ES Futures Crash on Reopen: CME Intervenes
US equity markets look like they are going to have another weak day when traders return to their desks.
US equity markets look like they are going to have another weak day when traders return to their desks after a rough start from the ES futures this morning.
ES futures crashed lower on the re-open on Thursday, and the CME was forced to intervene with their circuit breakers to halt a bigger move lower.
When prices get a bit crazy, the CME initiates some strategies including only accepting limit orders and pausing trade.
The ES has rebounded off the lows and is now back in the mid-range, around -0.75% lower on where we closed.
There is no particular news that drove the sell-off, other than the weak lead-in we had from Tuesday’s big sell-off.
Trump hasn’t been tweeting anything too negative and this feels like it is just follow through. European markets were weak yesterday and the Asian markets are in the red today as well.
This certainly isn’t a vote of confidence and this will be one to watch when US traders return later today.
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