S&P 500 Futures: #ES Down 3 In A Row As 10-Year Yield Approaches 3%
MrTopStep | Apr 25, 2018 12:50AM ET
Index Futures Net Changes and Settlements:
Foreign Markets, Fair Value and Volume:
-
- In Asia 6 out of 11 markets closed higher: Shanghai Comp +1.97%, Hang Seng +1.26%, Nikkei +0.86%
- In Europe 7 out of 12 markets are trading higher: CAC -0.08%, DAX +0.23%, FTSE +0.23%
- Fair Value: S&P -0.63, NASDAQ 5.66, Dow -34.43
- Total Volume: 1.23 mil ESH & 1.7 k SPH traded in the pit
Today’s Economic Calendar:
Today’s economic calendar includes Redbook, S&P Corelogic Case-Shiller HPI, FHFA House Price Index, New Home Sales, Consumer Confidence, Richmond Fed Manufacturing Index, State Street Investor Confidence Index, 4-Week Bill Auction, 52-Week Bill Auction, 2-Yr Note Auction
S&P 500 Futures: #ES Down 3 In A Row
Mondays trade started with the Asian markets posting modest losses. In Asia the Nikkei closed down down 0.3% and Hong Kong’s Hang Seng fell 0.5%. In Europe the Stoxx 600 was down -0.60% and the ES was down 0.10%.
The ES popped up on Friday 3:15 futures close can gapped up 10.75 handles higher on Globex and made a high at 2684.75 and made a low at 2666.50. On Mondays 8:30 open the ES traded 2676.50, traded up to 3678.25 and then sold off down to 2667.75. The ES then rallied up top 2675.00, pulled back down to a 2669.25, rallied back up to 2676.25 and then sold off down to a 2667.50 and then popped back up a new high at 2683.00. The ES looked like it was ok but sold back off as the yield on the 10 note started to trade up near 3% and as it did the ES started to sell off again, first down to 2669.50 and then down to 2660.50 around 1:30 CT and then rallied up to 2665.50 and then reversed down to a new low at 2657.25. After the low I put this out in the IMPRO Forum: Dboy:(3:02:34 PM) : I think the low maybe in.
After the low, the ES traded back up to 2668.25 as the MiM started to show sell $311 million. The ES traded 2667.50 as the MiM ‘flipped’ to buy $187 million. On the 3:00 cash close the ES traded 2670.00 and went on to settle at 2670.75 on the 3:15 futures close, down 3 ticks on the day or down 0.03%.
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In the end it was the same price action as last Friday, a late day low and a rally into the close. Now that they have people short again, we see 2700-2710 on TAP.
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