#ES Rallies 55 Handles From Tuesday’s Low

Charts, Commentary, News, The Opening Print

The S&P 500 futures (ESZ19:CME) closed at 3118.00 Thursday, 1 handle below its opening print of 3119.25, after closing at 3110.75 Wednesday. Its trading range (3103.25 – 3124.75) is unremarkable to the exclusion of seeing the 3120 area put a lid on rallies for a couple days now. 

Danny is doing a great job on the ES, which is why I’ll stick with what we’re trading.

The MiM

After printing the 3103.50 low at 9:15 a.m. CT, the S&P 500 futures spent the rest of the day slowly grinding higher. By the time the 2:45 cash imbalance reveal came out showing a mere $127 million to buy MOC, the futures had traded all the way back up to 3119.50, 16 handles off the low.

From there, the ES went on to print 3118.25 on the 3:00 cash close, and 3117.25 on the 3:15 futures close, up 6.25 handles on the day.

In terms of the day’s overall tone, the futures were strong overnight, then weak after the 8:30 CT open, and strong again for the rest of the session. In terms of the days overall trade, volume was on the light side, with only 1.28 million mini S&P futures contracts traded, almost 1 million contract lower than Tuesday’s 2.15 million.

The Dollar and Euro

Soybeans

How about them beans? There is some resistance out there, but the volume of trading seems to have it ready to pierce and stay above the 880 level. It’s near to impossible for that not to happen; what you don’t plant won’t grow, and Soybean plantings were down 5% from years past.

Natural Gas

It’s not that cold outside. Any run in Natural Gas is met with selling. There is simply too much supply to see a run of any size or depth this year. I want to continue to illustrate the chart to you for a reason; if you see charts of this nature, trade something else.

We’re getting close to being able to enhance what we provide for you on a daily and ongoing basis. Keep emailing me at david@amstradinggroup.com and let me know what you want me to highlight and teach when time allows. In the interim, thanks for reading what we post, and enjoy your weekend!


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

Disclaimer: Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Any decision to purchase or sell as a result of the opinions expressed in the forum will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.

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