Mr Top Step, Danny Riley says stocks could be ripe for range trading a day before non-farm payrolls
S&P 500 Futures: Like Water In A Bathtub
What can we say about yesterday’s trade? On the heels of an equity rally in Asia and Europe as a response to Tuesday’s 2%+ rally, Wednesday’s trade turned into a range-bound chop fest. I said that often times after a strong higher trade, the futures tend to go sideways to lower. That’s exactly what the ESH16 did yesterday. After making a globex high of 1984.50 it turned lower into the cash open trading, as low as 1966.25 at 9:30 CT, before grinding higher the rest of the day, making it back to exceed the globex high by a single tick as the futures were closing at 3:15 CT.