Next Up U.S. GDP
MrTopStep | Jul 29, 2018 03:38AM ET
Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
- In Asia 8 out of 11 markets closed higher: Shanghai Comp -0.30%, Hang Seng +0.08%, Nikkei +0.56%
- In Europe 12 out of 13 markets are trading higher: CAC +0.36%, DAX +0.48%, FTSE +0.42%
- Fair Value: S&P +0.38, NASDAQ +10.22, Dow -24.32
- Total Volume: 1.03mil ESU & 391 SPU traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes GDP 8:30 AM ET, Consumer Sentiment 10:00 AM ET, and the Baker-Hughes Rig Count 1:00 PM ET.
S&P 500 Futures: Big Choppy Mess
Yesterday, most of the Asian and European major indices traded lower overnight, as did the S&P 500 futures. After trading up to 2849.75 before Facebook’s stock plunge after second-quarter sales missed forecasts, the ES sold off down to 2833.25 on Globex Wednesday night and opened at 2837.25, down -4 handles. The S&P 500 futures initially dropped down to an early low at 2835.25, and then rallied up to 2843.75 before trading in a 4 to 5 handle trading range for the next hour and forty five minutes. From there, the ES made a high at 2844.75, pulled back down to 2840.00, and rallied up to 2846.50 just after 11:00.
The next move saw the S&P’s sell off down to 2836.75 over the next hour, then rally up to 2841.75 at 12:30 before going sideways until the final hour when the futures started to sell off again as the MiM was growing to $450 million to sell. The ES had two more pullbacks down to 2837.75 and 2826.25, including two lower highs at 2841.50 and 2840.25, and then sold back off down to 2836.50 as the MiM went to over $1 billion to sell. On the 2:45 cash imbalance reveal the ES traded 2638.25, traded 2837.50 on the 3:00 cash close, traded down to 2833.50 after Amazon (NASDAQ:AMZN) reported earnings, then shot up to 2943.25 and settled at 2842.25 on the 3:15 futures close, down -3 handles, or -0.11% on the day.
Get The News You Want
In the end it was a gigantic day of choppy trade. Break, rally, break rally all day long. In terms of the days overall tone, the Dow held together well, and the ES was firm but sloppy. In terms of the days overall trade, only 1 million ES contracts traded.
August Outlook: Hot Julys Often Bring Late-Summer/Autumn Buys
From Stock Traders Almanac:
Psychological: Unwavering. July strength helped sustain bullish investor sentiment. According to
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