As China Slows, So Does The World
MrTopStep | Jan 20, 2019 11:16PM ET
- In Asia 8 out of 11 markets closed lower: Shanghai Comp -1.18%, Hang Seng -0.70%, Nikkei -0.47%
- In Europe 13 out of 13 markets are trading lower: CAC -0.45%, DAX -0.40%, FTSE -0.33%
- Fair Value: S&P +0.02, NASDAQ +8.14, Dow -26.73
- Total Volume: 1.74mil ESH & 749 SPH traded in the pit
Today’s economic calendar includes Redbook 8:55 AM ET, and Existing Home Sales 10:00 AM ET.
h2 S&P 500 Futures: The Gift That Keeps Giving #ES 2678.00 /h2Chart courtesy of – $ES_F Pressed into major resistance from it’s failed mid Dec w/ bear flag that led lower. To squeeze resistance = move over Dec 12 high 268650 to allow 2720. Failure
After trading higher in the overnight session, the S&P 500 futures opened Friday’s regular trading hours at 2656.00, and in the first 30 minutes traded down to what would be the low of the day at 2647.00. From there, buyers came in strong, pushing the ES up to 2661.00 before the end of the first hour. After an 8.50 handle pullback, buyers reloaded, pushing the index up to 2675.50 for the late morning high in what would eventually turn into a slow grind higher, with the largest pullback after 9:30 being 6 handles.
The afternoon saw a chop lower down to 2662.00 at 1:45, and then heading into the final hours buyers came in propelling the benchmark futures higher into the close, making a late day high of 2672.25 in the closing minutes. The ES went on to settle the day at 2669.50, up +34.25 handles, or +1.35%.
Get The News You Want
In the end, when the ES looked its worst, you could not find a bull for miles. Who would have thought when the ES was hurling down that it would rally over 14% in such a short period of time. In terms of the ES’s overall tone, it acts ok, but tired. In terms of the ES’s overall trade, its clear to see the higher it goes, the lower the volume gets.
Disclaimer: Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Any decision to purchase or sell as a result of the opinions expressed in the forum will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.
Original post
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.