Directional Bias For The Day:

• S&P Futures are lower
• Moving down after finding resistance at a down trend line at 7:30 PM on Sunday
• Broken below an uptrend line at 1:00 Am and now finding resistance at it after a bounce
• Odds are for a down to sideways day – watch for break above 2499.00 and below 2495.00
• No Key economic data due:

Markets Around The World

• Markets in the East closed mixed – Tokyo and Sydney were up; Shanghai, Hong Kong, Mumbai and Seoul were down; the intra-day trend was mostly down for the day with some late recovery
• European markets are mixed – Germany, Italy, Switzerland and STOXX 600 are up; U.K. France and Spain are down; down; U.K., France, Italy and Switzerland are up; intra-day trend is mostly down-to-sideways
• Currencies:
  

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

• Commodities are mostly down
  

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

• 10-yrs yield is at 2.250% down from September 22 close of 2.262%; 30-years is at 2.780% down from 2.796%

Key Levels:

• Critical support levels for S&P 500 are 2496.54, 2493.16 and 2490.37
• Critical resistance levels for S&P 500 are 2503.47, 2508.82 and 2511.88
• Key levels for eMini futures: break above 2499.00, the high of 7:30 AM and break below 2495.00, the low of 3:00 AM

Pre-Open

• On Friday, at 4:00 PM, S&P future (December contract) closed at 2499.00 and the index closed at 2502.22 – a spread of about 3.25 points; futures closed at 2499.50 for the day; the fair value is -0.50
• Pre-NYSE session open, futures price action is to the downside – at 8:30 AM, S&P 500 futures were down by -2.25; Dow down by -13.00; and NASDAQ down by -18.75

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 higher on Friday September 22. Dow Jones Industrial Average was the lone index to decline but it too made a doji near the middle of day’s range, indicating indecisiveness. Russell 200 closed at all time high and Dow Jones Transportation Average got nearer to the all time highs. S&P 500, NASDAQ Composite and DJIA opened near the lows of the day and then stayed flat for most of the day before moving higher in the final hour of trading.

• S&P 500 Sectors

For the week, major indices advanced except for NASDAQ. Russell 2000 and DJT had a large green real body with almost no upper and lower shadows. S&P 500 and DJIA had smaller real bodies with upper shadows.