Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
- In Asia 7 out of 11 markets closed lower: Shanghai Comp +2.58%, Hang Seng +0.42%, Nikkei -0.56%
- In Europe 10 out of 13 markets are trading lower: CAC -0.58%, DAX -0.06%, FTSE +0.49%
- Fair Value: S&P +1.62, NASDAQ +13.57, Dow -12.80
- Total Volume: 2.20mil ESZ & 400 SPZ traded in the pit
S&P 500 Futures: Churn And Burn
After once again trading lower in the overnight session, the S&P 500 futures opened on the 8:30 bell at 2801.25 and traded down to 2790.50 for the early morning low at 9:15 and then rallied up to what would be the high of day at 2808.00 going into the 10:00 hour. From there waves of sell programs began to hit the tape starting at 10:00 that pushed the ES from that high down to the late morning low of 2768.00 before the end of the hour finishing a 40 handle drop in less than 60 minutes. From there the ES rallied up to make a late morning high of 2786.50 at 11:40 and drifted lower into the noon hour.
The afternoon saw more weakness as noon sell programs hit, likely some margin selling that helped pull the ES down to a new low of day of 2756.50 at 12:45 where the benchmark future attracted some buyers leading to a push up to 2777.75 before the end of the 1:00 hour. Late in the day the MIM was showing small to buy as the ES chopped for much of the hour until the MOC came out flat. The ES went on to print 2772.00 on the 3:00 cash close before settling the day at 2773.00, down -43.25 handles or -1.54%.
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