In the middle of a horizontal channel on 30-minute chart
Odds are for a sideways day with an up bias; watch for break below 2431.00 for change of fortunes
Key economic data:
Building Permits (est. 1,25M) at 8:30 AM
Housing Start (est. 1.23M) at 8:30 AM
Prelim UoM Consumer Sentiments (est. 97.2) at 10:00 AM
Markets Around The World
Markets in the East closed mostly higher – Shanghai and Mumbai were down
European markets are higher
Dollar index is down; USD/JPY, GBP/USD and EUR/USD are up
Commodities are mostly up – NatGas is down and copper is unchanged
10-yrs yield closed at 2.162% on June 15 up from June 14 close of 2.138%; 30-years closed at 2.785% up from 2.783%
Key Levels:
Critical support levels for S&P 500 are 2418.53, 2415.70 and 2403.59
Critical resistance levels for S&P 500 are 2444.13, 2447.92 and 2454.34
Key levels for eMini futures: break above 2436.75, the high of 3:00 AM and break below 2433.75, the low of 5:00 AM
Pre-Open
On Thursday, at 4:00 PM, S&P future (September contract) closed at 2430.75 and the index closed at 2432.46 – a spread of about 1.75 points; futures closed at 2432.00 for the day; the fair value is -1.25
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 +20.00; and NASDAQ by +9.25
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:
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 green candle that gapped down at the open below Wednesday’s low but closed near the high for the day still below last close; break above or below of Thursday’s highs and lows will be critical
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
Uptrend resumed
2-Hour (e-mini future)
Moving to middle of an emerging broadening pattern with two touches each to upper and lower limits
Broken the sequence of higher highs and higher lows since 4:00 AM on May 18;
Above recently falling 20-bar EMA and 50-bar EMA
30-Minute (e-mini future)
The broken ascending triangle is morphing into a horizontal channel
The horizontal channel is being formed since 10:00 AM on June 9, following a failed break from down-sloping flag which was in effect from June 2 to June 9
Above rising 50-bar EMA and 20-bar EMA
Previous Session
Major U.S. indices closed mostly lower on Thursday June 15. Dow Jones Transportation Average was up. Most formed a relatively large green candle with small lower shadows and smaller upper shadows, indicating reversal during the day. Russell 2000 made a red candle but it looked like a hammer.
