Turkey, Friend Or Foe?
MrTopStep | Aug 15, 2018 02:29AM ET
- In Asia 6 out of 11 markets closed lower: Shanghai Comp -0.17%, Hang Seng -0.66%, Nikkei +2.28%
- In Europe 7 out of 13 markets are trading higher: CAC +0.07%, DAX +0.15%, FTSE -0.17%
- Fair Value: S&P +0.53, NASDAQ +7.41, Dow -12.01
- Total Volume: 1.28mil ESU & 355 SPU traded in the pit
Today’s economic calendar includes NFIB Small Business Optimism Index 6:00 AM ET, Import and Export Prices 8:30 AM ET, Redbook 8:55 AM ET, a 4-Week Bill Auction 11:30 AM ET, and a 52-Week Bill Auction 11:30 AM ET.
h2 S&P 500 Futures: Monday’s False Start/h2Yesterday, the S&P 500 futures that traded weak in the overnight session, before rallying into the cash open, printed 2837.00 on the 8:30 bell, up +16.50 handles from the globex low, and rallied to make an early high of 2843.75, above Friday’s high, just after 9:00. After that, waves of sell programs began to push the futures lower, dropping down to 2820.00 just after 12:00.
After the retest of the globex low held, the ES took off to the buy side, rallying up to 2833.50 just after 1:30, before selling off down to 2721.50, making a higher low at 2:30, printing 2822.75 on the 3:00 cash close, and rallying up to 2826.00 before settling the day at 2825.75, down -11.75 handles, or -0.37%.
Early in the session it looked like last week’s high was going to be the natural target in the days to come, however, in the end, the day was all about sucking in and trapping the early buyers before flunking late morning, and then remaining weak through the afternoon.
EQUITIES:
ESU has been flirting with the top end of the trend channel.
SPX held the top of the trend channel last week.
NQU8 (Nasdaq future) turned lower yesterday from the s/t .786 resistance which will be our initial key for today at 7478*. 7440 is initial support
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/h2
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