Directional Bias For The Day:
- The futures are higher;
- Range bound since 3:00 PM on Friday March 10
- Retracing from 2370.00, the NYSE session close on Friday
- Odds are for a sideways day with an upward bias; watch for break above 2370.00 and break below 2364.75 for change of fortunes
Markets Around The World
- Markets in the East closed mostly higher – Shanghai was down
- European markets are mostly higher – Germany is lower
- Dollar index, EUR/USD and GBP/USD are up; USD/JPY is lower
- Commodities are mostly up – crude oil is down; NatGas, copper, gold and silver are higher
- 10-yrs yield is at 2.578% down from March 10 close of 2.582%; 30-years is at 3.170% up from 3.169%
Key Levels:
- Critical support levels for S&P 500 are 2363.04, 2354.54 and 2352.87
- Critical resistance levels for S&P 500 are 2376.86, 2383.89 and 2388.59
- Key levels for eMini futures: break above 2370.00 high of 4:00 PM on March 10 and break below 2365.25, the low of 7:00 AM
Pre-Open
- Pre-NYSE session open, futures price action is to the upside – at 9:00 AM, S&P 500 futures were up by +1.50, Dow by +19.00 and NASDAQ is unchanged
- On Friday, at 4:00 PM, S&P future (June contract) closed at 2370.00 and the index closed at 2372.60 – a spread of about +2.50 points; futures closed at 2368.50 for the day; the fair value is +1.50
The trend and patterns on various time frames for S&P 500 are:
Monthly |
|
Weekly: |
|
Daily |
|
2-Hour (e-mini future) |
|
30-Minute (e-mini future) |
|
Previous Session
U.S. indices closed mixed on Friday March 10. S&P 500 and Dow Jones Industrial Average closed higher for the second time – their fifth up day in last ten days. NASDAQ Composite was up for third day, its sixth in last ten days. Russell 2000 and Dow Jones Transportation Average broke their losing streak. Russell 2000 broke its six day losing streak and DJT four days.
For the week. the major indices were down. S&P 500 and NASDAQ Composite broke their six-week winning streak and DJIA broke its four-week winning streak. Russell 2000 declined for the third straight week.
You must be logged in to post a comment.