Directional Bias For The Day:
Futures are higher- Moving sideways since 11:30 AM on May 30 – high 2414.50, low 2410.00
- Odds are for a sideways to an up day; watch for break below 2407.75 for change of fortunes
- Key economic data:
- Chicago PMI (est. 57.0) at 9:45 AM
- Pending Home Sales (est. 0.7%) at 10:00 AM
Markets Around The World
- Markets in the East were mixed – Shanghai, Sydney and Seoul were higher; Hong Kong, Tokyo and Mumbai were down
- European markets are higher
- Dollar index, GBP/USD and USD/JPY are down; EUR/USD is higher
- Commodities are mixed – crude oil, silver and copper are down; NatGas and gold are higher
- 10-yrs yield closed at 2.217% on May 30 down from May 26 close of 2.250%; 30-years closed at 2.886% down from 2.916%
Key Levels:
- Critical support levels for S&P 500 are 2408.01, 2397.99 and 2387.21
- Critical resistance levels for S&P 500 are 2418.71, 2421.08 and 2427.38
- Key levels for eMini futures: break above 2416.75, the high of 8:30 AM on May 29 and break below 2407.75, the low of 7:30 AM on May 30
Pre-Open
- Pre-NYSE session open, futures price action is to the upside – at 7:15 AM, S&P 500 futures were up by +3.25; Dow by +24.00; and NASDAQ by +10.75
- On Tuesday, at 4:00 PM, S&P future (June contract) closed at 2412.50 and the index closed at 2412.91 – a spread of about 0.50 points; futures closed at 2410.75 for the day; the fair value is +1.75
Directional Bias Before Open
- Weekly: Up
- Daily: Up
- 120-Min: Side
- 30-Min: Side
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
S&P 500, NASDAQ Composite, Dow Jones Industrial Average and Wilshire 5000 Total Market Index and NUSE Composite made doji candle with small upper and lower shadows. closed higher. Dow Jones Transportation Average made a doji candle with larger upper and lower shadows. Russell 2000 made a large red candle.