Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
- In Asia 10 out of 11 markets closed higher: Shanghai Comp +1.15%, Hang Seng +2.54%, Nikkei +0.96%
- In Europe 11 out of 13 markets are trading higher: CAC +0.61%, DAX +0.76%, FTSE -0.06%
- Fair Value: S&P +6.29, NASDAQ +33.83, Dow +38.77
- Total Volume: 1.57mil ESU & 2,423 SPU traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes Weekly Bill Settlement, 52-Week Bill Settlement, CPI 8:30 AM ET, Jobless Claims 8:30 AM ET, Randal Quarles Speaks 10:00 AM ET, EIA Natural Gas Report 10:30 AM ET, Raphael Bostic Speaks 12:30 PM ET, 30-Yr Bond Auction 1:00 PM ET, Treasury Budget 2:00 PM ET, Fed Balance Sheet and Money Supply 4:30 PM ET.
S&P 500 Futures: APPLE / CHINA Whipsaw
The S&P 500 futures traded up to 2895.25 on Globex, pulled back slightly, and opened Wednesday mornings regular session at 2888.00, down -1.75 handles. After the bell, the ES traded up to 2891.25, and pulled back down to 2879.25 as the NQ tumbled down to 7425.00, down -87 points on the day. From there, the futures made three higher lows and two higher highs up to the 2885 area, and then out came this headline at 10:15 CT : “Proposed US/China Talks Would Be Aimed At Putting Bilateral Economic Negotiations Back On Track.”
In the next 18 minutes the ES rallied 11 handles up to 2895.25, and that’s when I put this out in the MrTopStep forum:
Dboy:(11:32:46 AM): es and nq subject to a pullback now me thinks
Dboy:(11:33:41 AM): everyone went from short to long, risk goes up for a pullback.
I literally sent that on right when the ES was making its high. After that it sold back off down to 2882.75, rallied up to 2889.25, then sold off down to 2883.00. After the drop the ES rallied up to 2890.50 at 12:32, and then again sold off again down to 2882.75. Just before 2:00 the MiM started showing decent size to buy and the ES traded 2892.50 just as the MiM went to $1 billion to buy. On the 3:00 cash close the ES traded 2891.00, and went on to settle at 2887.00, down -2.75 handles, or -0.10%.
In the end it was a busy day of ups and downs. Apple (NASDAQ:AAPL) news conference / announcement about a new iphone and watch seemed to weigh on the markets early, but the China trade news seemed to level that off, but the ES couldn’t hold the rallies, whatever the NQ did the ES followed. In terms of the days overall tone, I do not think the markets acted all that bad, and still feel that we could see 2904 this week. In terms of the days overall volume, it was big, 1.54 million ES and 581.000 NQ contracts traded.
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