Directional Bias For The Day:

• The futures are moving sideways lower since 4:30 PM on Monday
• Very narrow trading range
• Odds are for a sideways day; watch for break above 2370.75 or below 2361.00 for change of fortunes

Markets Around The World

• Markets in the East were mixed – Shanghai, Tokyo and Seoul were up; Hong Kong, Sydney and Mumbai were down
• European markets are mostly higher – only Germany is lower
• Dollar index and GBP/USD are lower; USD/JPY and EUR/USD are higher
• Commodities are mostly lower – only copper is higher
• 10-yrs yield closed at 2.369% on February 27 up from February 24 close of 2.317%; 30-years closed at 2.986%, up from February 24 close of 2.955%

Key Levels:

• Critical support levels for S&P 500 are 2367.22, 2361.87, and 2352.87
• Critical resistance levels for S&P 500 are 2373.57, 2377.39 and 2383.24
• Key levels for eMini futures: break above 2370.75, high of 3:30 PM on February 27 and break below 2361.00, the low of 9:30 PM on February 27

Pre-Open

• Pre-NYSE session open, futures price action is almost unchanged – at 7:00 AM, S&P 500 futures were down by -1.00, Dow up by -+1.00 and NASDAQ up by +0.25
• On Monday, at 4:00 PM, S&P future (March contract) closed at 2368.75 and the index closed at 2369.75 – a spread of about 1.00 points; futures closed at 2368.25 for the day; the fair value is -0.50

The trend and patterns on various time frames for S&P 500 are:

Previous Session

U.S. indices mostly higher after the first half-hour of decline on Monday February 27. S&P 500 is rising after the gap down open on Friday February 24.

S&P 500 and Dow Jones Industrial Average made another highs other major indices did not.