Odds are for a sideways move with upward bias – watch for break above 2529.50 and below 2525.50 for change of fortunes
No Key economic data due:
Markets Around The World
Markets in the East closed mostly up – Sydney was down; Shanghai and Seoul were closed for the day;
European markets are mixed – U.K., France and Switzerland are up; Spain, Italy and STOXX 600 are down; Germany is closed
Currencies:
Up
Down
Dollar index
EUR/USD
USD/JPY
GBP/USD
AUD/USD
NZD/USD
USD/CHF
USD/CAD
Commodities are mostly down
Up
Down
Sugar
Coffee
Cocoa
Crude Oil
NatGas
Gold
Silver
Copper
Platinum
Palladium
Cotton
10-yrs yield closed at 2.337% on October 2, up from September 29 close of 2.326%; 30-years closed at 2.865% up from 2.857%
Key Levels:
Critical support levels for S&P 500 are 2525.84, 2521.58 and 2515.24
Critical resistance levels for S&P 500 are 2532.10, 2535.08 and 2540.93
Key levels for eMini futures: break above 2529.50, the high of 11:00 PM on October 2 and break below 2525.50, the low of 8:30 PM on October 2
Pre-Open
On Monday, at 4:00 PM, S&P future (December contract) closed at 2526.50 and the index closed at 2529.12 – a spread of about 2.50 points; futures closed at 2526.25 for the day; the fair value is +0.25
Pre-NYSE session open, futures price action is to the upside – at 8:15 AM, S&P 500 futures were up by +2.00; Dow down by +32.00; and NASDAQ up by +8.75
Directional Bias Before Open
Weekly: Up
Daily: Up
120-Min: Up
30-Min: Up
The trend and patterns on various time frames for S&P 500 are:
A green bullish engulfing candle with small lower shadow and no upper shadow
Last week’s pivot point 2508.94; R1=2529.86, R2=2540.35; S1=2498.45, S2=2477535; R1/R2 and S1/S2 were breached; support levels breached after five weeks
An up week – fourth 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 with shaved top and bottom
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=2526.25; R1=2532.10, R2=2535.08; S1=2523.27, S2=2517.42; R1/R2 were breached
Confirmed Uptrend
2-Hour (e-mini future)
Sideway move since 4:00 PM on October 2; made a high of 2529.50 during Asian session
Broke above a horizontal channel – high 2506.00 and low 2487.50; 100% extension target near 2524.50 is achieved; 161.8% extension target is near 2536.00
Sequence of higher high and higher low since 12:00 PM September 5
Above rising 20-bar EMA, which is above rising 50-bar EMA
30-Minute (e-mini future)
Drifting down slightly since making a high of 2529.50 at 11:00 PM on October 2
Up trend since the of low of 2485.00 at 11:00 AM on September 25;
At flattening 20-bar EMA, which is above rising 50-bar EMA
Previous Session
Major U.S. indices advanced on Monday October 2 adding the to gains of last week and make all time highs. All closed the day at the highs. NASDAQ Composite and Dow Jones Transportation Average made dojis. NASDAQ’s doji ws in the middle of day’s range. DJT had small upper shadow and longer lower shadow.
