S&P And NASDAQ Make New All-Time New Highs
MrTopStep | Apr 25, 2019 03:56AM ET
- In Asia 7 out of 11 markets closed higher: Shanghai Comp +0.09%, Hang Seng -0.53%, Nikkei -0.27%
- In Europe 9 out of 13 markets closed lower: CAC -0.26%, DAX +0.69%, FTSE -0.47%
- Fair Value: S&P +2.98, NASDAQ +17.14, Dow -7.12
- Total Volume: 1.18 ESM & 243 SPM traded in the pit
Today’s economic calendar includes MBA Mortgage Applications 7:00 AM ET, State Street (NYSE:STT) Investor Confidence Index 10:00 AM ET, and the EIA Petroleum Status Report 10:30 AM ET.
h2 S&P 500 Futures: Out Of The Way!/h2During Monday nights Globex session, the S&P 500 futures (ESM19:CME) printed a high of 2916.75, a low of 2908.00, and opened Tuesday’s regular trading hours at 2915.25.
The first move after the 8:30 CT bell was a quick dip down to 2912.25, followed by a stair stepper rally that would last until 9:30, and boost the ES up to 2924.50. After that, the bulls took over, and they were very serious.
Over the course of the next 2 hours the ES rallied nearly 20 handles without so much as a headfake to tease the bears. If you were short, you paid up, or you doubled up. Either way, it didn’t pay to be a seller.
At around 11:00 things began to ease up. The futures pulled back a little, and the markets in general felt calmer. The ES went on to trade sideways in a 3 handle range for the rest of the morning and into the afternoon.
Going into the close, the futures traded 2934.75 when the 2:45 cash imbalance reveal showed $475M to sell, then went on to print 2937.00 on the 3:00 cash close, and 2938.50 on the 3:15 futures close.
In the end, the overall tone of the ES was strong. In terms of the days overall trade, total volume was higher, with 1.2 million futures contracts traded.
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