Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
- In Asia 6 out of 11 markets closed lower: Shanghai Comp -0.72%, Hang Seng +0.40%, Nikkei -0.52%
- In Europe 11 out of 13 markets are trading higher: CAC +0.62%, DAX -0.36%, FTSE +1.63%
- Fair Value: S&P -1.12, NASDAQ +4.71, Dow -40.41
- Total Volume: 1.24mil ESH & 328 SPH traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes the MBA Mortgage Applications 7:00 AM ET, ADP (NASDAQ:ADP) Employment Report 8:15 AM ET, GDP 8:30 AM ET, Treasury Refunding Announcement 8:30 AM ET, Pending Home Sales Index 10:00 AM ET, State Street (NYSE:STT) Investor Confidence Index 10:00 AM ET, EIA Petroleum Status Report 10:30 AM ET, FOMC Meeting Announcement 2:00 PM ET, and the Fed Chair Press Conference 2:30 PM ET.
S&P 500 Futures: #ES Pre-Fed Chop Shop
$ES_F Remember last week’s squeeze from this failed b/o. Yesterday move reversed, today’s rally failed to overcome yesterday’s Globex failure, turning into an inverted C/H. Range 2622-2672. Expansion of range = 2622-50 =2572.
The S&P 500 futures traded down to 2628.50 on Globex Monday night, and traded 2643.50 on the 8:30 CT futures open Tuesday morning. After the open, the ES sold off down to the vwap at 2640.00, rallied up to 2650.00, and then sold off down to 2628.00 at 9:15 am. After the new low, the futures made a lower high at 2647.50, and then in came the 9:30 sell program, pushing the ES all the way down to a new low at 2629.25.
The next move was a 15 handle rally up to 2644.25 at 11:30. The ES then back and filled in a five handle range for the next 45 minutes, traded back up to a double top at the 2644.25 level, and then then started selling off down to 2633.50.
As the MiM went rose to $95 million to buy, the futures rallied back up to 2640.50, and when the actual MOC came out at $350 million to buy, the ES stood still. On the 3:00 cash close the benchmark futures traded 2638.75, and went on to settle at 2641.00 on the 3:15 futures close, down one handle on the day, or -0.04%.
In the end, it seems like there is a little risk off trading going on in front of this weeks tariff talks. In terms of the markets overall tone, the ES didn’t acts bad, and it didn’t act great. In terms of the days overall trade, volume was light, only 1.3 million futures contracts traded.
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