Muted Trade For The S&P 500

At press time, the December E-mini S&P 500 futures contract is dominating liquidity over March by a 3/1 margin.

stocks

The tug of war on Wall Street continues, with the bulls and bears fighting to a mid-session stalemate. For the first 120 minutes since the cash open, the U.S. indices are largely flat. Both the DJIA and S&P 500 are hovering around even, exhibiting the whipsaw trading conditions we have seen a lot of in recent weeks.

If you are trading quarterly futures contracts, then be aware that many of these issues come off of the board today. As a result, volumes will become diluted and price action may reflect the thin markets.

For the December E-mini S&P 500, it has been an active quarter. Let’s take one last look at the daily technicals before turning the page to the March issue.

December S&P 500 Futures

At press time, the December E-mini S&P 500 futures contract is dominating liquidity over March by a 3/1 margin. Be on the lookout for this to shift as the closing bell approaches.

December E-mini S&P 500 Futures (ES), Daily Chart
December E-mini S&P 500 Futures (ES), Daily Chart

Here are the levels to watch for the near future:

  • Resistance(1): 38% Current Wave, 2671.25
  • Support(1): Spike Low, 2583.00

Overview: At press time, the December E-mini S&P 500 is in heavy rotation ahead of rollover. While this market is likely to open up from current levels, there is very little reason to believe a directional move will occur later today. For the time being, a rotational trading plan or waiting until the Friday session may be the best courses of action.

ABOUT THE AUTHOR See More
Shain Vernier
US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers