Oil Soars To Four Year High Over Supply Concerns

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Index Futures Net Changes and Settlements:

Contract Settlement Net Change +/-%
S&P 500 (ESZ18:CME) 2921.25 -4.25 -0.14%
DowJones (YMZ18:CBT) 26,520 -90 -0.33%
Nasdaq 100 (NQZ18:CME) 7595.25 +9.25 +0.21%
Russell 2000 (RTYZ17:CME) 1714.50 +5.10 +0.29%

Foreign Markets, Fair Value and Volume:

  • In Asia 10 out of 11 markets closed higher: Shanghai Comp +0.92%, Hang Seng +1.15%, Nikkei +0.39%
  • In Europe 9 out of 13 markets are trading lower: CAC +0.31%, DAX -0.20%, FTSE +0.04%
  • Fair Value: S&P +4.97, NASDAQ +27.31, Dow +22.17
  • Total Volume: +1.03mil ESZ & 328 SPZ traded in the pit

Today’s Economic Calendar:

Today’s economic calendar includes MBA Mortgage Applications 7:00 AM ET, New Home Sales 10:00 AM ET, State Street Investor Confidence Index 10:00 AM ET, EIA Petroleum Status Report 10:30 AM ET, FOMC Meeting Announcement 2:00 PM ET, FOMC Forecasts 2:00 PM ET, and Fed Chair Press Conference 2:30 PM ET.


S&P 500 Futures: #ES Closes Lower, But Not By Much

After trading higher for much of the overnight session, the S&P 500 futures opened yesterday at 2929.00, up +3.50 handles. The benchmark futures contract printed an early high at 2930.25 before a wave of early selling took it down to 2920.25 just after 10:00 AM CST, completing a 10 handle range, and then bounced up to a lower high of 2928.25 heading into 11:00. From there, the futures began to drift lower, making a new low at 2918.25 just after 12:30, and completing another 10 handle move.

The afternoon saw another choppy range of less than five handles, as the ES traveled to a mid afternoon high of 2923.00, then down to 2919.50. After that, the futures chopped higher into the MOC, as the MiM started showing $350 million to sell. The ES made a late day high of 2923.50 before printing 2920.50 at 3:00, and then settled at 2921.25, down -4.25 handles, or -0.15%.

In the end it was another choppy day of trade that seemed to lack leadership. While the futures did manage to trade above the 2934 level, it just could not hold the rallies. The ES has gone without a 1% move up or down for 64 trading sessions, dating back to late June. There was some type of rotation going on; buy the Nasdaq / sell the Dow and S&P. In terms of the ES’s overall tone, it didn’t act all that bad, but with tomorrow’s expected rate hike hanging over the markets it just never gained any steam. In terms of the days overall volume only 1.03 million contracts traded.


Daily HotSpots

HotSpots are times during the market trading session that for the past XX days have consistently moved in one direction or the other. These HotSpots are published each morning pre-market. The next day, a results post is also published and weekly a summary post.

CAUTION: This data is under development and provided only for research and teaching purposes

If you have questions about HotSpots you can contact us at info@mrtopstep.com.

Normal

Normal is a straight trading day count. A 5 day normal on a full-trading week would include Monday through Friday. A 5 day normal on a Monday holiday week would be the previous week’s Friday, skip Saturday, Sunday and holiday Monday and then Tuesday through Friday.

Early close days are considered non-trading in our normal count and are therefore skipped also.

09-26-2018 5-normal Entry Exit Trade Profit Profit
Contract Direction Time Time % % Points HeatMap
CL_F long 1122 1134 100 0.01 0.76
CL_F short 1111 1122 -100 -0.02 -1.09
ES_F long 1104 1130 100 0.01 15.00
ES_F short 1006 1031 -100 -0.01 -16.25
NQ_F long 1102 1128 100 0.01 105.75
NQ_F short 1007 1031 -100 -0.01 -74.25
YM_F long 1103 1128 100 0.00 108.00
YM_F short 1006 1031 -100 -0.00 -127.00

Trading dates are:

[“2018-09-19″,”2018-09-20″,”2018-09-21″,”2018-09-24″,”2018-09-25”]

To read this chart using CL_F above, a Long from 11:22 until 11:34 ET has been profitable 100% of the time over the last 5 days.


See All Of today’s HotSpots Here


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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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