Sunday Night Futures Update (SPY)
I probably sound like a broken record by now though i will still keep harping about the overnight futures sessions. The ES simply defies gravity, it does not and will not stay down. The overnight session opened with a nice pop to the upside almost reaching 1144, before trading fairly hard down to 1139 even. Once the 8 o’clock PM hour was upon us so was the futures buying. The ES traded up to 1144 once again nearly straight up for 2 hours.
With China stating they can and will buy Greek bonds, this is i guess reason enough to jack the futures a percent before NYC opens a new week of chop. I read a very interesting article highlighting over the past 19 years or so the futures have provided much of the gains in bull markets during overnight trading. In bear markets most of the selling occurs intra day. This to me is quite startling as i have not honestly poured over historical data beyond 5 or so years.
Perhaps the past 20 years bull markets have been a fabrication of overnight under the radar futures games. Maybe we need to cut the 24 hour market down to only a 10 hours of actual trading, why should markets with extremely low notional value dictate where trillion dollar market will open?