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Market Review:
Friday's Close
Friday's close in the ES Futures was 4219.25. News of an agreement on the debt ceiling was released over the weekend and this week's open was 4239.75. The market has a new high of the year. The US Cash market opens for the first time this week at 9:30am ET. In holiday, and overnight trading futures dropped from the open, and made an overnight low at 4220.25. That is still slightly higher than Friday's close. Typically, we would look for the market to connect the dots. However, this market is also closing out the month of May both today and tomorrow. On Thursday we will be opening the month of June.
3 of the previous 4 months this year have seen a rally to close out the month and open the next. The one exception to this was the close of February, and subsequent open of March. The close of May seems to be more the rule than the exception.
Over 70% of stocks track with the S&P 500 Futures
Major Events:
May 31 JOLTS Job Openings
June 1 ADP Employment
June 1 ISM Manufacturing PMI
June 2 Employment Reports
June 5 ISM Services PMI
Key Numbers Opens: Above or Below
4239.75 is the open
4190.00 is the open of the Month
4189.00 was the open of last Week
4127.00 is the open of the 2nd Quarter
3895.00 is the open of 2023
What's Hot and Not!
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As we enter June, we will transition from the May closeout, to the June open, and then on to rollover and expiration. Expiration will be on the third Friday in June (June 16). At the present time, the difference between the June and September ES contracts is roughly 42 points. This is a historic difference. It means that on rollover alone, the market will ostensibly gain the equivalent of a 1% move in price.
Past performance is not indicative of future results. Futures trading involves substantial financial risk.
Please consult your personal financial advisor before using this information for your own trading purposes.
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