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:
A green shaven top and shaven bottom candle that gapped up from previous day’s red harami candle; all time highs after a brief – seven week pullback
Last week’s pivot point 2491.66; R1=2508.80, R2=2517.37; S1=2483.09, S2=2465.95; R1/R2/R3 were breached; support levels not breached for four weeks
An up week – third in last five weeks; sixth in last ten weeks
Broke above a down sloping flag (2378.36) on April 24, which has bullish implications; first target is near 2520.00 and the second target is near 2640.00
Broke above a down-sloping flag on November 14, 2016; first target of 2285.92 is achieved; second target is near 2467.50
Last swing low, 2322.25, was the low on March 27, 2017
Above 10-week EM; above 39-week SMA and 89-week SMA
Confirmed uptrend, though pulling back and moving sideways since June 5
Daily
A green candle near the close or Thursday, making it a Thrusting Pattern; opened at the lows and then moved sideways before moving higher in the last hour of trading
Last pattern, a down-sloping flag in June that was broken to the upside on July 13, is re-asserted
Above 20-day EMA, which is above 50-day EMA; Above 100-day SMA and 200-day SMA
Pivot Point=2500.74; R1=2504.95, R2=2507.67; S1=2498.02, S2=2493.81; S1 was breached
Confirmed Uptrend
2-Hour (e-mini future)
In a downtrend since high of 2506.75 at 2:00 PM on September 20; a bounce up on Sunday, September 24, was repulsed at the downtrend line
Bounced off the lower limit of a horizontal channel – high near 2507.00 and low near 2496.75 – on September 22
Sequence of higher high and higher low since 12:00 PM September 5
At/below drooping 20-bar EMA, which is at 50-bar EMA
30-Minute (e-mini future)
Moving, mostly, down since the of high of 2507.25 at 9:30 AM on September 20; Lower high and lower lows since then
Break below a symmetrical triangle on September 21 is nullified
Broke below an uptrend line from 10:30 PM on September 21 potentially making is a break below an up-sloping flag
At/above flattening 20-bar EMA, which is below flattening 50-bar EMA
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
Up
Down
Consumer Discretionary
Energy
Industrials
Technology
Consumer Staples
Materials
Finance
Utility
Heath Care
Real Estate (unch.)
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.
