S&P Futures are higher; moving up since 3:30 PM on June 21;
Odds are for an up move in the early sessions – watch for break above 2768.50 and break below 2763.25 for more clarity
No key economic data due:
Markets Around The World
Markets in the East closed mostly up – Tokyo and Sydney closed lower
European markets are up
Currencies:
Up
Down
EUR/USD
GBP/USD
USD/JPY
AUD/USD
NZD/USD
Dollar index
USD/CHF
USD/CAD
USD/INR
Commodities:
Up
Down
Crude Oil
Gold
Silver
Copper
Platinum
Palladium
Sugar
Coffee
Cotton
Cocoa
NatGas
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 2744.39, 2739.51 and 2728.74
Critical resistance levels for S&P 500 are 2760.60, 2774.16 and 2779.91
Key levels for eMini futures: break above 2768.25, the high of 8:00 AM and break below 2763.25, the low of 7:00 AM
Pre-Open
On Thursday, at 4:00 PM, S&P future (September contract) closed at 2753.00 and the index closed at 2749.76 – a spread of about +3.25 points; futures closed at 2752.50 for the day; the fair value is +0.50
Pre-NYSE session open, futures price action is to the upside – at 8:30 AM, S&P 500 futures were up by +14.00; Dow by +121.00; and NASDAQ by +31.00
Directional Bias Before Open
Weekly: Uptrend Under Pressure
Daily: Uptrend
120-Min: Down-Side
30-Min: Side-Up
15-Min: Side-Up
6-Min: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 large red candle with no upper shadow and small lower shadow; 3-day evening star is emerging
%K s below %D; made a small divergence on June 13 above 90
At/below 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; at the upper limit of the flag after a brief drop near the lower limit on June 21
RSI-9 rising from a low of 37.81 at 10:00 AM on June 21; above 50
%K crossed above %D at 8:00 PM on June 21 from below 30 after making a bullish divergence
Above 20-bar EMA; below EMA10 of EMA50
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; trying to break above a down-trend line form a high of 2785.25 at 10:00 PM on June 20
RSI-9 mostly rising since 10:00 AM on June 21 from a low of 28..06; rising above 65
Above 20-bar EMA, which is above 50-bar EMA
Bias: Side-Up
15-Minute (e-mini future)
Bollinger Band (20, 2.0) is moving up 9:15 PM on June 21
The band is narrow, relatively, since 9:15 PM; price mostly moving along the upper band
RSI moving higher since 3:130 PM on June 21 from a low of 28.92 after a making a bullish divergence
The Stochastic (9, 1, 3): %K is crossed above %D at 7:30 AM from below 30; %K crossing below %D at 8:15 AM from 100
Bias: Side-Up
Previous Session
Major U.S. indices closed lower on Thursday June 21. Dow Jones Industrial Average closed lower. The volume was higher.
