Directional Bias For The Day:
- S&P 500 future is drifting higher, high
- On 30-minute, S&P 500 future is in a rectangle trading range
- Critical support levels for S&P 500 are 2178.61, 2173.62 and 2168.63
- Critical resistance levels for S&P 500 are 2187.66, 2191.72 and 2195,78
- Early morning futures price action is slightly to the upside; at 8:30 AM, S&P 500 future was up by +3.00, Dow was up by +15.00 and NASDAQ was up by +7.00
Before NYSE Session Open
On Tuesday, S&P 500 opened the day up two points and then gained another five before declining and closing the day almost unchanged. The price action of other major U.S. indices was not much different. S&P 500 gained +0.85 to reach 2181.74, Dow Jones Industrial Average was up +3.76 to 18533.05, NASDAQ Composite gained +12.34 or +0.2% to reach 5225.48 and the Russell 2000 was up +1.32 to 1231.74..
Asian Session
Asian bourses were mixed on Wednesday.
- Shanghai Composite was down by -6.93 or -0.23% to 3018.74;
- Hang Seng closed up by +26.82 or +0.12% to 22492.43;
- Nikkei 225 was down by -29.85 or -0.18% to 16735.43;
- Sydney’s S&P/ASX 200 was down by -8.80 or -0.16% to 5543.70
- Sensex was down by -310.28 or -1.10% to 27774.88 following Tuesday’s bearish engulfing pattern; next support level is 27627.97
- South Korea’s KOSPI gained +0.86 or +0.04% to close at 2044.64
European Session
In pre-US session, the European stock markets are mixed
- DAX is down by -29.60 or -0.28% to 10663.30;
- FTSE-100 is down by -3.14 or -0.06% to 6348.15;
- CAC-40 is down by -0.19% to 4459.40
- Spanish IBEX is up by +0.09% to 8673.90;
- Italian FTSE MIB is up by +0.07% to 16807.22;
- Swiss SMI-SWX is up by +0.08% to 8236.39;
- STOXX-600 is down by -0.12% to 344.27
Currencies
- U.S. Dollar index is down by -0.742 to 95.390;
- EUR/USD is up by +72.7 pips to 1.11876;
- GBP/USD is up by +79.0 pips to 1.3074;
- USD/JPY is down by -78.7 pips (Yen is stronger) to 101.053;
Commodities
- WTI Crude is up by +0.11 or +0.26% to 42.88;
- Natural Gas is up by +0.38% to 2.625;
- Gold is up by +16.3 or +1.21% to 1353.00; Silver is up by +0.59 or +2.97% to 20.440
- Copper is up by +1.93% to 2.1915
Yields
- U.S. Treasury yields are down for the day so far
- 30-year yield is down by -2.5 basis points to 2.232% and 10-year is down by -2.5 basis points to 1.520%
Pivot Levels:
S&P 500 is above its 10-D EMA, 10-D EMA is above 20-D EMA and its 20-D EMA is trending above 50-D EMA since March 9, 2016.
| S&P 500 Cash | eMini Futures | |||
| Daily | Level | Break Chance |
Level | Break Chance |
| Pivot | 2182.67 | 2178.25 | ||
| R1 | 2186.73 | 60% | 2182.75 | 56% |
| R2 | 2191.72 | 42% | 2188.00 | 32% |
| R1 | 2195.78 | 49% | 2192.50 | 28% |
| S1 | 2177.68 | 35% | 2173.00 | 35% |
| S2 | 2173.62 | 33% | 2168.50 | 24% |
| S3 | 2168.63 | 23% | 2163.25 | 23% |
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
