S&P Futures Close The Week Positive
What it week it has been as we have seen some of the most volatile trading and widest ranges on the equity index futures since 2011. All in all the equity markets rallied from a blood bath on Monday for the S&P 500 futures (ESU15:CME) to close the week in positive territory making it one of the most historical weeks in the history of the exchanges.
We at MrTopStep have been working a little harder like most traders this week so we will keep it short and sweet.
Next week the economic calendars get’s busier as all eyes look on the non-farm-payroll number which had led to higher weekly closings for the indexs the majority of the last couple years. However the month of August will close Monday which leads us to point out that 8 of the last 9 months the closing day of the month finished down, many were considerably down and the only up day was by less than five handles. Give how quickly the S&P 500 has risen from its lows to fight above the break even level for the week, it’s conceivable there we some early weakness next week followed by what could be a lighter volume and less volatile week as traders may attempt to enjoy the last full week of the summer season.
We will leave it at that and see you next week. BTW: Thanks to Ryan Detrick for the image.
Seen In The MrTopStep IM Pro Room Today:
IMPRO: Dboy1 ( 11:57:18 AM ): Our view is that the S&P tends to go sideways to lower after a big up day. There could be a little more on the upside but I think you have to sell into the early rallies and figure out the second part later.
IMPRO : Dboy1 ( 11:57:27 AM ): and here is the kicker
IMPRO : Dboy1 ( 11:57:39 AM ): its not today you have to worry about
IMPRO : Dboy1 ( 11:58:36 AM ): its Monday the last day of Aug and a big end of the month rebalance to the sell side
IMPRO : Dboy1 ( 12:01:57 PM ): u know I am mostly a bull but the ES has already rallied big and the selling on the month end has been big
Floor Pivots For Tomorrow’s RTH E-mini:
R3 2022.75
R2 2003.25
R1 1996.00
PP 1983.75
S1 1976.50
S2 1964.25
S3 1944.75
Monday’s Economic Calendar:
7-Yr Note Settlement
2-Yr Note Settlement
5-Yr Note Settlement
5-Yr TIPS Settlement
Chicago PMI 9:45 AM ET
Dallas Fed Mfg Survey 10:30 AM ET
4-Week Bill Announcement 11:00 AM ET
3-Month Bill Auction 11:30 AM ET
6-Month Bill Auction 11:30 AM ET
Farm Prices 3:00 PM ET
- Open: 1977.50
- High 1991.00
- Low: 1971.50
- Close: 1988.75
- Volume: 1,953,220 total
- MOC: 300 Million to Sell