Slow Chop Lower Could Mean A RIP Higher Is Coming
MrTopStep | Aug 10, 2018 01:02AM ET
- In Asia 8 out of 11 markets closed higher: Shanghai Comp +1.85%, Hang Seng +0.88%, Nikkei -0.20%
- In Europe 10 out of 13 markets are trading lower: CAC -0.39%, DAX -0.25%, FTSE -0.77%
- Fair Value: S&P +0.16, NASDAQ +6.97, Dow -15.59
- Total Volume: 741k ESU & 635 SPU traded in the pit
Today’s economic calendar includes the Weekly Bill Settlement, Jobless Claims 8:30 AM ET, PPI-FD 8:30 AM ET, Charles Evans Speaks 9:30 AM ET, Wholesale Trade 10:00 AM ET, EIA Natural Gas Report 10:30 AM ET, a 30-Yr Bond Auction 1:00 PM ET, Fed Balance Sheet and Money Supply 4:30 PM ET.
h2 S&P 500 Futures: No Real Pullbacks Allowed/h2The S&P 500 futures traded in a sideways to lower range during a quiet globex session before opening Wednesday’s regular trading hours at 2857.00, down two handles on the day. The early high came in at 2858.25 before chopping lower for much of the first hour, and making a low of day at 2853.00 just after 9:30 ct.
Buy programs pushed off that low and pressed the ES up to the mid morning high of 2861.00 just after 10:30. Then, and after trading back down to 2855.50 just before 11:30, the ES started to climb back up.
The afternoon saw a chop higher with no real momentum leading up to the high of day, which came in the final hour at 2862.50, just below Tuesday’s high. After that, the ES sold off in the final minutes of the session, erasing the small gains and pushing the ES down to 2857.75 on the 3:00 cash close, before settling the day at 2855.25, just a tick above the afternoon low, down -4.00 handles, or -0.14%
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