Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
- In Asia 7 out of 11 markets closed higher: Shanghai Comp +0.35%, Hang Seng +1.08%, Nikkei +1.06%
- In Europe 8 out of 13 markets are trading higher: CAC +0.16%, DAX -0.14%, FTSE +0.57%
- Fair Value: S&P -1.24, NASDAQ +4.44, Dow -44.36
- Total Volume: 1.55mil ESH & 125 SPH traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes the 52-Week Bill Settlement, Challenger Job-Cut Report 7:30 AM ET, Jobless Claims 8:30 AM ET, Personal Income and Outlays 8:30 AM ET, Employment Cost Index 8:30 AM ET, Chicago PMI 9:45 AM ET, New Home Sales 10:00 AM ET, EIA Natural Gas Report 10:30 AM ET, Farm Prices 3:00 PM ET, Fed Balance Sheet amd Money Supply 4:30 PM ET.
S&P 500 Futures: #ES ‘Smoke & Burn’
Chart courtesy of @Chicagostock – $ES_F Broke out of its Bull Flag yesterday to finally take out stops > Dec 12 2686 high.
B/O > Monday’s 2664 high key going forward to defend. Stops
The S&P 500 futures traded up to 2655.25 on the Tuesday night Globex session, up 15 handle, and also printed 2655.25 on the 8:30 CT open. After the bell, the ES up ticked to 2657.00, pulled back below the vwap, down to 2646.50, and then shot up to 2667.00. The next move was back down to 2654.75, followed by a rally up to a new high at 2673.75.
After a small pullback down to the 2663 area, the futures back and filled, then made a series of higher highs all the way up to 2684.50 as the fed headlines hit the tape. There was another pullback and some small back and fill, then the ES traded all the way up to 2689.75 at 2:00 CT.
The MiM came alive and started showing over $1.2 billion for sale, and eventually went to over $1.4 billion to sell, causing the futures to trade down the 2674.00 area at 2:40. The ES went on to trade 2680.25 on the 3:00 cash close, and settled at 2682.50 on the 3:15 futures close, up 42.25 handles, or up +1.60% on the day.
In the end, the ES never looked back. It was a mammoth squeeze job. In terms of the ES’s overall tone, it really could not have acted better. In terms of the overall trade, 1.52 million futures contracts traded, which is big for rally day.
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