Directional Bias For The Day:
- The futures are almost unchanged
- Trending sideways since 3:30 PM on Monday
- Monday was narrow range day
- Odds are for a sideways to up; watch for break above 2264.25 or below 2259.50 for change of fortunes
Markets Around The World
- Markets in the East were mostly up: Tokyo and Seoul were exceptions
- European markets are up
- Dollar index, GBP/USD and USD/JPY are up; EUR/USD is down
- Commodities are mixed: gold and silver are down; crude oil, NatGas and copper are up
- 10-yrs yield is at 2.403% down from Jan 20 close of 2.467%; 30-years is at 2.991% down from 3.046% on Jan 20
Key Levels:
- Critical support levels for S&P 500 are 2257.02, 2254.25 and 2245.13
- Critical resistance levels for S&P 500 are 2271.78, 2276.96 and 2278.68
- Key levels for eMini futures: break above 2264.25, high at 5:00 AM and break below 2259.50, the low of 3:30 AM
Pre-Open
- Pre-NYSE session open, futures price action is unchanged – at 7:30 AM, S&P 500 futures were down by -0.50, Dow is up by +5.00 and NASDAQ is up by +2.75
- On Monday, at 4:00 PM, S&P future (March contract) closed at 2261.50 and the index closed at 2265.20 – a spread of about 3.75 points; futures closed at 2262.00 for the day; the fair value is +0.50
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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Previous Session
U.S. indices were lower on Monday January 23. The daily range continued to be narrow and the chart patterns also did not change materially. This was the seventh day in a row that the indices were in a narrow range and there wasn’t any change to the patterns.
DJIA is still near the lower limit of its narrow horizontal trading range and is at 20-day EMA. Russell 2000 is trying at its lower limit of a similar range and is below its 20-day EMA. S&P 500, NYSE Composite and Wilshire 5000 Total Market Index continue to be in the middle of their broadening pattern at the 20-0day EMA. NASDAQ Composite has moved sideways for four days.
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