S&P Futures are higher; moving up since 2:30 PM on Monday; at a downtrend line, a possible resistance
Odds are for a sideways to an up day – watch for break above 2729.00 and below 2716.25 for change of fortunes
No key economic data due
Markets Around The World
Markets in the East were mostly up – Tokyo and Sydney were down
European markets are up
Currencies:
Up
Down
Dollar index
USD/JPY
USD/CHF
EUR/USD
GBP/USD
AUD/USD
NZD/USD
USD/CAD
Commodities:
Up
Down
Crude Oil
NatGas
Coffee
Cocoa
Gold
Silver
Copper
Platinum
Palladium
Sugar
Cotton
Bonds
10-yrs yield is at 2.883% up from March 19 close of 2.845%;
30-years is at 3.117%, up from 3.079%
2-years yield is at 2.345%, down from 2.316%
The 10-Year-&-2-Year spread is at 0.538, up from 0.529
Key Levels:
Critical support levels for S&P 500 are 2694.59,2675.75 and 2664.83
Critical resistance levels for S&P 500 are 2725.54, 2734.32 and 2741.38
Key levels for eMini futures: break above 2729.00, the high at 7:30 AM and break below 2716.25, the low of 5:30 AM
Pre-Open
On Monday, at 4:00 PM, S&P future (June contract) closed at 2716.25 and the index closed at 2712.92 – a spread of about +3.25 points; futures closed at 2722.75 for the day; the fair value is -6.50
Pre-NYSE session open, futures price action is to the upside – at 8:30 AM, S&P 500 futures were up by +3.25; Dow by +18.00; and NASDAQ by +1.75
Directional Bias Before Open
Weekly: Uptrend Under Pressure
Daily: Uptrend Under Pressure
120-Min: Down
30-Min: Down-Side
15-Min: Down-Side
6-Min: Down-Side
The trend and patterns on various time frames for S&P 500 are:
The week ending on March 16 was a small red body, with small no upper and lower shadows
Last week’s pivot point=2765.13, R1=2788.78, R2=2825.56; S1=2728.35, S2=2704.70; No pivot levels were breached;
A down week following an up week; second 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 large red candle that gapped down at the open; no upper shadow and long lower shadow; breaking below a symmetrical triangle after breaking, and staying, above it for few days; filled the upside gap of March 9
Bounced off 200-day SMA on February 9
Below 20-day EMA; and 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; achieved all targets
Below a downtrend lien from the high of March 13; sequence of lower highs and lower lows since; bouncing off the low of 2697.25
RSI-9 moving up since 12:00 PM on March 19 from the low of 12.31; nearing 50
Below 20-bar EMA, which is below EMA10 of EMA50
Bias: Down
30-Minute (e-mini future)
Broke below a horizontal trading channel at 4:00 AM ; achieved most extension targets
RSI bouncing from a low of 15.4 at 1:30 PM on March 19; since 3:30 PM
At 20-bar EMA, which is below 50-bar EMA
Bias: Down-Side
15-Minute (e-mini future)
Bollinger Band (20, 2.0) is moving sideways since 10:00 PM on March 19
The band narrowed since 10:00 PM
RSI is mostly between 40 and 65 since 3:30 PM on March 19
6 and then declined below 20 at 4:00 PM; now back at 40
The Stochastic (9, 1, 3): %K turned down from 97 at 7:00 AM
Bias: Down-Side
Previous Session
Major U.S. indices closed lower on Monday March 19. in mixed volume from previous day. Most indices opened at the day’s high and then mostly moved lower and retracing a bit before the close thus forming a longer lower shadow. S&P 500 and NASDAQ Composite gapped down at the open and did not close the gap. Dow Jones Industrial Average made a three-day evening star pattern. Dow Jones Transportation Average formed a harami candlestick line and Russell 2000 made a bearish engulfing pattern.
