Another Nightmare Rollover

As if just the economics of the day aren't enough to keep traders perplexed, look at what TradingView thinks the futures roll-over will look like tomorrow.

ES Futures - Rollover Concern

On the left is the price of the current contract, ESM2024, the June contract in white highlight over green it says the current price is 5,435.25. Now look over to the right to the first line in the table. See where it says, "500, 5,500 72.7 1.34%"? That means, as of tonight, TradingView is pricing in the September contract ESU2024 at a price of 5,500 or up +72,7 points from the current price.

This is worse than ridiculous. Even though today I said I could see the 5,500 Fibonacci level (55 x 100), to see it in print with such little price discovery action - such little volume - makes a mockery of the process. It makes it completely ridiculous for anyone trying to set price targets.

I don't care about the back-adjustment-button. This is near where the new contract will be priced when it is more actively traded. This is vastly, vastly different from pre-Covid times when the rollover would be 8 - 15 points. As far as I'm concerned, the CFTC needs to look into why this is happening now and why it is different than historical. What has changed to justify this?

Have an excellent rest of the evening,

TraderJoe