Five futures in focus

S&P 500 Hold Gains to Start Quiet Holiday Trading Week

By:Thomas Westwater

Also two-year T-note, gold, crude oil and Japanese yen futures

  • S&P 500 E-mini futures (/NQ): +0.19% 
  • Two-year T-note futures (/ZT): -0.05% 
  • Gold futures (/GC): -0.03% 
  • Crude oil futures (/CL): +2.64% 
  • Japanese yen futures (/6J): +0.04% 

Traders are looking at a quiet week for U.S. markets as we close the final week of trading out. The S&P 500 (/ESH4) is trading slightly above 4,800 after last week’s rally that finished the longest weekly win streak in over five years. There aren’t any high-impact events scheduled for this week, which leaves prevailing sentiment trends to go unchecked. Light liquidity and low trading volumes may leave equity indexes to trade in a thin range.  



Symbol: Equities 

Daily Change 

/ESH4 

+0.19% 

/NQH4 

+0.34% 

/RTYH4 

+0.32% 

/YMH4 

+0.05% 



The four major U.S. indexes opened higher this morning but E-mini Dow futures (/YMH4) struggled in the group, opening flat on the day. A U.S. home price gauge showed the ninth monthly rise in house prices, and the Federal Reserve’s Chicago National Activity Index improved in November from the month before. Meanwhile, markets continue to price in a March rate cut from the Fed, per Federal funds futures.  



Strategy: (36DTE, ATM) 

Strikes 

POP 

Max Profit 

Max Loss 

Iron Condor  

Long 4770 p 

Short 4775 p 

Short 4860 c 

Long 4870 c 

55% 

+295 

-205 

Long Strangle 

Long 4770 p 

Long 4870 c 

50% 

-4,850 

Short Put Vertical 

Long 4770 p 

Short 4775 p 

61% 

+87.50 

-162.50 

 

/ESH4

Symbol: Bonds 

Daily Change 

/ZTH4 

-0.05% 

/ZFH4 

+0.00% 

/ZNH4 

+0.06% 

/ZBH4 

+0.33% 

/UBH4 

+0.40% 



Two-year Treasury note futures (/ZTH4) fell 0.06% this morning. That pushed its yield up by about four basis points, or 1.11%, to 4.375%. The U.S. Treasury will auction $57 billion worth of the two-year notes this afternoon. Bond traders will also be watching several auctions tomorrow, including one for five-year notes. Weak demand could push yields higher, which may drag on markets that are more susceptible to movements amid lighter volumes.  



Strategy (59DTE, ATM) 

Strikes 

POP 

Max Profit 

Max Loss 

Iron Condor  

Long 102.375 p 

Short 102.5 p 

Short 103.125 c 

Long 103.25 c 

20% 

+187 

-62.50 

Long Strangle 

Long 102.375 p 

Long 103.25 c 

56% 

-921.88 

Short Put Vertical 

Long 102.375 p 

Short 102.5 p 

88% 

+93.75 

-156.25 



/ZTH4





Symbol: Metals 

Daily Change 

/GCG4 

-0.03% 

/SIH4 

-0.24% 

/HGH4 

+0.32% 



Gold futures (/GCG4) are down slightly this morning as bond selling pushing yields slightly higher across the short- and middle-end of the curve. Volatile tensions in the Middle East and a major military operation in occupied Ukraine failed to spur any haven buying in precious metals overnight. Silver futures (/SIH4) slide lower, falling about 0.65% against gold’s 0.10% loss.  



Strategy (34DTE, ATM) 

Strikes 

POP 

Max Profit 

Max Loss 

Iron Condor  

Long 2050 p 

Short 2055 p 

Short 2105 c 

Long 2110 c 

25% 

+380 

-120 

Long Strangle 

Long 2050 p 

Long 2110 c 

42% 

-3,940 

Short Put Vertical 

Long 2050 p 

Short 2055 p 

62% 

+220 

-280 

 

 

/GCG4

Symbol: Energy 

Daily Change 

/CLF4 

+2.76% 

/HOH4 

+1.93% 

/NGF4 

-3.98% 

/RBH4 

+1.84% 



Crude oil prices (/CLG4) moved higher today as reports of explosions in the Red Sea triggered some buying in the commodity. The United Kingdom Maritime Trade Operations stated that two drones were seen shortly before several explosions were heard by a vessel off the coast of Yemen. Earlier today, however, shipping giant Maersk said it would resume operations in the Red Sea and Gulf of Aden. Other shippers’ operations are still suspended but several other companies said they will make decisions over the coming days to resume travel through the corridor, where a U.S.-led coalition is operating to deter attacks.  

