S&P Futures are lower; moving higher since 7:30 PM within an up-sloping flag
Odds are for a sideways to down day, but up from pre-open levels, with great volatility – watch for break above 2710.25 and break below 2694.00 for change of fortunes
Key economic data:
ADP Non-Farm Employment Change (235K vs. 199K est.) at 8:15 AM
Markets Around The World
Markets in the East were down
European markets are mostly mixed – Germany, U.K., Italy and STOXX 600 are up; France, Spain and Switzerland are down
Currencies:
Up
Down
EUR/USD
GBP/USD
USD/JPY
USD/CHF
AUD/USD
NZD/USD
USD/CAD
Dollar index
Commodities:
Up
Down
NatGas
Cotton
Cocoa
Crude Oil
Gold
Silver
Copper
Platinum
Palladium
Sugar
Coffee
Bonds
10-yrs yield is at 2.861% down from March 6 close of 2.877%;
30-years is at 3.131%, down from 3.136%
2-years yield is at 2.258%, unchanged
The 10-Year-&-2-Year spread is at 0.603, down from 0.619
Key Levels:
Critical support levels for S&P 500 are 2721.05, 2711.26, and 2708.20
Critical resistance levels for S&P 500 are 2730.89, 2738.02 and 2754.43
Key levels for eMini futures: break above 2710.25, the low of 11:30 AM on March 6 and break below 2694.00, the low of 6:00 AM
Pre-Open
On Tuesday, at 4:00 PM, S&P future (March contract) closed at 2727.50 and the index closed at 2728.12 – a spread of about +0.75 points; futures closed at 2724.00 for the day; the fair value is +3.50
Pre-NYSE session open, futures price action is to the downside – at 9:00 AM, S&P 500 futures were down by -19.50; Dow by -254.00; and NASDAQ by -41.00
Directional Bias Before Open
Weekly: Uptrend Under Pressure
Daily: Uptrend Under Pressure
120-Min: Side
30-Min: Up-Side
15-Min: Side-Up
6-Min: Side
The trend and patterns on various time frames for S&P 500 are:
The week ending on March 2 was a large bearish engulfing candles with large upper and lower shadows
Last week’s pivot point=2709.24, R1=2771.16, R2=2812.07; S1=2629.33, S2=2567.41; S1/S2/S3/R1/R2 pivot levels were breached;
A down week; first after two up weeks, third in last five weeks and fourth in last ten weeks
Broke above a down sloping flag on April 24 2017;
flag-low was 2322.25 during 27-Mar-17 week; shorter flag-pole length is 317.19 and longer flag-pole length is 590.88;
100% extension target of shorter flag-pole near 2639.41 is achieved; and the 161.8% extension target is near 2835.46
61.8% extension target of longer flag-pole near 2687.41 is achieved; the 100% extension target is near 2913.13
Broke above a down-sloping flag on November 14, 2016;
the flag low was 2083.79 during 31-Oct-16 week; the shorter flag-pole length is 202.13 and the longer flag-pole length is 383.71;
261.8% extension target of shorter flag-pole near 2612.97 is achieved
the 161.8% extension target of longer flag-pole near 2704.63 is achieved; the 261.8% extension target is near 3088.34
Last swing low, 2322.25, was the low on March 27, 2017
Below 10-week EMA; at 39-week SMA and above 89-week SMA
Uptrend under pressure
Daily
A red doji candle with small upper and lower lower shadow
Last big pattern, a down-sloping flag in June 2017, was broken to the upside on July 13, 2017; in August the index declined and tested the broken upper limit of the flag; since then the index has made three very small flags; it broke to the upside of the last flag on January 2
Bounced off 200-day SMA on February 9
Above 20-day EMA; above 50-day EMA; above 100-day SMA and 200-day SMA
Uptrend under pressure
2-Hour (e-mini future)
Rising after gapping down following the new after the NYSE session close; forming an up-sloping flag
RSI-9 rising since making a low of 30.24 at 6:00 PM on March 6; above 50
At 20-bar EMA, which is at/below EMA10 of EMA50
Bias: Side
30-Minute (e-mini future)
Forming an up-sloping flag
RSI is rising in zigzag since making a low of 26.59 at 7:00 PM on March 6; above 50
Above 50-bar EMA, which is above 20-bar EMA
Bias: Up-Side
15-Minute (e-mini future)
Bollinger Band (20, 2.0) is, mostly, moving sideway, with an up bias since 11:00 PM on March 6
The band is relatively expanded since 11:00 PM
RSI is mostly between 40 and 65 since 1:45 AM
The Stochastic (9, 1, 3): %K is declining after reaching 98 at 7:15 AM; formed a bearish divergence
Bias: Side-Up
Previous Session
Major U.S. indices advanced on Tuesday March 6, although not much changed at the close from the open. The volume was, again, lower than previous day for the third times in as many days.
