S&P Futures are higher; moving sideways since 4:00 PM on Thursday
Odds are for a sideways to down day – watch for break above 2760.75 and below 2750.25 for change of fortunes
Key economic data:
Building Permits (1.30M vs. 1.32M est.) at 8:30
Housing Starts (1.24M vs. 1.29M est.) at 8:30 AM
Industrial Production (1.1% vs. 0.3% est.) at 9:15 AM
Capacity Utilization (78.1% vs. 77.7% est.) at 9:15 AM
Markets Around The World
Markets in the East were mostly down – Sydney and Seoul were up
European markets are mostly higher – Switzerland is down
Currencies:
Up
Down
EUR/USD
GBP/USD
USD/CAD
Dollar index
USD/JPY
USD/CHF
AUD/USD
NZD/USD
Commodities:
Up
Down
Crude Oil
Gold
Silver
Copper
Palladium
Cocoa
NatGas
Platinum
Sugar
Coffee
Cotton
Bonds
10-yrs yield is at 2.832% up from March 15 close of 2.826%;
30-years is at 3.062%, up from 3.061%
2-years yield is at 2.287%, down from 2.291%
The 10-Year-&-2-Year spread is at 0.545, up from 0.535
Key Levels:
Critical support levels for S&P 500 are 2741.47, 2722.65 and 2701.74
Critical resistance levels for S&P 500 are 2763.03, 2777.11 and 2783.27
Key levels for eMini futures: break above 2759.50, the high at 7:30 PM on March 15 and break below 2753.50, the low of 7:30 AM
Pre-Open
On Thursday, at 4:00 PM, S&P future (June contract) closed at 2751.25 and the index closed at 2747.33 – a spread of about +4.00 points; futures closed at 2755.50 for the day; the fair value is -4.25
Pre-NYSE session open, futures price action is to the upside – at 9:00 AM, S&P 500 futures were up by +4.25; Dow by +3.00; and NASDAQ by +4.50
Directional Bias Before Open
Weekly: Uptrend Under Pressure
Daily: Uptrend Under Pressure
120-Min: Side
30-Min: Down-Side
15-Min: Side
6-Min: Side
The trend and patterns on various time frames for S&P 500 are:
The week ending on March 9 was a large bullish engulfing candle, over a bearish engulfing candles, with almost no upper and lower shadows
Last week’s pivot point=2749.63, R1=2823.51, R2=2860.45; S1=2712.69, S2=2638.81; R1 pivot levels was breached;
An up week following a down week; third in last five weeks and seventh 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 small red body candle, a harami candle near the lows
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)
Broke below a downtrend line on March 14 at 10: AM; moving sideways since then
RSI-9 moving up since 10:00 AM on March 14
Below 20-bar EMA, which is below EMA10 of EMA50
Bias: Side
30-Minute (e-mini future)
Moving sideways since 11:30 AM on March 14
RSI between 40 and 65 since 10:00 PM on March 14
At/below 20-bar EMA, which is at/below 50-bar EMA
Bias: Down-Side
15-Minute (e-mini future)
Bollinger Band (20, 2.0) is moving sideways since 4:45 PM on March 14
The band is mostly narrow since NYSE Close on March 14
RSI is mostly between 40 and 65 since mid-day on March 14
The Stochastic (9, 1, 3): %K is rising since 7:45 AM
Bias: Side
Previous Session
Major U.S. indices closed mostly down on Thursday March 15. Dow Jones Industrial Average and Dow Jones Transportation Average closed higher. The volume was lower than that on Wednesday.
