S&P Futures are higher; moving higher since 3:00 AM on April 16;
Odds are for an up move – watch for break below 2708.00 for change of fortunes
Key economic data due
Beige Book at 2:00 PM
Markets Around The World
Markets in the East were mostly higher – Mumbai was down
European markets are mostly up – Germany and STOXX 600 are down
Currencies:
Up
Down
EUR/USD
USD/JPY
USD/CHF
USD/CAD
Dollar index
GBP/USD
AUD/USD
NZD/USD
USD/INR
Commodities:
Up
Down
Crude Oil
NatGas
Gold
Silver
Copper
Platinum
Palladium
Sugar
Coffee
Cocoa
Cotton
Bonds
10-yrs yield closed at 2.814%, down from April 16 close of 2.832%;
30-years is at 2.999%, down from 3.030%
2-years yield is at 2.407%, up from 2.378%
The 10-Year-&-2-Year spread is at 0.420, down from 0.454
Key Levels:
Critical support levels for S&P 500 are 2701.57, 2692.05 and 2676.38
Critical resistance levels for S&P 500 are 2739.14, 2750.64 and 2763.03
Key levels for eMini futures: break above 2718.50, the high at 7:30 AM and break below 2708.50, the low of 3:00 AM
Pre-Open
On Tuesday, at 4:00 PM, S&P future (June contract) closed at 2706.50 and the index closed at 2706.39 – a spread of about -0.25 points; futures closed at 2706.50 for the day; the fair value is +0.00
Pre-NYSE session open, futures price action is to the upside – at 8:15 AM, S&P 500 futures were up by +9.25; Dow by +74.00; and NASDAQ by +18.50
Directional Bias Before Open
Weekly: Uptrend Under Pressure
Daily: Uptrend Under Pressure
120-Min: Up
30-Min: Up
15-Min: Up
6-Min: Up
The trend and patterns on various time frames for S&P 500 are:
The week ending on April 13 was a green candle top with small upper and lower shadow; the three-week pattern is morning star like
Last week’s pivot point=2610.12, R1=2666.43, R2=2728.40; S1=2548.15, S2=2491.84; S1/S2 pivot levels were breached;
An up week following a down week; second in last five weeks and fifth 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 green candle with almost no lower shadow and small upper shadows; gapped up at the open; broke above 50-day EMA
Nearing the upper limit of a symmetrical triangle;
Above 20-day EMA and 50-day EMA, 100-day SMA and 200-day SMA
Uptrend under pressure
2-Hour (e-mini future)
Break above the horizontal channel continues; 61.8% extension target is near 2726.00 and 100% extension target is near 2760.00
Trending up since 2:00 PM on April 6
RSI-9 moving up, second leg, since 2:00 PM on April 13; above 80
Above 20-bar EMA and above EMA10 of EMA50
Bias: Up
30-Minute (e-mini future)
Break above an ascending triangle continues; 100% extension target is near 2720.00
Trending up since 3:00 PM on April 6 with a sequence of higher highs and higher lows
RSI is mostly moving between 40 and 65 since 8:30 AM on April 11; moving above/around 65 since 8:30 AM on April 17
Above 20-bar EMA, which is above 50-bar EMA
Bias: Up
15-Minute (e-mini future)
Bollinger Band (20, 2.0) is moving up since 2:30 AM on April 16
The band is small since 7:45 PM on April 16
RSI is mostly above 40 since 4:00 PM on April mostly above 50 since 3:45 AM on April 16;
The Stochastic (9, 1, 3): %K has moved above/near 70 from a low of 23.52 at 5:45 AM
Bias: Up
Previous Session
Most major U.S. indices closed higher on Tuesday April 17 in mostly higher volume. Dow Jones Transportation Average traded down with lower volume. Major indices gapped up at the open and then did not close the gap. Dow Jones Industrial Average has broken above a descending triangle. S&P 500 and Wilshire 5000 Total Market Index are nearing the upper limit of a symmetrical triangle. NYSE Composite continues its break above a symmetrical triangle.
