*As of 7:00 a.m. CST
Today’s economic calendar includes the Chicago Fed National Activity Index 8:30 AM ET.
S&P 500 Futures: Sell The Open
Chart courtesy of Scott Redler @RedDogT3 – $spx futures +5 as Strength was sold last week with a few faulty signals.
During Thursday nights Globex session, the S&P 500 futures (ESU19:CME) printed a low at 2996.25, then rallied to print a high at 3009.75, and open Friday’s regular trading hours (RTH) at 3009.25.
The high for the day was printed right on the 8:30 CT bell, and the futures immediately began to trade lower.
We could do a big ‘blow by blow’ of the days traded, but basically the futures made a sequence of lower lows throughout the day, bounce a little, and then got trounced on going into the close, dropping another 20 handles in the final hour.
In the end, it was a slow grinder to the downside, with the ES closing down 20 handles, or -0.66%, and the Nasdaq closed down -86.25 points.
This time, the rotation was to buy the Dow futures (YMU19:CME), and sell the S&P and Nasdaq (NQU19:CME) futures.
In terms of the markets overall tone, it was all about the markets lack of buying power. In terms of the days overall trade / volume, nearly 1.5 million futures contracts traded, which isn’t bad for a Friday going into the end of July.
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