 

Strategy (50DTE, ATM) 

Strikes 

POP 

Max Profit 

Max Loss 

Iron Condor  

Long 73.5 p 

Short 74 p 

Short 78.5 c 

Long 79 c 

19% 

+380 

-120 

Long Strangle 

Long 73.5 p 

Long 79 c 

48% 

-4,810 

Short Put Vertical 

Long 73.5 p 

Short 74 p 

57% 

+200 

-300 



 

/CLG4

Symbol: FX 

Daily Change 

/6AH4 

+0.19% 

/6BH4 

+0.13% 

/6CH4 

+0.44% 

/6EH4 

+0.14% 

/6JH4 

+0.03% 

 

Japanese yen futures (/6JH4) are nearly unchanged this morning, trading around the five-month high on speculation that the Bank of Japan (BOJ) will soon exit its ultra-loose monetary policy stance. With markets closed in Australia, Hong Kong and New Zealand, foreign exchange markets are also trading on lighter-than-normal volumes because of public holidays. The BOJ’s Ueda signaled that Japan was exiting its period of low inflation, adding to signs that the bank is on the verge of a major shift.  

Strategy (45DTE, ATM) 

Strikes 

POP 

Max Profit 

Max Loss 

Iron Condor 

Long 0.007 p 

Short 0.00705 p 

Short 0.0072 c 

Long 0.00725 c 

30% 

+437 

-187.50 

Long Strangle 

Long 0.007 p 

Long 0.00725 c 

42% 

-1,375 

Short Put Vertical 

Long 0.007 p 

Short 0.00705 p 

68% 

+265 

-362.50 



/6JH4

Thomas Westwater, a tastylive financial writer and analyst, has eight years of markets and trading experience. @fxwestwater 

For live daily programming, market news and commentary, visit tastylive or the YouTube channels tastylive (for options traders), and tastyliveTrending for stocks, futures, forex & macro.

Trade with a better broker, open a tastytrade account today. tastylive, Inc. and tastytrade, Inc. are separate but affiliated companies.


Options involve risk and are not suitable for all investors. Please read Characteristics and Risks of Standardized Options before deciding to invest in options.

Related Posts

tastylive content is created, produced, and provided solely by tastylive, Inc. (“tastylive”) and is for informational and educational purposes only. It is not, nor is it intended to be, trading or investment advice or a recommendation that any security, futures contract, digital asset, other product, transaction, or investment strategy is suitable for any person. Trading securities, futures products, and digital assets involve risk and may result in a loss greater than the original amount invested. tastylive, through its content, financial programming or otherwise, does not provide investment or financial advice or make investment recommendations. Investment information provided may not be appropriate for all investors and is provided without respect to individual investor financial sophistication, financial situation, investing time horizon or risk tolerance. tastylive is not in the business of transacting securities trades, nor does it direct client commodity accounts or give commodity trading advice tailored to any particular client’s situation or investment objectives. Supporting documentation for any claims (including claims made on behalf of options programs), comparisons, statistics, or other technical data, if applicable, will be supplied upon request. tastylive is not a licensed financial adviser, registered investment adviser, or a registered broker-dealer.  Options, futures, and futures options are not suitable for all investors.  Prior to trading securities, options, futures, or futures options, please read the applicable risk disclosures, including, but not limited to, the Characteristics and Risks of Standardized Options Disclosure and the Futures and Exchange-Traded Options Risk Disclosure found on tastytrade.com/disclosures.

tastytrade, Inc. ("tastytrade”) is a registered broker-dealer and member of FINRA, NFA, and SIPC. tastytrade was previously known as tastyworks, Inc. (“tastyworks”). tastytrade offers self-directed brokerage accounts to its customers. tastytrade does not give financial or trading advice, nor does it make investment recommendations. You alone are responsible for making your investment and trading decisions and for evaluating the merits and risks associated with the use of tastytrade’s systems, services or products. tastytrade is a wholly-owned subsidiary of tastylive, Inc.

tastytrade has entered into a Marketing Agreement with tastylive (“Marketing Agent”) whereby tastytrade pays compensation to Marketing Agent to recommend tastytrade’s brokerage services. The existence of this Marketing Agreement should not be deemed as an endorsement or recommendation of Marketing Agent by tastytrade. tastytrade and Marketing Agent are separate entities with their own products and services. tastylive is the parent company of tastytrade.

tastycrypto is provided solely by tasty Software Solutions, LLC. tasty Software Solutions, LLC is a separate but affiliate company of tastylive, Inc. Neither tastylive nor any of its affiliates are responsible for the products or services provided by tasty Software Solutions, LLC. Cryptocurrency trading is not suitable for all investors due to the number of risks involved. The value of any cryptocurrency, including digital assets pegged to fiat currency, commodities, or any other asset, may go to zero.

© copyright 2013 - 2024 tastylive, Inc. All Rights Reserved.  Applicable portions of the Terms of Use on tastylive.com apply.  Reproduction, adaptation, distribution, public display, exhibition for profit, or storage in any electronic storage media in whole or in part is prohibited under penalty of law, provided that you may download tastylive’s podcasts as necessary to view for personal use. tastylive was previously known as tastytrade, Inc. tastylive is a trademark/servicemark owned by tastylive, Inc.