%.
In the end it was a tale of two sides. The bulls controlled the open, and it looked like it was going to be a trend day higher, but the bears controlled the afternoon as the ES travelled back to the day’s 8:30 open.
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