Directional Bias For The Day:
Futures are higher- Moving higher since 7:30 AM on June 1
- Odds are for an up day; watch for break below 2432.00 for change of fortunes
- Key economic data:
- Non-Farm Employment Change (est. 181K) at 8:30 AM
- Average Hourly Earnings (est. 0.2%) at 8:30 AM
Markets Around The World
- Markets in the East closed higher
- European markets are higher
- Dollar index, EUR/USD and USD/JPY are up; GBP/USD is down
- Commodities are lower
- 10-yrs yield closed at 2.217% on June 1 up from May 31 close of 2.196%; 30-years closed at 2.870% down from 2.857%
Key Levels:
- Critical support levels for S&P 500 are 2419.05, 2413.54 and 2403.59
- Critical resistance levels for S&P 500 are 2435.57, 2441.07 and 2452.09
- Key levels for eMini futures: break above 2437.25, the high of 6:30 AM and break below 2432.50, the low of 4:00 AM
Pre-Open
- Pre-NYSE session open, futures price action is to the upside – at 7:30 AM, S&P 500 futures were up by +5.75; Dow by +71.00; and NASDAQ up by +18.00
- On Thursday, at 4:00 PM, S&P future (June contract) closed at 2429.50 and the index closed at 2430.06 – a spread of about 0.50 points; futures closed at 2429.50 for the day; the fair value is 0.00
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 |
- Confirmed Uptrend
- Uptrend resumption since Feb 08, 2016 after a pull back of -15.2%
|
| Weekly: |
- Candlestick for the last week, Friday May 26 was a large green candle with almost no lower shadow and very small upper shadow
- Last week’s pivot point 2407.15; R1=2427.38, R2=2438.94; S1=2395.59, S2=2375.36
- An up week – third in last five weeks; fifth in last ten weeks
- Broke above a down sloping flag (2378.36), which has bullish implications;
- 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
|
- A large green candle; above a horizontal channel – high 2400.58 and low 2322.25 – 100% extension target near 2480.00
- Formed a double top – March 1 high of 2400.98 and May 16 high of 2405.77; the intermediate low is 2322.25; a break below it will have a target near 2240.00 level
- Falling back within the down sloping flag that it broke above on April 24; break below 2328.95 will nullify the pattern
- Move above an up-sloping channel since December 27 still relevant
- Above 20-day and 50-day EMA; above 100-day and 200-day
- Last swing low 2263.62
- Mostly sideways move since February 17 – high near 2400 and the lo near 2330
- Uptrend resumed
|
| 2-Hour (e-mini future) |
- Uptrend resumed; Break out from the narrow range at 10:00 AM on June 1
- Higher highs and higher lows since 4:00 AM on May 18;
- Above rising 20-bar EMA and 50-bar EMA
|
| 30-Minute (e-mini future) |
- Broke above an ascending triangle at 11:30 AM on June 1 – high=2417.75, low =2406.50 – 100% extension target and 161.8% extension target achieved
- Up trend since 5:30 AM on May 18 – higher highs and higher lows – about to make first lower low
- Above rising 50-bar EMA and 20-bar EMA
|
Previous Session
Most of the major U.S. indices closed higher on Thursday June 1. S&P 500, NASDAQ Composite, NYSE Composite and Wilshire 500 Total Market Index made all time high and closed at all time high level. Dow Jones Industrial Average closed at all time high but did not make all time high.
Most of the major U.S. indices closed higher on Thursday June 1. S&P 500, NASDAQ Composite, NYSE Composite and Wilshire 500 Total Market Index made all time high and closed at all time high level. Dow Jones Industrial Average closed at all time high but did not make all time high.
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