S&P Futures are lower; moved sharply lower at 7:00 PM on Monday
Odds are for a down day – watch for break above 2757.50 for change of fortune
Key economic data due:
Housing Starts (1.35M vs. 1.31M est.) at 8:30 AM
Building Permits (1.30M vs. 1.35M est.) at 8:30 AM
Markets Around The World
Markets in the East closed down
European markets are down
Currencies:
Up
Down
Dollar index
USD/CHF
USD/CAD
USD/INR
EUR/USD
GBP/USD
USD/JPY
AUD/USD
NZD/USD
Commodities:
Up
Down
Crude Oil
NatGas
Gold
Silver
Copper
Platinum
Palladium
Sugar
Coffee
Cotton
Cocoa
Bonds
10-yrs yield is at 2.874%, down from June 18 close of 2.926%;
30-years is at 3.009%, down from 3.055%
2-years yield is at 2.520%, down from 2.549%
The 10-Year-&-2-Year spread is at 0.354, down from 0.355
Key Levels:
Critical support levels for S&P 500 are 2757.12, 2748.46 and 2739.69
Critical resistance levels for S&P 500 are 2774.99, 2779.91 and 2785.01
Key levels for eMini futures: break above 2757.50, the high of 1:00 AM and break below 2743.25, the low of 7:30 AM
Pre-Open
On Monday, at 4:00 PM, S&P future (September contract) closed at 2777.75 and the index closed at 2773.75 – a spread of about +4.00 points; futures closed at 2779.75 for the day; the fair value is +2.00
Pre-NYSE session open, futures price action is to the downside – at 8:45 AM, S&P 500 futures were down by -26.00; Dow by -299.00; and NASDAQ by -86.75
Directional Bias Before Open
Weekly: Uptrend Under Pressure
Daily: Uptrend
120-Min: Side-Down
30-Min: Down
15-Min: Down
6-Min: Down-Up
The trend and patterns on various time frames for S&P 500 are:
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 green candle with small lower and smaller upper shadow; gap down at the open; the decline turned around in the first half hour of trading but the close was below previous day’s close
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; broke below a down-loping flag; bouncing off a support zone near 2740.00
RSI-9 in downtrend since 2:00 AM on June 7; below 40; bouncing off the low of 20.91
Below 20-bar EMA, which is at EMA10 of EMA50
Bias: Side-Down
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; broke below the down-sloping flag at 7:30 PM on June 18
RSI-9 is trending down and moving down in steps since 9:30 AM on June 14; bouncing-off the low of 19.44 at 3:00 AM; just above 40
Below 20-bar EMA, which is below 50-bar EMA
Bias: Down
15-Minute (e-mini future)
Bollinger Band (20, 2.0) is trending down since 11:30 AM on June 13
The band is broader since 7:00 PM on Monday; first the p[rice moved along the lower band till 3:00 AM; now it is at the upper band, which is still trending down
RSI is mostly below 50 since 10:45 AM on June 14; it made a low of 15.78; now just above 50
The Stochastic (9, 1, 3): %K is crossed above %D at 7:30 AM; %K crossing below %D above 80
Bias: Down
Previous Session
Major U.S. indices closed mostly lower on Monday June 18. NASDAQ Composite and Russell 2000 gained. Volume was lower across the board.
