S&P Futures are lower; moving down since 10:00 PM; bouncing up since 5:15 AM; at 38.2% retracement of the decline from 2785.25 to 2762.00
Odds are for a down day – watch for break above 2771.50 for change of fortune
Key economic data due:
Unemployment Claims (218K vs. 220K est.) at 8:30 AM
Philly Fed Manufacturing Index (19.9 vs. 28.9 est.) at 8:30 AM
Markets Around The World
Markets in the East closed mostly down – Tokyo and Sydney closed higher
European markets are down
Currencies:
Up
Down
Dollar index
GBP/USD
USD/JPY
AUD/USD
USD/CAD
EUR/USD
USD/CHF
NZD/USD
USD/INR
Commodities:
Up
Down
NatGas
Sugar
Coffee
Cotton
Crude Oil
Gold
Silver
Copper
Platinum
Palladium
Cocoa
Bonds
10-yrs yield is at 2.917%, down from June 20 close of 2.928%;
30-years is at 3.053%, down from 3.063%
2-years yield is at 2.545%, down from 2.566%
The 10-Year-&-2-Year spread is at 0.370, up from 0.362
Key Levels:
Critical support levels for S&P 500 are 2763.91, 2757.95 and 2751.45
Critical resistance levels for S&P 500 are 2774.99, 2779.91 and 2785.01
Key levels for eMini futures: break above 2771.50, the high of 8:00 AM and break below 2765.00, the low of 6:45 AM
Pre-Open
On Wednesday, at 4:00 PM, S&P future (September contract) closed at 2771.00 and the index closed at 2767.32 – a spread of about +3.75 points; futures closed at 2772.00 for the day; the fair value is -1.00
Pre-NYSE session open, futures price action is to the upside – at 8:45 AM, S&P 500 futures were down by -5.00; Dow by -96.00; and NASDAQ by -8.50
Directional Bias Before Open
Weekly: Uptrend Under Pressure
Daily: Uptrend
120-Min: Down-Side
30-Min: Side
15-Min: Side
6-Min: Down-Side
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 small doji candle; gapped up at the open and didn’t fill the gap
%K s below %D; made a small divergence on June 13 above 90
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; sequence of lower highs and lower lows broke at 8:00 PM on June 20;
Break above a down-sloping flag didn’t last; made a piercing candle at 6:00 AM
RSI-9 fell from a high of 70.04 at 8:00 PM on June 20 to just below 40 at 4:00 AM; bouncing above 40
%K crossed above %D at 6:00 AM from below 30
At EMA10 of EMA50, which is at 20-bar EMA
Bias: Down-Side
30-Minute (e-mini future)
Uptrend since 3:00 AM in June 19 is under pressure; broke below the uptrend line at 2:00 AM; broke the sequence of higher highs and higher lows since June 19
RSI-9 falling from a 68.24 at 9:30 PM on June 20; bouncing off 30 at 6:00 AM
Below 20-bar EMA, which is below 50-bar EMA
Bias: Down-Side
15-Minute (e-mini future)
Bollinger Band (20, 2.0) is mostly moving sideways since 1:15 AM on June 20;
The band was narrow for most of June 20 trading; expanded at 9:30 PM with price first moving along the upper ban; price moving along the lower band since 2:15 AM; coming off it 5:15 AM; near the mid-point
RSI bouncing off 20.54 at 5:00 AM; near 50
The Stochastic (9, 1, 3): %K is crossed above %D at 6:30 AM from below 10; %K crossing below %D at 8:15 AM from 100
Bias: Side
Previous Session
Major U.S. indices closed mostly higher on Wednesday June 20. Dow Jones Industrial Average closed lower. NASDAQ Composite and Russell 2000 made all time highs and are leading. The volume was lower.
