S&P Futures are lower; moving within a symmetrical triangle on 30-minute timeframe;
Down bias on daily and lower degree timeframes
Odds are for a bounce with increased volatility – watch for break above 2637.00 and below 2618.00 for more clarity
No key economic data due
Markets Around The World
Markets in the East closed lower – Sydney was closed
European markets are lower
Currencies:
Up
Down
Dollar index
USD/JPY
USD/CHF
USD/CAD
USD/INR
EUR/USD
GBP/USD
AUD/USD
NZD/USD
Commodities:
Up
Down
NatGas
Copper
Cotton
Crude Oil
Gold
Silver
Platinum
Palladium
Sugar
Coffee
Cocoa
Bonds
10-yrs yield closed at 2.983% on April 24, up from April 23 close of 2.973%;
30-years is at 3.168%, up from 3.144%
2-years yield is at 2.491%, up from 2.439%
The 10-Year-&-2-Year spread is at 0.504, up from 0.499
Key Levels:
Critical support levels for S&P 500 are 2617.32, 2610.79 and 2586.27
Critical resistance levels for S&P 500 are 2637.05, 2644.73 and 2657.99
Key levels for eMini futures: break above 2637.00, the high at 3:30 AM and break below 2618.25, the low of 7:00 AM
Pre-Open
On Tuesday, at 4:00 PM, S&P future (June contract) closed at 2633.75 and the index closed at 2634.56 – a spread of about +0.75 points; futures closed at 2635.25 for the day; the fair value is -1.50
Pre-NYSE session open, futures price action is mixed – at 8:15 AM, S&P 500 futures were down by -6.50; Dow up by +20.00; and NASDAQ down by -20.75
Directional Bias Before Open
Weekly: Uptrend Under Pressure
Daily: Uptrend Under Pressure
120-Min: Side-Down
30-Min: Down
15-Min: Down-Side
6-Min: Down
The trend and patterns on various time frames for S&P 500 are:
The week ending on April 20 was a doji, almost like a shooting star;
Last week’s pivot point=2649.12, R1=2687.44, R2=2718.59; S1=2617.97, S2=2579.65; R1 pivot levels was breached;
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 red candle with almost no upper shadow and a lower shadow that less than one third of the real body
At the lower bound of a symmetrical triangle
Stochastic (13, 2, 3) is declining after making a divergence on April 18
Below 20-day EMA, which is below 50-day EMA 100-day SMA; above 200-day SMA
Uptrend under pressure
2-Hour (e-mini future)
Declining since 8:00 Am on April 18 in steps; lower lows and lower highs; breaking below an uptrend line from April 2 lows; started another down turn at 8:00 PM on April 24 after a small bounce
RSI-9 falling since 6:00 AM on April 24 from a high of 68.35; at 25
Below 20-bar EMA, which is below EMA10 of EMA50
Bias: Side-Down
30-Minute (e-mini future)
Broke below a horizontal channel at 12:00 PM on April 24; achieved most extension targets
Lower lows and lower highs since 11:00 AM on April 18; below a downtrend line; forming a symmetrical triangle at the low end
RSI is rising from 11.96 at 2:00 PM on April 24 but still below 40
Below 20-bar EMA, which is below 50-bar EMA
Bias: Down
15-Minute (e-mini future)
Bollinger Band (20, 2.0) is sloping down since 9:30 PM on April 24 following s short bounce after a big decline
The band is mostly narrow since 9:30 PM
RSI is mostly below 50 since 9:00 AM on April 24
The Stochastic (9, 1, 3): %K is crossing above %D after making a divergence
Bias: Down-Side
Previous Session
Major U.S. indices closed down on Tuesday April 24 in increased volume. All made large red candle with almost no upper shadow and a lower shadow that was less half the size of the real body.
