Day Trading Diary Educating Traders
Day trade Emini index futures Nasdaq 100 S&P 500

What is the Emini S&P 500 and NASDAQ 100?

NASDAQ 100 and S&P 500 index futures is listed on the Chicago Mercantile Exchange (CME) and trades on the Globex electronic system. CME acts as the counter party for each trade, hence if you short futures, CME will be taking the long position and vice versa.

NASDAQ 100 Emini contracts is actually one fifth the size of their larger counterparts, the NASDAQ 100 index futures. Each point of the index will represent $20 and the minimum fluctuation ( tick size ) is 0.5 points which is equivalent to $10.

S&P 500 Emini contracts is actually one fifth the size of their larger counterparts, the S&P 500 index futures. Each point of the index will represent $50 and the minimum fluctuation ( tick size ) is 0.25 points which is equivalent to $12.50.

Globex opens from 16:30(EST) on weekdays and 18:00(EST) on Sundays and public holidays. The closing time is 16:15(EST) on all days. However, there will be a scheduled maintenance of Globex from 17:30 till 18:00 (Monday through Thursday, nightly). I know the timings can be quite complicated, however as day traders, we are mostly concerned with trading when the market is opened as we have to capitalize on the higher liquidity available. I do not recommend entering trades after market hours, due to low volume which leads to slippage. The time span you have to concentrate on is really the market opening hours from 9:30 till 16:15 (EST).

More information regarding the contract specification of the Emini can be found on CME's website.

symbols for the S&P 500 and NASDAQ 100 Emini index futures

Both the NQ and ES emini contracts have expiry months in March, June, September and December which are denoted by the letters 滴, 溺, 填, 纏 respectively. Hence NQ05Z will represent the NASDAQ 100 emini contract with expiry month in December 2006. Similarly, ES06H will be the symbol for an S&P 500 emini contract with expiry month in March 2006.

March
H
June
M
September
U
December
Z

 

 

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