Directional Bias For The Day:
S&P Futures are lower; moving lower since 10:00 AM on June 14; sharp decline began at 8:00 PM on Sunday at the start of Asian session- Odds are for a down day – watch for break above 2774.25 for change of fortune
- No key economic data due:
Markets Around The World
- Markets in the East were mostly down – Sydney was up; Shanghai and Hong Kong were closed
- European markets are down
- Currencies:
| Up |
Down |
- Dollar index
- AUD/USD
- NZD/USD
|
- EUR/USD
- GBP/USD
- USD/JPY
- USD/CHF
- USD/CAD
- USD/INR
|
- Commodities:
| Up |
Down |
- Crude Oil
- Gold
- Silver
- Sugar
- Coffee
|
- NatGas
- Copper
- Platinum
- Palladium
- Cotton
- Cocoa
|
- Bonds
- 10-yrs yield is at 2.908%, down from June 15 close of 2.924%;
- 30-years is at 3.038%, down from 3.047%
- 2-years yield is at 2.553%, unchanged
- The 10-Year-&-2-Year spread is at 0.355, down from 0.371
Key Levels:
- Critical support levels for S&P 500 are 2761.73, 2758.62 and 2748.46
- Critical resistance levels for S&P 500 are 2779.91, 2785.01 and 2790.21
- Key levels for eMini futures: break above 2768.50, the high of 7:30 AM and break below 2763.00, the low of 8:00 AM
Pre-Open
- On Friday, at 4:00 PM, S&P future (September contract) closed at 2784.75 and the index closed at 2779.66 – a spread of about +5.00 points; futures closed at 2784.50 for the day; the fair value is +0.25
- Pre-NYSE session open, futures price action is to the downside – at 9:00 AM, S&P 500 futures were down by -17.25; Dow by -195.00; and NASDAQ by -48.50
Directional Bias Before Open
- Weekly: Uptrend Under Pressure
- Daily: Uptrend
- 120-Min: Side-Down
- 30-Min: Down
- 15-Min: Down
- 6-Min: Down
The trend and patterns on various time frames for S&P 500 are:
| Monthly |
- Confirmed Uptrend
- December 2017 closed higher; index has been higher for the nine straight months; it has only one down month, March 2017, since October 2016
- Uptrend resumption since Feb 08, 2016 after a pull back of -15.2%
|
| Weekly: |
- The week ending on June 15 was doji with almost similar sized upper and lower shadows
- Last week’s pivot point=2777.62, R1=2793.51, R2=2807.36; S1=2763.77, S2=2747.88; No pivot levels were breached;
- An up week; fourth in last five weeks and seventh 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 resumed
|
Daily
|
- A small dragonfly doji with small upper shadow
- Above 20-day EMA; above 50-day EMA and 100-day SMA; above 200-day SMA
- Uptrend
|
| 2-Hour (e-mini future) |
- Declining since 10:00 AM on June 13 in steps; making lower highs and lower lows
- RSI-9 in downtrend since 2:00 AM on June 7; below 40
- Below 20-bar EMA, which is at EMA10 of EMA50
- Bias: Up-Side
|
| 30-Minute (e-mini future) |
- Trending down in a down-sloping flag since 11:30 AM on June 13; Moving down in steps since 11:30 AM on June 13; lower highs and lower lows
- RSI-9 is trending down and moving down in steps since 9:30 AM on June 14; near 30
- Below 20-bar EMA, which is below 50-bar EMA
- Bias: Down
|
| 15-Minute (e-mini future) |
- Bollinger Band (20, 2.0) is moving down since 2:45 AM
- The band contracted during Asian session; expanding since 5:30 AM
- RSI is mostly below 50 since 10:45 AM on June 14 with an exception for few bars
- The Stochastic (9, 1, 3): %K is crossed above %D from below 10 at 8:00 AM
- Bias: Down
|
Previous Session
Major U.S. indices closed mostly lower on Friday June 15. Dow Jones Transportation Average advanced. the volume was higher.
For the week, major indices closed mixed. Dow Jones Industrial Average, DJT and NYSE Composite declined and other advanced. The vole was mixed too. DJIA and DJT traded in lower volume. For the week, Consumer Staples, Industrials, Finance and Utilitysectors closed down.
| Up |
Down |
- Consumer Staples
- Telecom
|
- Consumer Discretionary
- Energy
- Materials
- Industrials
- Finance
- Technology
- Utility
- Heath Care
- Real Estate
|
Major U.S. indices closed mostly lower on Friday June 15. Dow Jones Transportation Average advanced. the volume was higher.
You must be logged in to post a comment.