Labor Day Holiday For U.S. Markets
Shain Vernier • 1 min read
Today marks the official observation of Labor Day in the U.S. and the unofficial end of summer. The NYSE is closed, as are most banks. In addition, there is an early halt to trading planned for CME at 1:00 PM EST. The forex remains open for business, however, most U.S. liquidity providers are off for the day.
Due to the holiday, the U.S. session economic calendar is vacant. Perhaps the only real financial news today is the launch of fresh tariffs against China, a move that has already been priced into the markets.
Slow Labor Day Trading Conditions On The Futures Markets
Action is limited on the U.S. futures markets. Low volumes and tight ranges are evident, as is choppy price action. The September E-Mini DOW is a prime example of this phenomenon, posting a modest 130 tick range.
Here are the levels to watch for today’s shortened Labor Day session:
- Resistance(1): 62% Current Wave Retracement, 26408
- Support(1): Bollinger MP, 26176
Overview: If you are trading CME futures, be aware of the early close today at 1:00 PM EST. At this point, volumes on the futures markets are light and price action especially choppy. These conditions are far from optimal and not conducive to assuming a high degree of risk. The use of tight stops and reduced leverage is recommended until trading volumes pick up during the Tuesday session.