Odds are for a down day; watch for break above 2428.25 for change of fortunes
No Key economic data
Markets Around The World
Markets in the East closed lower – Sydney is closed
European markets are lower
Dollar index, USD/JPY and GBP/USD are down; EUR/USD is up
Commodities are mixed – crude oil and NatGas are higher; gold, s1lver and copper are lower
10-yrs yield is at 2.213% up from June 9 close of 2.199%; 30-years is at 2.863% up from 2.854%
Key Levels:
Critical support levels for S&P 500 are 2415.70, 2403.59 and 2397.99
Critical resistance levels for S&P 500 are 2431.80, 2440.01 and 2446.20
Key levels for eMini futures: break above 2428.50, the high of 3:00 AM and break below 2422.00, the low of 5:30 AM
Pre-Open
Pre-NYSE session open, futures price action is to the downside – at 7:30 AM, S&P 500 futures were down by -7.50; Dow by -30.00; and NASDAQ is down by -49.50
On Friday, at 4:00 PM, S&P future (June contract) closed at 2430.00 and the index closed at 2431.77 – a spread of about 1.75 points; futures closed at 2428.25 for the day; the fair value is +1.75
Directional Bias Before Open
Weekly: Up
Daily: Up
120-Min: Side
30-Min: Down
The trend and patterns on various time frames for S&P 500 are:
Candlestick for the last week, Friday June 9 was an almost doji with smaller upper shadow
Last week’s pivot point 2429.90; R1=2444.10, R2=2460.40; S1=2413.60, S2=2399.40
A down 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 near red doji candle with relatively longer upper and lower shadows compared to last few days
Above a horizontal channel – high 2400.58 and low 2322.25 – 100% extension target near 2480.00
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)
Breaking below a broadening pattern, if successful then it may turn out to be a reversal
Broken the sequence of higher highs and higher lows since 4:00 AM on May 18;
Below recently drooping 20-bar EMA and 50-bar EMA
30-Minute (e-mini future)
Declining since 3:30 PM on Friday, the high reached by the bounce from the sharp decline of Friday morning
Down trend since June 2; within a down sloping flag, which is breaking to the downside
Below falling 50-bar EMA and 20-bar EMA
Previous Session
Major U.S. indices closed down Friday June 9 giving up early session gains. S&P 500, Dow Jones Industrial Average, NASDAQ Composite made all time intra day highs and then closed down. Russell 2000 also made all time high and managed to close up.
