S&P Futures are higher; moving mostly sideways since 1:30 PM on Thursday;
Odds are for a sideways day with an up bias – watch for break above 2726.75 and below 2716.50 for more clues
No key economic data due
Markets Around The World
Markets in the East were mostly up – Shanghai and Sydney were down
European markets are mixed – U.K. Spain and Ital are up; Germany, France and Switzerland are down; STOXX 600 is unchanged
Currencies:
Up
Down
EUR/USD
GBP/USD
AUD/USD
NZD/USD
USD/INR
Dollar index
USD/JPY
USD/CHF
USD/CAD
Commodities:
Up
Down
Gold
Silver
Copper
Platinum
Palladium
Cocoa
Crude Oil
NatGas
Sugar
Coffee
Cotton
Bonds
10-yrs yield is at 2.955%, down from May 10 close of 2.971%;
30-years is at 3.096%, down from 3.121%
2-years yield is at 2.539%, up from 2.526%
The 10-Year-&-2-Year spread is at 0.418, down from 0.445
Key Levels:
Critical support levels for S&P 500 are 2714.41, 2704.54 and 2693.17
Critical resistance levels for S&P 500 are 2726.11, 2739.14 and 2750.64
Key levels for eMini futures: break above 2726.75, the high of 6:00 AM and break below 2720.50, the low of 5:30 AM
Pre-Open
On Thursday, at 4:00 PM, S&P future (June contract) closed at 2720.75 and the index closed at 2723.07 – a spread of about -2.25 points; futures closed at 2718.75 for the day; the fair value is +2.00
Pre-NYSE session open, futures price action is mixed – at 8:45 AM, S&P 500 futures were up by +4.50; Dow up by +39.00; and NASDAQ down by -5.50
Directional Bias Before Open
Weekly: Uptrend Under Pressure
Daily: Uptrend resumed
120-Min: Up
30-Min: Up
15-Min: Up-Side
6-Min: Side
The trend and patterns on various time frames for S&P 500 are:
The week ending on May 4 was a small real body candlestick line with very small upper shadow and very long lower shadow
Last week’s pivot point=2646.99, R1=2699.35, R2=2735.29; S1=2611.05, S2=2558.69; S1/S2 pivot levels were breached;
A down week; third in last five weeks and sixth in last ten weeks
A symmetrical triangle pattern is emerging; price in the middle of the pattern
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 that gapped up at the open above the upper limit of a symmetrical triangle; no lower shadow and small upper shadow
Above 20-day EMA; at 50-day EMA and 100-day SMA; above 200-day SMA
Uptrend resumes
2-Hour (e-mini future)
Moving sideways since 12:00 PM on May 10; uptrend since 10:00 AM on May 3 in steps; higher highs and higher lows; within a resistance zone around 2720.00 level
RSI-9 declining, in steps, from a high of 86.2 at 2:00 PM on May 10; trying to break below 65
Above 20-bar EMA, which is above EMA10 of EMA50
Bias: Up
30-Minute (e-mini future)
Broken above horizontal channel – between 2658.00 and 2681.50 – 161.8% extension target is achieved; 261.8% extension target is near 2743.00
RSI gradually declining from a high of 84.6 at 12:00 PM on May 10; near 53 after break below 50
At/above 20-bar EMA, which is above 50-bar EMA
Bias: Up
15-Minute (e-mini future)
Bollinger Band (20, 2.0) is moving sideways from 3:45 PM on May 10 with an up bias;
The band was mostly narrow from 4:15 pm to 2:00 AM; it then expanded and is again narrowing since 8:00 AM
RSI declining from a high of 69.32 at 6:15 AM; at or below 50
The Stochastic (9, 1, 3): %K crossed below %D at 6:15 AM above 80; below 20
Bias: Up-Side
Previous Session
Major U.S. indices advanced on Thursday May 10 in mixed volume and decreased volatility. Market gradually and constantly moved higher for most of the day and only retreated slightly in the last hour.
