ECB Signals Rate Cuts And Stimulus Amongst Economic Downturn

Charts, Commentary, News, Stocks, The Opening Print

Index Futures Net Changes and Settlements:

ContractSettlementNet Change+/-%
S&P 500 (ESU19:CME) 3006.50-15.00-0.49%
DowJones (YMU19:CBT)27,096-141-0.51%
Nasdaq 100 (NQU19:CME)7981.75-56.25-0.32%
Russell 2000 (RTYU19:CME)1563.20-21.00-1.32%

Foreign Markets, Fair Value and Volume:

  • In Asia 9 out of 11 markets closed lower: Shanghai Comp +0.24%, Hang Seng -0.69%, Nikkei -0.45%
  • In Europe 9 out of 13 markets are trading higher: CAC +0.51%, DAX +0.31%, FTSE +0.58%
  • Fair Value: S&P +1.03, NASDAQ +13.05, Dow -28.79
  • Total Volume: 1.33 million ESU & 90 SPU traded in the pit

*As of 7:00 a.m. CST

Today’s Economic Calendar:

Today’s economic calendar includes GDP 8:30 AM ET, and the Baker-Hughes Rig Count 1:00 PM ET.

S&P 500 Futures: Thursday’s Knock Down And Reload, All About The Tech Earning

Chart courtesy of Stewart Solaka @Chicagostock – $ES_F 60M

During Wednesday nights Globes session, the S&P 500 futures (ESU19:CME) printed a high at 3027.75, a low at 3014.75, and opened Thursday’s regular trading hours (RTH) at 3017.00. 

By 8:45 CT, the futures had traded down to 3004.25, down -17 handles on the day. After the early drop the ES rallied back up to a ‘triple top’ two ticks above the vwap at 3016.00, then a few minutes later traded down to a new daily low 2989.00. 

After the low, the futures rallied back up to 3010.50, sold back off and held a short term moving average at 3000.50. 

The markets were weak all day, as they waited on some big tech names to report Q2 earnings. Amazon broke its record quarterly profit streak, as the online retailer faced higher shipping costs, and rose 36% from a year earlier. Google also posted strong earnings, as Alphabet, the search giant’s parent company, added a 19% jump in quarterly revenue.

Going into the final 45 minutes of the day, the ES back and filled as the MiM went from over $400 million to buy, to nearly $500 million to sell. On the 2:45 cash imbalance reveal the ES printed 3005.00, then went on to trade 3006.50 on the 3:00 cash close, and settled the day at 3005.50 on the 3:15 futures close. 

In terms of the markets overall tone, it acted weak until late in the day. In terms of the days overall trade 1.33 million futures contracts traded, which is the highest volume of the week. 


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As always, please use protective buy and sell stops when trading futures and options.

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