Directional Bias For The Day:

• S&P Futures are lower
• Broken below a symmetrical triangle on 30-minute time-frame at 8:30 PM on September 21
• The bounce from lows of 2492.00, stalled at the lower limit of the triangle;
• 61.8% extension target of the patterns is near 2490.00 and the 100% extension is near 2485.25
• Odds are for a down day – watch for break above 2499.25
• No Key economic data due:

Markets Around The World

• Markets in the East closed mostly lower – Sydney was up; the intra-day trend was down for most; Shanghai recovered in late trading and Sydney trended up from open
• European markets are mixed – Germany, Spain and STOXX 600 are down; U.K., France, Italy and Switzerland are up; ; intra-day trend is mostly down
• Currencies:
  

  Up	Down
  EUR/USD AUD/USD NZD/USD	Dollar index GBP/USD USD/JPY USD/CHF USD/CAD

• Commodities are mostly down
  

  Up	Down
  NatGas Gold Coffee Cotton Cocoa	Crude Oil Silver Copper Platinum Palladium Sugar

• 10-yrs yield is at 2.259% down from September 21 close of 2.278%; 30-years is at 2.794% down from 2.808%

Key Levels:

• Critical support levels for S&P 500 are 2496.67, 2493.16 and 2490.37
• Critical resistance levels for S&P 500 are 2505.14, 2508.82 and 2510.41
• Key levels for eMini futures: break above 2499.25, the high of 6:30 AM and break below 2492.00, the low of 10:30 PM on September 21

Pre-Open

• On Thursday, at 4:00 PM, S&P future (December contract) closed at 2499.00 and the index closed at 2500.60 – a spread of about 1.50 points; futures closed at 2501.00 for the day; the fair value is -1.00
• Pre-NYSE session open, futures price action is to the downside – at 8:30 AM, S&P 500 futures were down by -5.50; Dow down by -35.00; and NASDAQ down by -18.50

Directional Bias Before Open

• Weekly: Up
• Daily: Up
• 120-Min: Side
• 30-Min: Side-to-Down

The trend and patterns on various time frames for S&P 500 are:

Previous Session

Major U.S. indices closed mostly lower on Thursday September 21. Dow Jones Transportation Average was the lone index to advance but it too made a doji near the middle of day’s range.

The day’s range was small and most of the decline occurred in the early session. The trend was gradual decline with sideway move during the mid-day trading.

• S&P 500 Sectors