S&P Futures are higher; declining since 5:30 AM in an down-sloping flag
Odds are for an up day – watch for break below 2739.75 for change of fortune more clarity
No key economic data due:
Markets Around The World
Markets in the East were mostly up – Mumbai was down
European markets are up
Currencies:
Up
Down
EUR/USD
GBP/USD
AUD/USD
NZD/USD
USD/INR
Dollar index
USD/JPY
USD/CHF
USD/CAD
Commodities:
Up
Down
NatGas
Gold
Silver
Copper
Platinum
Palladium
Crude Oil
Sugar
Coffee
Cotton
Cocoa
Bonds
10-yrs yield is at 2.908%, up from June 1 close of 2.895%;
30-years is at 3.051%, up from 3.046%
2-years yield is at 2.480%, up from 2.440%
The 10-Year-&-2-Year spread is at 0.428, down from 0.455
Key Levels:
Critical support levels for S&P 500 are 2728.74, 2718.70 and 2702.43
Critical resistance levels for S&P 500 are 2736.93, 2742.24 and 2750.64
Key levels for eMini futures: break above 2746.75, the high of 5:00 AM and break below 2740.50, the low of 7:30 AM
Pre-Open
On Friday, at 4:00 PM, S&P future (June contract) closed at 2734.00 and the index closed at 2734.62- a spread of about +0.75 points; futures closed at 2731.75 for the day; the fair value is +2.25
Pre-NYSE session open, futures price action is to the upside – at 8:30 AM, S&P 500 futures were up by +9.25; Dow by +136.00; and NASDAQ by +25.25
Directional Bias Before Open
Weekly: Uptrend Under Pressure
Daily: Uptrend resumed
120-Min: Side-Up
30-Min: Up
15-Min: Up
6-Min: Up
The trend and patterns on various time frames for S&P 500 are:
Last week’s pivot point=2716.12, R1=2755.43, R2=2776.24; S1=2695.31, S2=2656.00; S1/S2 pivot levels were breached;
An up week; third in last five weeks and sixth in last ten weeks
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
Above 10-week EMA; above 39-week SMA and above 89-week SMA
Uptrend under pressure
Daily
A green candle that gapped up from the previous close but still opened within its real body; small upper shadow and no lower shadow; a three-day morning star pattern
Above 20-day EMA; above 50-day EMA and 100-day SMA; above 200-day SMA
Uptrend resumes
2-Hour (e-mini future)
At the upper limit of a horizontal channel that it broke below on May 29;
Higher highs and higher lows since 2:00 PM on May 29
RSI-9 moving along 65 since 10:00 AM on June 1
Above 20-bar EMA, which is above EMA10 of EMA50
Bias: Side-Up
30-Minute (e-mini future)
Above an uptrend line since 3:00 PM on May 29; moving higher in an upsloping channel
RSI-9 is mostly above 40 since 3:30 PM on May 29; moving along or above 65 since 9:00 AM on June 1
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 7:15 PM on May 31
The band was narrow from midnight to 3:30 AM; expanding since then
RSI mostly between 40 and 65 since 4:30 PM on May 31
The Stochastic (9, 1, 3): %K crossed above %D at 7:45 AM near 30 making a bullish divergence;
Bias: Up
Previous Session
Major U.S. indices closed higher on Friday June 1. The volume was mostly lower except for NASDAQ Composite. Indices are either breaking above a congestion zone or near its high.
For the week, major U.S. indices were mixed. S&P 500, NASDAQ Composite, Russell 2000 and Wilshire 5000 Total Market Index closed higher and Dow Jones Industrial Average, Dow Jones Transportation Average and NYSE Composite closed lower. Consumer Staples, Industrials, Finance and Utilities were lower for the week.
