All Eye’s on 1950 S&P Futures
The several day losing streak on U.S. index’s today as the ESU15:CME was able to climb higher, sustain its rally and close strong for the first time since the selling began even in the face of a 613 market-on-close sell imbalance. The MOC imbalance itself may suggest that sellers are beginning to lose the grip after several days of sell imbalances in multiple of $1 billion dollars and knocking the markets down into the close, then today closed with the most modest imbalance since the selling began and in turn the market’s climbed in the last hour closing near the highs.
Heard today across the wires today was that the WSJ’s Hilsenrath is running a story that implies that the Fed may come out backing more stimulus, at the same time Bridgewater’s Ray Dalio thinks QE more likely than a hike, meanwhile the Fed’s Dudley spoke saying “The case for raising interest rates in September is less compelling because of international financial and market developments”.
In the S&P 500 futures the last three regular sessions have seen highs at 1950.75, 1948.50 and 1943.00 while each day’s RTH hours have produced a higher low. Going into tomorrow the economic calendar is a little heavy featuring GDP as bulls have defending ground this week all eyes seem to be on ESU15 1950.00, where above buy stops could trigger on up to 2000.00, however another fail of this area would seem likely to lead to new lows.
Seen In The MrTopStep IM Pro Trading Room Today:
ICEchat ( 2:41:00 PM ): (driley) going to 1920
Dboy1 ( 3:46:45 PM ): I head some big funds covered some shorts today
Dboy1 ( 3:47:09 PM ): they managed 22bil and they bought close to 30k es
Tomorrow’s Notable Earnings: Tiffany & Co (NYSE:TIF), Dollar General Corporation (NYSE:DG), 1-800 FLOWERS.COM Inc (NASDAQ:FLWS), GameStop Corp (NYSE:GME)
Tomorrow’s Economic Calendar:
Weekly Bill Settlement
Jackson Hole Symposium
GDP 8:30 AM ET
Jobless Claims 8:30 AM ET
Corporate Profits 8:30 AM ET
Bloomberg Consumer Comfort Index 9:45 AM ET
Pending Home Sales Index 10:00 AM ET
EIA Natural Gas Report 10:30 AM ET
Kansas City Fed Manufacturing Index 11:00 AM ET
3-Month Bill Announcement 11:00 AM ET
6-Month Bill Announcement 11:00 AM ET
7-Yr Note Auction 1:00 PM ET
Fed Balance Sheet 4:30 PM ET
Money Supply 4:30 PM ET
- Open: 1913.50
- High 1943.00
- Low: 1875.50
- Close: 1936.00
- Volume: 3,496,490 total
- MOC: 613 Million to Sell