Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
- In Asia 6 out of 11 markets closed higher: Shanghai Comp +0.58%, Hang Seng +0.02%, Nikkei -0.59%
- In Europe 12 out of 13 markets closed higher: CAC +0.28%, DAX +0.58%, FTSE +0.20%
- Fair Value: S&P +1.63, NASDAQ +11.76, Dow -2.73
- Total Volume: 1.73 million ESM & 542 SPM traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes Housing Starts 8:30 AM ET, Jobless Claims 8:30 AM ET, Philadelphia Fed Business Outlook Survey 8:30 AM ET, EIA Natural Gas Report 10:30 AM ET, Neel Kashkari Speaks 12:05 PM ET, Fed Balance Sheet & Money Supply 4:30 PM ET.
S&P 500 Futures: Headline News Algos Rule The Tape
Chart courtesy of Stewart Solaka @Chicagostock – $ES_F Failure against 3D pivots overnight giving way for retest of prior session low. Squeeze through 3D pivot showing signs of life. Since yesterday closed above, a 2nd consecutive close above 3D pivot shows follow through from buyers.
During Tuesday nights Globex session, the S&P 500 futures (ESM19:CME) printed a high of 2847.00, a low of 2815.00, and opened Wednesday’s regular trading hours at 2818.25.
There was no follow through to the overnight weakness in global stocks, and the ES immediately began trading higher after the 8:30 CT bell. The trend day was confirmed by 10:00 when the futures traded up to a new high at 2847.75. Then, after a little back and fill down to 2840.50, the buying continued.
The trade headlines ruled the tape, and by 11:00 the ES had traded up to another new high at 2858.00, before doing a little more back and fill down to 2849.25.
Going into the final hour the futures continued to rally, eventually topping out at 2860.00. When the 2:45 cash imbalance reveal came out showing $612M to sell, the ES was trading at 2855.50, then went on to print 2852.75 on the 3:00 cash close, and 2855.25 on the 3:15 futures close.
In the end, the overall tone of the ES was strong. In terms of the days overall trade, total volume was on par, with 1.7 million futures contracts traded..
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