S&P Futures are down; moved up from a low of 2793.00 at 6:00 AM; resuming the downtrend at 8:00 AM
Odds are for a down day – watch for break above 2802.75 for change of fortune
No key economic data due:
Markets Around The World
Markets in the East closed mostly up – Tokyo was down
European markets are mostly down – Switzerland is up;
Currencies:
Up
Down
EUR/USD
GBP/USD
AUD/USD
NZD/USD
Dollar index
USD/JPY
USD/CHF
USD/CAD
USD/INR
Commodities:
Up
Down
Crude Oil
Gold
Silver
Copper
Platinum
Palladium
Sugar
Coffee
Cocoa
NatGas
Cotton
Bonds
10-yrs yield is at 2.849%, up from July 19 close of 2.847%;
30-years is at 2.969%, up from 2.967%
2-years yield is at 2.600%, up from 2.587%
The 10-Year-&-2-Year spread is at 0.249, down from 0.260
Key Levels:
Critical support levels for S&P 500 are 2799.77, 2789.24 and 2871.53
Critical resistance levels for S&P 500 are 28112.05, 2816.74 and 2822.42
Key levels for eMini futures: break above 2802.75, the high of 7:30 AM and break below 2793.00, the low of 6:00 AM
Pre-Open
On Thursday, at 4:00 PM, S&P future (September contract) closed at 2806.00 and the index closed at 2804.49 – a spread of about +1.50 points; futures closed at 2805.25 for the day; the fair value is +0.75
Pre-NYSE session open, futures price action is to the downside – at 8:15 AM, S&P 500 futures were down by -4.50; Dow by -96.00; and NASDAQ up by+9.00
Directional Bias Before Open
Weekly: Uptrend Under Pressure
Daily: Uptrend resumed
120-Min: Up-Side
30-Min: Down
15-Min: Down-Side
6-Min: Side-Up
The trend and patterns on various time frames for S&P 500 are:
The week ending on July 13 was a large green candle with almost no upper shadow and shaved bottom; the candle gapped up the open, which was not filled;
Last week’s pivot point=2791.45, R1=2814.39, R2=2827.47; S1=2778.7, S2=2755.43; R1 pivot level was breached;
A second up week in a row; third in last five weeks and seventh in last ten weeks
Breaking above an ascending triangle but still within an upsloping flag; a 100% extension target would be near 3070.00 level
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 red candle with small lower shadow and smaller upper shadow
%K crossed below %D above 90;
Above 20-day EMA, 50-day EMA, 100-day SMA and 200-day SMA
Uptrend resumed
2-Hour (e-mini future)
Drifting down since the high of 2818.25 at 2:00 PM; near the support level around 2789.75, which was previous swing low
RSI-9 declining from 75 at 6:00 PM on July 17; bouncing off he low of 27.41 at 8:00 PM on July 19; just above 40
Below 20-bar EMA; below EMA10 of EMA50
Bias: Up-Side
30-Minute (e-mini future)
Moving down in steps since 12:30 PM on July 17; made a double bottom at 2793.50; a break above 2806.00 will complete the pattern
RSI-9 is mostly below 50 since 12:00 AM on July 19; rising from a low 34.1 after making a bullish divergence
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 6:30 PM on July 17; moving sideways since 2:00 AM
The band expanded at 9:00 PM on July 19 with price moving along the lower band; the narrowed, relatively, from 2:30 AM to 6:00 AM with price moving along the upper band; expanding since 6:00 AM with moving up to the md-level
RSI made a bullish divergence at 6:15 AM after making a low of 29.91 and is moving up; near 50
The Stochastic (9, 1, 3): %K crossed above %D at 6:30 AM
Bias: Down-Side
Previous Session
Most major U.S. indices closed lower on Thursday July 19. Russell 2000 and Dow Jones Transportation Average closed higher. The volume was higher for most. DJT traded in lower.
