Trading within a narrow range since 10:00 AM o April 25
Odds are for a range bound day with slight bias to the downside watch for break above 2389.25 and below 2382.25 for change of fortunes
No key economic data to be released today
Markets Around The World
Markets in the East closed higher
European markets are mixed: Germany, U.K., Spain and Italy are down; France, Switzerland and STOXX 600 are up
Dollar index and USD/JPY are higher; GBP/USD and EUR/USD are lower
Commodities are mixed: crude oil, gold and silver are down; NatGas and copper are higher
10-yrs yield is at 2.347% up from April 25 close of 2.327%; 30-years is at 3.001% up from 2.979%
Key Levels:
Critical support levels for S&P 500 are 2381.15, 2376.17 and 2369.19
Critical resistance levels for S&P 500 are 2393.68, 2398.74 and 2400.98
Key levels for eMini futures: break above 2386.75, the high of 6:00 AM, and break below 2382.25, the low of 7:30 AM
Pre-Open
Pre-NYSE session open, futures price action is almost unchanged – at 9:00 AM, S&P 500 futures were unchanged, Dow is up by +1.00 and NASDAQ is up by +3.00
On Tuesday, at 4:00 PM, S&P future (June contract) closed at 2385.00 and the index closed at 2388.61 – a spread of about 3.75 points; futures closed at 2385.00 for the day; the fair value is +0.00
The trend and patterns on various time frames for S&P 500 are:
Candlestick for the last week, Friday April 21, was a small green candle, a harami with open and close within the body of previous large red candle
An up week – second in in last five weeks; sixth in last ten weeks
Forming a small down-sloping flag; break above 2378.36 will be bullish
Broke above a down-sloping flag on November 14, 2016; first target of 2285.92 and second target of 2363.14 are achieved
Last swing low, 2083.79, was the low on November 4, 2016
Above 39-week SMA and 89-week SMA
Confirmed uptrend, though pulling back
Daily
Another gap up open following Monday’s gap up open; both gaps did not fill
Broke above a down sloping flag; break above 2378.36 will be bullish; flag-pole high is 2400.98; the target will be near 2650
Uptrend under pressure; break above April 5 high of 2378.36 is critical for uptrend
Move above an up-sloping channel since December 27 still relevant
Above 100-day, 200-day, 50-day SMA/EMA and 20-day EMA
Last swing low 2263.62
Uptrend under pressure
2-Hour (e-mini future)
Within a narrow range since 10:00 AM on April 25 – high 2389.25 and low 2382.25
The horizontal channel break target, near 2385.00, was achieved
Uptrend since 8:00 PM on April 16; higher highs and higher lows
Within a range since March 21 – high 2378.75 and the low of 2327.25
Above rising 50-bar EMA and 20-bar EMA
30-Minute (e-mini future)
Within a narrow range since 10:00 AM on April 25
Achieved the target of a broken symmetrical triangle at 8:00 AM;
Achieved the target of the broken ascending triangle at 6:00 PM on Sunday April 23; triangle height is 33.75 points and the break out point is 2356.50, giving a 100% extension target near 2390.00
Above rising 50-bar EMA; at 20-bar EMA
Previous Session
Major U.S. indices followed Monday’s gap up open with another gap up open on Tuesday, April 25, and stayed higher throughout the day.
S&P 500 and Do Jones Industrial Average are above their respective bullish flag but below all time highs. NASDAQ Composite and Russell 2000 made all time highs but only NASDAQ closed at all time high. Dow Jones Transportation Average broke above a double bottom pattern and the 100% extension target is near 9600.
