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As an S&P day trader I have observed that the 3 to 3.30PM is a critical time for the stock index. There are two possible scenarios that could possibly happen during this time frame:
• The major trend of the day intensifies and continues into the close of the day at 4:15 pm
• Complete reversal of the trend for that day into the closing of the day.
Is this a tradable setup? Yes, it is.
Here are some caveats as to what could happen: I have noticed that professional traders and market makers tend to move the market in the opposite direction before they actually re-enforce or contradict the prevailing trend.
So for example if at 3:00pm the market is heavily down, then starting at approximately 3:05 pm, the market could show signs of recovery and appear to reverse as if suddenly in an uptrend, when in fact it’s a fake out probably caused from profit taking.
The bottom line is that you should wait for the first 5 and sometimes 10 minutes after 3 to see exact direction.
Odds are that the prevailing trend will continue into the close. Of course, this is not written in stone and the market can reverse, so one still has to wait to get complete confirmation.
Listing Date Sunday, October 26, 2008 (trade date Monday, October 27, 2008)
Contract Name E-mini S&P 500 Euro denominated futures NP08-12
Description Futures replicating the popular E-mini S&P 500 contract with currency denominated in euros as opposed to USD
Instrument Type Futures
Product Code(s) EME
Ticker Symbol(s) EME
Trading Venue CME Globex® platform
Trading Hours Sundays through Thursdays from 5:00 p.m. Central Time (CT) to 3:15 p.m., CT next day, reopening between 3:30 pm and 4:30 pm CT
Contract Size €50 times the futures price
Valid Contract Months Dec08, Mar09, Jun09, Sep09, Dec09
Initial Contract Months Dec08
Minimum Price
Increments
0.25 index points for outrights
0.05 index points for calendar spreads
Value Per Tick €12.50 for outrights
€2.50 for calendar spreads