S&P Futures are lower; moving higher since 7:00 AM
Breaking above a downtrend line on 30-min chart
Breaking above an inverse head-&-shoulder pattern on 6-minute chart; targets near 2646.50 and 2642.50; resistance at 2643.25
Odds are for a sideways move from current level with great volatility – watch for break above 2643.25 and below 2626.00 for change of fortunes
Key economic data due
CPI (-0.1% vs. 0.0% est.) at 8:30 AM
Core CPI (0.2% vs. 0.2% est.) at 8:30 AM
Markets Around The World
Markets in the East were mixed – Shanghai, Hong Kong and Mumbai were up; Tokyo, Sydney and Seoul are down
European markets are down
Currencies:
Up
Down
EUR/USD
GBP/USD
USD/CHF
USD/CAD
Dollar index
USD/JPY
AUD/USD
NZD/USD
Commodities:
Up
Down
Crude Oil
Gold
Silver
Platinum
NatGas (unch.)
Copper
Palladium
Sugar
Coffee
Cotton
Cocoa
Bonds10-yrs yield is at 2.761% down from April 10 close of 2.797%;
30-years is at 2.975%, down from 3.017%
2-years yield is at 2.295%, down from 2.311%
The 10-Year-&-2-Year spread is at 0.466, down from 0.486
Key Levels:
Critical support levels for S&P 500 are 2647.96, 2635.78 and 2610.79
Critical resistance levels for S&P 500 are 2665.45, 2672.08 and 2695.68
Key levels for eMini futures: break above 2643.25, the high at 5:30 AM and break below 2626.00, the low of 7:00 AM
Pre-Open
On Tuesday, at 4:00 PM, S&P future (June contract) closed at 2656.50 and the index closed at 2656.87 – a spread of about -0.25 points; futures closed at 2655.00 for the day; the fair value is +1.50
Pre-NYSE session open, futures price action is to the downside – at 9:00 AM, S&P 500 futures were down by -22.75; Dow by -215.00; and NASDAQ by -53.00
Directional Bias Before Open
Weekly: Uptrend Under Pressure
Daily: Uptrend Under Pressure
120-Min: Side
30-Min: Side
15-Min: Side-Down
6-Min: Down
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 large green candle with small upper shadow and no lower shadow; gapped up at the open
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
At 20-day EMA; below 50-day EMA and 100-day SMA; above 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, for the second time, above a downtrend line from the high of March 13; sequence of lower highs and lower lows since March 13 was broken in April once; trending down since 12:00 PM April 5
RSI-9 moving down since 10:00 AM on April 10 and now just above 40
Below 20-bar EMA and at EMA10 of EMA50
Bias: Side
30-Minute (e-mini future)
An emerging ascending triangle broken to the downside in a gradual sideway move and is in danger of morphing into a horizontal channel
Moving, mostly, sideways since 2:30 PM on April 4
RSI declining since 2:30 AM on April 10, broke below 40 and just reaching 40
Below 20-bar EMA, which is below 50-bar EMA
Bias: Side
15-Minute (e-mini future)
Bollinger Band (20, 2.0) is moving sideways to down since 2:30 AM on April 10
The band narrowed during Asian session and is expanding since 6:00 AM
RSI is fell below 40 at 7:45 PM and the moved around it till 5:45 AM before falling again and then rising back to it
The Stochastic (9, 1, 3): %K made a divergence at 7:15 AM and is rising to 80
Bias: Side-Down
Previous Session
Major U.S. indices closed higher on Tuesday April 10 in higher volume than on Monday. Volume for Dow Jones Industrial Average fell. The major indices gapped up at the open and mostly close near the high for the day.
