The futures are higher; drifting higher since 2:00 PM on March 9
Down trend line since 2:30 PM on March 1 is broken
Broken sequence of lower high and lower lows on 30-minute timeframe
Odds are for an up day; watch for break below 2366.25 for change of fortunes
Non-Farm Payroll data will be critical too
Markets Around The World
Markets in the East closed mostly higher – Shanghai was down
European markets are higher
Dollar index, EUR/USD and USD/JPY are up; GBP/USD is lower
Commodities are mixed – crude oil, NatGas and copper are higher; gold and silver are lower
10-yrs yield closed at 2.598% on March 9 up from March 8 close of 2.552%; 30-years closed at 3.183%, up from 3.146%
Key Levels:
Critical support levels for S&P 500 are 2354.54, 2352.87 and 2350.70
Critical resistance levels for S&P 500 are 2371.50, 2375.12 and 2383.89
Key levels for eMini futures: break above 2376.50 high of 6:00 AM and break below 2371.75, the low of 3:00 AM
Pre-Open
Pre-NYSE session open, futures price action is to the upside – at 7:00 AM, S&P 500 futures were up by +5.50, Dow by +29.00 and NASDAQ by +19.50
On Thursday, at 4:00 PM, S&P future (March contract) closed at 2364.75 and the index closed at 2364.87 – a spread of about 0.00 points; futures closed at 2366.25 for the day; the fair value is -1.50
The trend and patterns on various time frames for S&P 500 are:
Candlestick for the last week, Friday March 3, was a green candle, that closed at the middle of the range; a very small lower shadow
Made another all time high
Up for six consecutive weeks
Broke above a down-sloping flag on November 14, 2016; first target of 2285.92 is met; next target is near 2363.14
Last swing low, 2083.79, was the low on November 4, 2016
Above 39-week SMA and 89-week SMA
Daily
A small green doji candle with small upper and lower shadow
Intraday range less than 1.00% since December 29;
Breaking out from an up-sloping channel that is n effect since December 27
Above 100-day, 200-day, 50-day, and 20-day SMA/EMA
Sequence of higher highs and higher lows
Last swing low 2263.62
2-Hour (e-mini future)
Broke the downtrend line that started on March 1
Drifting lower since making a high of 2301.00 at 2:00 PM on March 1; similar pre-session action to that on Tuesday, Monday and Friday – lows made overnight and the small move up or down
Bouncing off near a support – lows of 2357.50 made on February 28
Retracing from the high of 2401.oo reached on March 1
Confirmed uptrend
Below flat-to-falling 20-bar EMA and 50-bar EMA
30-Minute (e-mini future)
Near a resistance level – high of March 8
Broken downtrend line since March 1
Retracing from the high of 2401.00 made at 2:30 PM on March 1; lower highs and lower lows since then
Pre-NYSE open price action similar to that on Tuesday, Monday and Friday, which was unlike previous few days
Below falling 20-bar EMA and 50-bar EMA
Previous Session
U.S. indices closed mixed on Thursday March 9. S&P 500, NASDAQ Composite, and Dow Jones Industrial Average closed higher. All made near dojis with very small upper and lower shadow. The change of direction came at 2:00 PM.
Russell 2000 and Dow Jones Transportation Average closed down, extending their losing streak. Russell 2000 has been down ten out of last twelve days. It has been down for six straight days.
