MrTopStep’s Index Futures Recap

Charts, Commentary, E-mini S&P 500, equities, Market Recap, SP500

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Wednesday & The Late Day RIP

Overnight on the heels of a 50+ point decline in the Tuesday session the ESU15:CME opened at the 1916 area and started climbing higher up to the 1939.00 before opened the regular session near the globex highs. It looked bad early on as selling took the futures down more than 20 handles from its RTH open in just over an hour, however a late morning double bottom paved the way for higher prices in the afternoon at the index rose 20 handles mid day into early afternoon before coming off early in the last hour on what appeared to be a growing market-on-close sell imbalance. As the MOC was released to the buy positive side the S&P futures began to flip to buys as it climbed over 20 handles from the afternoon low and more than 30 handles from the morning low to close up at    a change of   handles on the day

Tomorrow’s economic calendar is relatively busy but all eyes are on the August non-farm payroll number on Friday morning. We talked about this in the room today as an expectation is building that traders may take off the final days of this week to prepare for the final weekend of the Summer travel season, Labor Day weekend. Also noted was that with the Chinese markets closed for the rest of the week and potential lower volume here in the U.S. there could be a slow grind higher into weeks close which is also favorable according to the pre Labor Day historical statistics. Below Danny explains the “Thin-to-win” trade:


Thin to win

“This term is our shorthand for a situation when the volume is thin, yet the price is moving fast and far. Without the counterweight of other participants, a small group of traders or algorithms can push markets much further than they would otherwise go. While the lack of volume makes it harder to fill large orders, smaller orders can get filled at greater profit if they are lucky or well-timed. And of course, an attractive price can bring in new volume, despite the thinness of the move. “

Seen Today In The MrTopStep IM Pro Trading Room:

Top Notch ( 10:31:18 AM ): – working ESU 1919.00 long entry

Top Notch ( 10:31:35 AM ): – filled

Top Notch ( 10:31:44 AM ): – 1917.00 stp

Top Notch ( 10:32:47 AM ): – first cover 1925.00

Top Notch ( 10:35:25 AM ): – raise stop to break even

Top Notch ( 10:36:51 AM ): – bring first cover down to 1922.00

Top Notch ( 10:37:01 AM ): filled / +3

Top Notch ( 10:37:39 AM ): -move next cover up to 1928.00 instead of 1925.00 / stop on rest at 1919.50 to cover cost of the trade

Top Notch ( 10:38:11 AM ): – ringing the register with a base hit

Top Notch ( 10:40:36 AM ): – stopped, covered cost with a little extra.

Floor Pivots For Tomorrow’s RTH E-mini

R3 2001.08

R2 1969.08

R1 1957.92

PP 1937.08

S1 1925.92

S2 1905.08

S3 1873.08

Tomorrow’s Notable Earnings: Campbell Soup Co (CPB) Joy Global Inc (JOY)

Tomorrow’s Economic Calendar:

Weekly Bill Settlement

Chain Store Sales

Challenger Job-Cut Report 7:30 AM ET

International Trade 8:30 AM ET

Jobless Claims 8:30 AM ET

Gallup US Payroll to Population 8:30 AM ET

PMI Services Index 9:45 AM ET

Bloomberg Consumer Comfort Index 9:45 AM ET

ISM Non-Mfg Index 10:00 AM ET

EIA Natural Gas Report 10:30 AM ET

3-Month Bill Announcement 11:00 AM ET

6-Month Bill Announcement 11:00 AM ET

3-Yr Note Announcement 11:00 AM ET

10-Yr Note Announcement 11:00 AM ET

30-Yr Bond Announcement 11:00 AM ET

Fed Balance Sheet 4:30 PM ET

Money Supply 4:30 PM ET

Narayana Kocherlakota Speaks 9:00 PM ET

<ul>

<li>Open: 1938.75    </li>

<li>High   1948.25  </li>

<li>Low:   1916.25  </li>

<li>Close: 1915.75    </li>

<li>Volume: 2,159,806 total  </li>

<li>MOC: 125 Million to Buy   </li>

</ul>

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