Directional Bias For The Day:

• Greater likelihood of a range bound day
• The 30-minute chart of S&P 500 future is carving out a symmetric triangle within a narrow rectangle trading box, which has been in effect since July 13th, bounded between 2173 and 2153
• Critical support levels for S&P 500 are 2159.74, 2154.44 and 2149.14
• Critical resistance levels for S&P 500 are 2174.98, 2180.66 and 2188.47
• Early morning futures price action is slightly to the down-side; at 8:30 AM, S&P 500 future was down by -2.50, Dow is down by -40.00 and NASDAQ is up by +5.25

Before NYSE Session Open

Major US indices were again range bound on Thursday. The 4-hour chart of S&P 500 is showing a narrow rectangle trading range since July 13th.

Similar to Wednesday, on Thursday, S&P 500 fell at the start and then rose before closing the day with +3.48 gain. The Dow Jones Industrial Average declined by -15.82. After closing at an all time high of July 20th, Dow has declined five times out of six trading days. NASDAQ Composite gained +15.17 but Russell 2000 lost -1.60.

Asian Session

The Asian bourses were mixed on Friday.

• Shanghai Composite was down by -14.94 or -0.50% to 2979.34
• Hang Seng was down by -282.97 or -1.28% to 21891.37
• Nikkei 225 gained +92.43 or +0.56% to 16569.27
• Sydney’s S&P/ASX 200 gained +5.8 or +0.10% to 5562.40
• Sensex was down by -156.76 or -0.56% to 28051.86
• South Korea’s KOSPI was down by -4.91 or -0.24%

European Session

In pre-US session, the European stock markets are mixed.

• DAX is up by +29.11 or +0.28% to 10304.04
• FTSE-100 is down by -17.46 or -0.26% to 6703.60
• CAC-40 is down by -0.01% to 4420.35
• Spanish IBEX is up by +1.54% to 8609.40
• Italian FTSE MIB is up by +2.14% to 16875.45
• Swiss SMI-SWX is up by +0.39% to 8126.78
• STOXX-600 is up +0.37% to 340.72

Currencies

• U.S. Dollar index is down by -1.001 to 95.72
• EUR/USD is up by +79.9 pips to 1.11561
• GBP/USD is up by +71.00 pips to 1.3230
• USD/JPY is down by -252.5 pips (Yen is stronger) to 102.751

Commodities

• WTI Crude is down by -0.07 or -0.17% to 41.07; Natural Gas is unchanged at 2.873
• Gold is up by +12.70 or +0.95% to 1345.00; Silver is up by +0.173 or +0.86% to 20.365
• Copper is up by +0.0020 or +0.09% to 2.211

Yields

• U.S. Treasury yields are down for the day so far
• 30-year yield is down -0.3 basis points to 2.226% and 10-year is down by -2.4 basis points to 1.487%

Pivot Levels:

S&P 500 is above its 10-D EMA, 10-D EMA crossed above 20-D EMA and its 20-D EMA is trending above 50-D EMA since March 9, 2016.

Note: The probability of a level breaking is shown above is for the current condition when the price is above 20-D EMA, 10-D EMA is above 20-D EMA and 20-D EMA is above 50-D EMA. R2 break probability comes in picture only when R1 is broken. So are the probabilities calculated for R3, S2 and S3