As the old saying goes, ‘another day, another day’, but unless a deal gets cut by the December 9th deadline, a government shutdown will occur

It seems like there is no shortage of headline news recently, and it doesn’t seem to be slowing.

After trading down to 2620.00 on Globex, the ES short covered before the 8:30 CT futures open. On the bell, the futures opened at 2623.50 and then traded up to 2631.25, pulled back below the vwap down to 2626.00, made a higher high at 2632.25. After that, the ES sold off under the vwap two more times and made an early low at 2624.00. From there, it rallied, making two new high at 2633.25 and 2633.57, and completing a MrTopStep 10 handle rule.

After the high was in, the ES sold back off under the vwap down to a higher low at 2626.00 around 11:30 CT. The next move was up to a new high at 2634.50 around 1:30 CT. When you look at the ES chart it looks like the futures have been doing some back and fill at the vwap the last few days. Late in the day the MiM started to show $450 million to sell, and the ES sold off down to 2627.75, 3 ticks under the vwap, and then bounced back up to 2630.00 on the 3:00 cash close.

In the end it was a pretty uneventful day that saw the ES above and below the vwap several times. The S&P 500 futures (ESZ17:CME) went on to settle at 2629.25, up +1.00 handles, or +0.03%; the Dow Jones futures (YMZ17:CBT) settled at 24,157, down -18 points, or -0.07%; the Nasdaq 100 futures (NQZ17:CME) settled at 6293.00, up +21.25 points, or +0.33%; and the Russell 2000 (RTYZ17:CME) settled at 1508.10, down -8.30 points or +0.55% on the day.

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

  • In Asia 6 out of 11 markets closed higher: Shanghai Comp -0.67%, Hang Seng +0.28%, Nikkei +1.45%
  • In Europe 8 out of 12 markets are trading higher: CAC +0.03%, DAX +0.22%, FTSE +0.12%
  • Fair Value: S&P +0.33, NASDAQ +16.34, Dow -13.54
  • Total Volume: 1.25m ESZ & 3.7k SPZ traded in the pit

About MrTopStep

A View From the Top
MrTopStep launched in January 2009. Our name is derived from the Chicago Board of Trade pits. The most senior member in the “pit” was given the distinction of being able to stand at the “top step.”

We provide daily live trade flow from the trading floor as well as news and market observations from large hedge funds and trading desks around the world. We are centralized in the index markets with our desk 10 feet from the S&P futures pit. Our insights are direct from the trading floor and were first delivered on a closed instant message platform for more than 15 years.

Mr Top Step

We provide daily live trade flow from the trading floor as well as news and market observations from large hedge funds and trading desks around the world.
Mr Top Step

Pin It on Pinterest