Poll Results – #ES Next 40 Handles Is Down
MrTopStep | Jul 17, 2019 08:52AM ET
- In Asia 7 out of 11 markets closed lower: Shanghai Comp -0.20%, Hang Seng -0.09%, Nikkei -0.31%
- In Europe 10 out of 13 markets are trading lower: CAC -0.15%, DAX -0.16%, FTSE -0.24%
- Fair Value: S&P +3.48, NASDAQ +20.18, Dow -11.33
- Total Volume: 935k ESU & 246 SPU traded in the pit
*As of 7:00 a.m. CST
h2 Today’s Economic Calendar:/h2Today’s economic calendar includes MBA Mortgage Applications 7:00 AM ET, Housing Starts 8:30 AM ET, EIA Petroleum Status Report 10:30 AM ET, Esther George Speaks 12:30 PM ET, and Beige Book 2:00 PM ET.
S&P 500 Futures: The Chop Is Real
Out of the gate, the ESU traded sideways in a 4 handle range for the first hour after the 8:30 CT bell. Just before a 10:45, a sell program activated, taking the futures down through the Globex low, to a new low at 3004.50.
From there, the ES traded sideways for the rest of the day, first back-and-filling up to 3013.50, then breaking back down to double bottom at 3004.50.
When the MiM reveal came out showing $520 million to buy MOC, the futures had traded back up to 3011.75, but would go on to close a little weaker, printing 3007.25 on the 3:00 cash close, and 3006.75 on the 3:15 futures close.
Get The News You Want
In the end, the overall tone of the ES was weak. In terms of the days overall trade, total volume was low, with 935k futures contracts traded.
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