Directional Bias For The Day:
Futures are higher- Moving higher since 1:00 PM on June 12
- Odds are for an up day; watch for break below 2435.00 for change of fortunes
- Key economic data:
- CPI (-0.1% vs. est. 0.2%) at 8:30 AM
- Core CPI (0.1% vs. 0.2%) at 8:30 AM
- Core Retail Sales (-0.3% vs. 0.2% est.) at 8:30 AM
- Retail Sales (-0.3% vs. 0.1%)
- FOMC Statement, Funds Rate and Economic Projections at 2:00 PM
Markets Around The World
- Markets in the East closed mixed – Hong Kong, Sydney and Mumbai closed up; Shanghai, Tokyo and Seoul closed down
- European markets are higher
- Dollar index and USD/JPY are down; GBP/USD and EUR/USD are up
- Commodities are mixed – crude oil, NatGas and copper are down; gold and silver are up
- 10-yrs yield is at 2.139% down from June 13 close of 2.207%; 30-years is at 2.811% down from 2.863%
Key Levels:
- Critical support levels for S&P 500 are 2431.28, 2420.45 and 2415.70
- Critical resistance levels for S&P 500 are 2444.13, 2447.92 and 2454.34
- Key levels for eMini futures: break above 2443.50, the high of 10:30 AM on June 9 and break below 2435.00, the low of 00:00 AM on June 12
Pre-Open
- Pre-NYSE session open, futures price action is to the upside – at 9:00 AM, S&P 500 futures were up by +4.00; Dow by +31.00; and NASDAQ by +21.75
- On Tuesday, at 4:00 PM, S&P future (September contract) closed at 2438.50 and the index closed at 2440.35 – a spread of about 2.50 points; futures closed at 2438.00 for the day; the fair value is +0.50
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, Russell 2000, NYSE Composite and Wilshire 500 Total Market Index closed at all time highs.