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Market Review:
Thursday
It's officially closeout time.
Core PCE Price Index Y/Y came in last time at 3.7%. It is expected to come in this time around 3.5%. After the Core PCE number is released, the market will be free to hunt the end of the month.
This Friday is the first of December. Next Friday December 8 will be the last day of the ESZ23 as lead contract. December 15 is the third Friday, and Expiration. The March 2024 ES Futures contract (ESH24) is trading 50 points higher than the ESZ23. When we rollover at the end of next week, it is possible that we roll straight into a new high of the year. 50 points below 4634.50 is 4584.50. I expect the 4584.00 area to be somewhat contested.
December 1: First Friday. December 8: Last Friday with ESZ23 as lead contract. December 15: Expiration Friday. December 22: The Friday before Christmas. December 29: the last trading day of 2023.
Every Friday in December has meaning. Every single one.
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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