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S&P 500 Trims Gains After Hitting New Record High

By:Thomas Westwater

Also, 10-year T-note, copper, crude oil and Australian dollar futures

  1. S&P 500 E-mini futures (/ES): -0.10% 
  2. 10-year T-note futures (/ZN): +0.28% 
  3. Copper futures (/HG): +1.31% 
  4. Crude oil futures (/CL): +1.45% 
  5. Australian dollar futures (/6A): +0.58% 


S&P 500 futures hit a fresh record high early today before trimming gains to trade slightly negative after the US open. The S&P 500 remained nearly 1% higher going into the weekend, with technology stocks helping to fuel those gains. Market sentiment got a boost from positive headlines around economic data, such as upbeat retail sales data and stock-specific news that Nvidia (NVDA) could soon sell restricted chips to China. Ethereum futures (/ETHN5) hit six-month highs as demand for the crypto asset rose. The dollar was on track to gain for the second week as investor confidence in the United States recovered.  

 


Symbol: Equities Daily Change 
/ESU5 -0.10% 
/NQU5 -0.14% 
/RTYU5 -0.18% 
/YMU5 -0.38% 


 

S&P 500 futures (/ESU5) were down about 0.10% shortly after the New York cash session opened. Utilities and consumer discretionary were the top gainers, while technology and communication stocks lagged. Netflix (NFLX) traded nearly 5% lower yesterday after reporting earnings after the bell. The company beat estimates but warned that operating margins would slow down in the second half of the year. Chevron (CVX) won a bid against Exxon Mobil (XOM) over offshore oil assets in Guyana.  

 


Strategy: (42DTE, ATM) Strikes POP Max Profit Max Loss 
Iron Condor  

Long 6250 p 

Short 6275 p 

Short 6425 c 

Long 6450 c 

19% +900 -350 
Short Strangle 

Short 6275 p 

Short 6425 c 

47% +8300 
Short Put Vertical 

Long 6250 p 

Short 6275 p 

59% +382.50 -867.50 


 

 

S&P 500 E-mini futures (/ES)

 


Symbol: Bonds Daily Change 
/ZTU5 +0.07% 
/ZFU5 +0.18% 
/ZNU5 +0.24% 
/ZBU5 +0.31% 
/UBU5 +0.25% 


 

Bond yields fell after Federal Reserve Gov. Christoper Waller pointed toward a possible dissent during the Fed’s next policy meeting, citing concern about hiring in the private sector. 10-year T-note futures (/ZNU5) rose 0.24% today in early trading. The Fed will announce its next policy decision on July 30, and all eyes will now be on Waller’s vote.   

 

 


Strategy (35DTE, ATM) Strikes POP Max Profit Max Loss 
Iron Condor  

Long 103.375 p 

Short 103.5 p 

Short 103.875 c 

Long 104 c 

26% +156.25 -93.75 
Short Strangle 

Short 103.5 p 

Short 103.875 c 

43% +531.25 
Short Put Vertical 

Long 103.375 p 

Short 103.5 p 

86% +93.75 -156.25 


 

10-year T-note futures (/ZN)

 

 


Symbol: Metals Daily Change 
/GCQ5 +0.49% 
/SIU5 +0.81% 
/HGU5 +1.31% 


 

A pro-growth move resulting from lower bond yields and the prospect of rate cuts is driving copper prices (/HGU5) over 1% higher this morning. Copper is nearly unchanged on the week after a big surge from last week after the United States announced copper tariffs. Through most of this year traders have been front-loading copper shipments into the United States in anticipation of the tariffs. An environment where rates come down sooner could help boost economic activity and the demand for copper.  

 


Strategy (39DTE, ATM) Strikes POP Max Profit Max Loss 
Iron Condor  

Long 5.45 p 

Short 5.46 p 

Short 5.78 c 

Long 5.79 c 

20% +200 -50 
Short Strangle 

Short 5.46 p 

Short 5.78 c 

58% +9725 
Short Put Vertical 

Long 5.45 p 

Short 5.46 p 

57% +100 -150 


 

 

Copper futures (/HG)

 


Symbol: Energy Daily Change 
/CLQ5 +1.45% 
/HOQ5 +4.31% 
/NGQ5 +1.44% 
/RBQ5 +0.29% 


 

Crude oil futures (/CLU5) rose 1.45% this morning after the European Union reached a consensus on a new sanctions package against Russia. The sanctions package is pointed towards Russia’s oil business, which has helped fill its war coffers. The sanctions also target fuels made from Russian oil. Meanwhile, lower rates in the United States are also supporting a growth-on tilt for the economic outlook.  

 


Strategy (61DTE, ATM) Strikes POP Max Profit Max Loss 
Iron Condor  

Long 64 p 

Short 64.5 p 
Short 69 c 

Long 69.5 c 

21% +370 -130 
Short Strangle 

Short 64.5 p 

Short 69 c 

51% +4650 
Short Put Vertical 

Long 64 p 

Short 64.5 p 

56% +210 -290 


 

 

Crude oil futures (/CL)

 


Symbol: FX Daily Change 
/6AU5 +0.58% 
/6BU5 +0.28% 
/6CU5 +0.15% 
/6EU5 +0.54% 
/6JU5 +0.17% 


 

Australian dollar futures (/6AU5) led major currencies higher this morning, with prices up 0.59% an hour into the US trading session. Lower yields in the US dragged on the dollar, while a rate cut outlook that supports growth boosted the sentiment-sensitive aussie. Higher prices for iron ore, which is a major export for Australia, also boosted the currency. Traders digested data that showed China’s appetite for the energy product is strong.  

 


Strategy (49DTE, ATM) Strikes POP Max Profit Max Loss 
Iron Condor  

Long 0.64 p 

Short 0.645 p 

Short 0.66 c 

Long 0.665 c 

33% +310 -190 
Short Strangle 

Short 0.645 p 

Short 0.66 c 

55% +1120 
Short Put Vertical 

Long 0.64 p 

Short 0.645 p 

71% +140 -360 


 


Australian dollar futures (/6A)

 


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

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