After Four Day Losing Streak S&P Rallies +0.58%
MrTopStep | Aug 16, 2018 02:20AM ET
- In Asia 6 out of 11 markets closed lower: Shanghai Comp -2.06%, Hang Seng -1.55%, Nikkei -0.68%
- In Europe 13 out of 13 markets are trading lower: CAC -1.13%, DAX -1.07%, FTSE -1.15%
- Fair Value: S&P +0.84, NASDAQ +9.79, Dow -10.94
- Total Volume: 1.02mil ESU & 444 SPU traded in the pit
Today’s economic calendar includes MBA Mortgage Applications 7:00 AM ET, Retail Sales 8:30 AM ET, Empire State Mfg Survey 8:30 AM ET, Productivity and Costs 8:30 AM ET, Industrial Production 9:15 AM ET, Atlanta Fed Business Inflation Expectations 10:00 AM ET, Business Inventories 10:00 AM ET, Housing Market Index 10:00 AM ET, EIA Petroleum Status Report 10:30 AM ET, and Treasury International Capital 4:00 PM ET.
h2 S&P 500 Futures: All Buy Stops And Buy Programs/h2The S&P 500 futures traded firm on globex before opening yesterday’s regular session at 2831.25, up +5.75 handles. The first move after the bell was a push to make an early high at 2835.25 before selling off down to the low of day of 2826.75 at 9:15. That low attracted buyers that steadily pushed higher through the 9:00 hour, making another early high at 2842.00, before chopping sideways to higher for the rest of the morning, and then printing 2843.00 just after 11:30.
The afternoon saw more sideways chop, printing a low at 2838.25 just after 12:00, and then pushing to a 2843.50 high just after 1:00. After matching the high of day print early in the 2:00 hour, the ES printed 2840.75 on the 3:00 cash close, before settling the day at 2841.25, up +15.75 handles, or +0.55%.
In the end the buyers won the day after bears fell short of breaking Monday’s low. 2843.75 was Monday’s high, just three ticks above last Friday’s high. Bulls must clear this hurdle to push back above 2850 and to last week’s high.
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