Good News Is Good News Right Now
MrTopStep | Feb 15, 2019 01:45AM ET
- In Asia 6 out of 11 markets closed lower: Shanghai Comp -0.05%, Hang Seng -0.23%, Nikkei -0.02%
- In Europe 11 out of 13 markets are trading higher: CAC +0.64%, DAX +0.23%, FTSE +0.44%
- Fair Value: S&P -0.27, NASDAQ +5.49, Dow -3.37
- Total Volume: 1.2mil ESH & 593 SPH traded in the pit
Today’s economic calendar includes Jobless Claims 8:30 AM ET, PPI-FD 8:30 AM ET, Retail Sales 8:30 AM ET, Business Inventories 10:00 AM ET, EIA Natural Gas Report 10:30 AM ET, Patrick Harker Speaks 11:00 AM ET, Fed Balance Sheet and Money Supply 4:30 PM ET.
h2 S&P 500 Futures: #ES Up 445.25 Handles, Or 19.5%, Since Making Its December Low/h2Chart courtesy of SP500 Moved up 300+ since Gov shutdown Dec 22 and reopened Jan 25. The 100 point move up since reopening a bull trap of the late buyers?
This is a good news / bad news market right now, with the good news prevailing. The question is, with the S&P 500 futures (ESH19:CME) up 19.50% since making its 2316.75 low on December 26th, how much further can they go? I think it can continue to go higher, but I also think it’s overbought, over extended, and overdue for a pullback.
During Tuesday nights Globex session, the S&P 500 futures (ESH19:CME) printed a high of 2757.00, a low of 2742.75, and opened Wednesday’s regular trading hours at 2753.00. The morning low print was 2748.00, and the morning high came in at 2762.00. The S&P’s traded 2752.25 on the 10:30 European close, and 2751.00 going into the noon hour.
Get The News You Want
The early afternoon saw a low of 2751.75, a high of 2757.00 and a print of 2756.50 going into the final hour of the day. The futures broke heading into the close, and traded 2756.00 on the 2:45 cash imbalance reveal, then printed 2752.00 on the 3:00 cash close, and settled the day at 2749.25 on the 3:15 futures close, up +4.50 handles, or +0.16%.
In the end, the overall tone of the ES was firm in the first part of the day, and somewhat weak late in the day. In terms of the days overall trade, total volume was lower, with only 1.2 million futures contracts traded.
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