Directional Bias For The Day:
- The futures are moving sideways since NYSE session close on Tuesday
- Odds are for a sideways to an up day
- 3rd day following a big-decline, like the one on Friday, has 61% chance of being an up-day for S&P 500
- Key move: Break above 55 for 14-Period RSI on 30-minute chart
- Futures are sideways since Asian session on Sunday (U.S. time) after falling more in the after-market trading post-NYSE close on Friday
- Markets in Asia were mixed; China, Japan and Hong Kong were modestly down but India and Australia were up
- European markets are mixed but mostly up for the first time in 4-5 days
- On Tuesday, at 4:00 PM, S&P future (Dec contract) closed at 2119.50 and the index closed at 2127.02 – a spread of about 7.50 points
Key Levels:
- Critical support levels for S&P 500 are 2121.54, 2116.67, and 2106.97
- Critical resistance levels for S&P 500 are 2135.68, 2150.47 and 2157.62
- Pre-NYSE session open, futures price action is slightly to the upside; at 6:45 AM, S&P 500 futures was up by +2.25, Dow was up by +15 and NASDAQ was up by +9.25
The trend and patterns on various time frames for S&P 500 are:
Monthly |
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Weekly: |
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Daily |
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2-Hour (e-mini future) |
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30-Minute (e-mini future) |
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Before NYSE Session Open
Tuesday was almost a mirror opposite of Monday. Major U.S. indices gapped lower at the open and stayed lower. However, not all behaved in similar manner. Big caps were helped by the performance of $AAPL, which gained 2.4% on a down day.
On Tuesday:
Up | Down | Last | Notes | |
S&P 500 | -32.02 or -1.5% | 2127.02 |
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Dow Jones Industrial Average | -258.32 or -1.4% | 18866.75 |
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NASDAQ Composite | -56.64 or -1.1% | 5155.25 |
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Russell 2000 | -23.55 or -1.9% | 1212.32 |
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Dow Jones Transportation Average | -153.99 or -1.9% | 7771.91 |
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VIX | +2.69 or +17.7% | 17.85 |
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