Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
- In Asia 11 out of 11 markets closed higher: Shanghai Comp +0.39%, Hang Seng +1.65%, Nikkei +0.97%
- In Europe 12 out of 13 markets are trading higher: CAC +0.95%, DAX +1.48%, FTSE +0.09%
- Fair Value: S&P -0.82, NASDAQ +6.79, Dow -34.81
- Total Volume: 1.26mil ESH & 156 SPH traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes Durable Goods Orders 8:30 AM ET, New Home Sales 10:00 AM ET, and the Baker-Hughes Rig Count 1:00 PM ET.
S&P 500 Futures: Choppy Waters
On Wednesday night’s Globes session, the S&P 500 futures traded up to 2645.50, then pulled back to trade 2636.50 on yesterday’s 8:30 CT futures open. After the open the ES traded down to 2630.00, and then back and filled before trading all the way up to 2647.50. After the high was in, the futures sold off down to the 2632 area, and then rallied, making a lower high at 2645.25. From there, the ES got hit by a wave of sell programs that knocked the futures all the way down to 2626.00 in a matter of minutes.
After making the new low, the ES made a series of higher highs just above the vwap, up to 2638.25. There was another small pullback, then the ES traded up to 2642.25, up +4 handles on the day. At 2:00 the MiM started showing over $600 million to sell, and the ES was trading at 2638.60. Total volume was low, only 1.1 million contracts traded. On the 3:00 cash close the ES traded 2641.50 and settled at 2634.00 on the 3:15 futures close, down -4.25 handle or -0.16%.
In the end, the overall tone of the ES was ‘mixed’, nothing overly bearish or bullish. In terms of the ES’s overall trade, only 1.2 Million futures contracts traded, which would be on the very low side of what we have been seeing.
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