S&P Futures are higher; moving sideways since 10:30 PM on April 9
Odds are for a sideways move from current level with up bias – watch for break above 2656.25 and below 2640.50 for change of fortunes
Key economic data due
PPI (0.3% vs. 0.1% est.) at 8:30 AM
Core PPI (0.3% vs. 0.2% est.) at 8:30 AM
Markets Around The World
Markets in the East were up
European markets are up
Currencies:
Up
Down
EUR/USD
GBP/USD
USD/JPY
AUD/USD
NZD/USD
Dollar index
USD/CHF
USD/CAD
Commodities:
Up
Down
Crude Oil
Gold
Silver
Copper
Palladium
NatGas
Platinum
Sugar
Coffee
Cotton
Cocoa
Bonds10-yrs yield is at 2.788% up from April 9 close of 2.786%;
30-years is at 3.011%, down from 3.018%
2-years yield is at 2.303%, up from 2.283%
The 10-Year-&-2-Year spread is at 0.485, down from 0.503
Key Levels:
Critical support levels for S&P 500 are 2586.27, 2573.61 and 2553.80
Critical resistance levels for S&P 500 are 2653.55, 2672.08 and 2695.68
Key levels for eMini futures: break above 2656.25, the high at 2:30 AM and break below 2640.50, the low of 4:00 AM
Pre-Open
On Monday, at 4:00 PM, S&P future (June contract) closed at 2613.75 and the index closed at 2613.16 – a spread of about -0.50 points; futures closed at 2619.00 for the day; the fair value is -5.25
Pre-NYSE session open, futures price action is to the upside – at 9:00 AM, S&P 500 futures were up by +28.75; Dow by +304.00; and NASDAQ by +87.00
Directional Bias Before Open
Weekly: Uptrend Under Pressure
Daily: Uptrend Under Pressure
120-Min: Down-Side
30-Min: Side
15-Min: Side
6-Min: Side
The trend and patterns on various time frames for S&P 500 are:
The week ending on April 6 was a small red spinning top with long upper and lower shadow;
Last week’s pivot point=2610.12, R1=2666.43, R2=228.40; S1=2548.15, S2=2491.84; S1/S2 pivot levels were breached;
A down week following an up week; third in last five weeks and sixth in last ten weeks
A bearish ABCD pattern is emerging; break below 2553.80 would open up potential down targets near 2461.75 and 2251.50 levels
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; Last swing high, 2872.87, was during the week of January 22, 2-018; the low since the last swing high is 2532.69 during the week if February 5, 2018
Below 10-week EMA; at 39-week SMA and above 89-week SMA
Uptrend under pressure
Daily
A small red candle with large upper shadow, a shooting star but without the preceding rally
At the lower bound of a symmetrical triangle; break, and close, below 2586.27, will complete the pattern and create potential target near 2250.00
Bouncing off 200-day SMA
Below 20-day EMA, 50-day EMA and 100-day SMA; at 200-day SMA
Uptrend under pressure
2-Hour (e-mini future)
In the middle of a horizontal channel that has been breached to the upside and downside at least once
Rising above a downtrend line, for the second time, from the high of March 13; sequence of lower highs and lower lows since March 13 was broken on April once; trending down since 12:00 PM April 5
RSI-9 moving between 40 and 65 since 6:00 PM on April 8;
Above 20-bar EMA, which is above EMA10 of EMA50
Bias: Down-Side
30-Minute (e-mini future)
An emerging ascending triangle (or inverted head-&-should pattern); break 2658.00 will be bullish; break below 2625.00 will be bearish
Moving, mostly, sideways since 2:30 PM on April 4
RSI above 40 since 6:00 PM on April 8
At/above 20-bar EMA, which is above 50-bar EMA
Bias: Side
15-Minute (e-mini future)
Bollinger Band (20, 2.0) is moving sideways since 2:30 AM
The band narrowed since 2:30 AM
RSI is mostly around 50 since 3:35 AM
The Stochastic (9, 1, 3): %K moving down from a high of .8 at 5:30 AM
Bias: Side
Previous Session
Most major U.S. indices closed higher on Monday April 9 in lower volume than on Friday. Dow Jones Transportation Average fell. The major indices gapped up at the open and rose a lot but then gave up most of the gains in the last half hour of trading and closed near the lows for the day. Despite gains the overall price-action was more bearish than bullish. It is critical for the price to rise above intra-day high for the market positivity to continue.
