Alphabet Falls Short
MrTopStep | May 01, 2019 02:37AM ET
- In Asia 6 out of 11 markets closed lower: Shanghai Comp +0.52%, Hang Seng -0.65%, Nikkei -0.22%
- In Europe 8 out of 13 markets closed lower: CAC -0.24%, DAX +0.01%, FTSE -0.19%
- Fair Value: S&P 500 +1.88, Nasdaq +13.39, Dow -21.51
- Total Volume: 934K ESM & 569 SPM traded in the pit
Today’s economic calendar includes FOMC Meeting Begins, Employment Cost Index 8:30 AM ET, Redbook 8:55 AM ET, S&P Corelogic Case-Shiller HPI 9:00 AM ET, Chicago PMI 9:45 AM ET, Consumer Confidence 10:00 AM ET, Pending Home Sales Index 10:00 AM ET, and Farm Prices 3:00 PM ET.
h2 S&P 500 Futures: ES 2950 /h2During Sunday nights Globex session, the S&P 500 futures (ESM19:CME) printed a high of 2946.75, a low of 2937.75, and opened Monday’s regular trading hours at 2942.00.
The futures were strong out of the gate, and after the 8:30 CT bell had rallied up to a new high at 2947.75. From there, the ES did a little ‘back and fill’ down to 2941.00, before once again rallying to make another new high at 2948.25.
Once the early high was in, the ES backed off a little and started to trade sideways in a 4 handle range for the next 2 hours. Just before 11:30, the futures picked up a little steam and popped up to a new high at 2950.00, and then backed off again to ease into another sideways range.
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After hovering around the high for most of the morning and early afternoon, the ES ran up to make yet another new high at 2951.50 just after 1:00, and extended the RTH trading range to a full 10 handles.
Going into the close, stocks started to weaken. When the 2:45 cas imbalance reveal came out showing small to buy, the ES had traded down to 2947.50. It continued to drop, and on the 3:00 cash close printed 2945.00, and ended the day at 2942.50 on the 3:15 futures close, up 1.00 point.
In the end, the overall tone of the ES was firm. In terms of the days overall trade, total volume was lower, with 934k futures contracts traded.
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