S&P Futures are lower; sharply lowered at 8:00 AM after breaking below a flag; the 100% extension target of the flag is near 2670.00
Odds are for a down day with elevated volatility – watch for break above 2716.00 for change of fortune
Key economic data due:
Final GDP (2.0% vs. 2.2% est.) at 8:30 AM
Unemployment Claims (227K vs 220K est.) at 8:30 AM
Markets Around The World
Markets in the East closed mostly down – Hong Kong and Sydney were up
European markets are mostly down – U.K. is up
Currencies:
Up
Down
EUR/USD
USD/JPY
USD/CHF
AUD/USD
Dollar index
GBP/USD
NZD/USD
USD/CAD
USD/INR
Commodities:
Up
Down
Palladium
Sugar
Crude Oil
NatGas
Gold
Silver
Copper
Platinum
Coffee
Cotton
Cocoa
Bonds
10-yrs yield is at 2.834%, down from June 27 close of 2.826%;
30-years is at 2.973%, up from 2.967%
2-years yield is at 2.541%, down from 2.549%
The 10-Year-&-2-Year spread is at 0.330, up from 0.324
Key Levels:
Critical support levels for S&P 500 are 2698.67, 2676.81 and 2655.20
Critical resistance levels for S&P 500 are 2720.40, 2746.09 and 2764.04
Key levels for eMini futures: break above 2716.00, the high of 6:30 AM and break below 2675.00, the low of 3:00 PM on May 29
Pre-Open
On Wednesday, at 4:00 PM, S&P future (September contract) closed at 2701.75 and the index closed at 2699.63 – a spread of about +1.75 points; futures closed at 2705.00 for the day; the fair value is -3.25
Pre-NYSE session open, futures price action is to the downside – at 8:30 AM, S&P 500 futures were down by -10.50; Dow by -93.00; and NASDAQ by -32.50
Directional Bias Before Open
Weekly: Uptrend Under Pressure
Daily: Uptrend under pressure
120-Min: Down
30-Min: Down
15-Min: Down-Side
6-Min: Side
The trend and patterns on various time frames for S&P 500 are:
The week ending on June 22 was a red spinning top candle with almost equal sized upper and lower shadow
Last week’s pivot point=2757.69, R1=2772.18, R2=2789.49; S1=2740.38, S2=2725.89; S1/S2 pivot levels were breached;
A down week; first in last five weeks and fourth 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 bearish engulfing candle that engulfed the previous harami doji
%K crossed below %D after crossing above it
Below 20-day EMA, 50-day EMA and 100-day SMA; above 200-day SMA
Uptrend under pressure
2-Hour (e-mini future)
Fell from a high of 2748.00 near a previous resistance and a downtrend line to a support level near 2700.00; bouncing off the lows, a potential double bottom
Declining since 10:00 AM on June 13 in steps; sequence of lower highs and lower lows resumed; below a downtrend line
RSI-9 trending down since the high of 70.04 at 8:00 PM on June 20; broke above downtrend line; now back at it after reaching 56.9
%K crossed above %D at 4:00 PM on June 27 from below 10
Below 20-bar EMA, which is below EMA10 of EMA50
Bias: Down
30-Minute (e-mini future)
Broke below a symmetrical triangle below a resistance level near 2735.00 after crossing above it;
Moving up since 4:00 PM on June 27
RSI-9 fell below 40 at 3:30 PM on June 27 and made a bullish divergence; rising since, nearing 50
At/below 20-bar EMA, which is below 50-bar EMA
Bias: Down
15-Minute (e-mini future)
Bollinger Band (20, 2.0) is moving sideways to 9:15 PM on June 27 after falling during the day
The band narrowed at 9:15 PM
RSI mostly staying between 65 and 40 since 6:15 PM on June 27
The Stochastic (9, 1, 3): %K crossed above %D at 5:45 AM from below 30 and made a bullish divergence; crossing below it from above 90 at 6:45 AM
Bias: Down-Side
Previous Session
Major U.S. indices closed sharply lower on Wednesday June 27 after a reversal at 10:30 AM from a bounce. The volume was higher.
