S&P Futures are higher; moving up from a low of 2792.50 at 10:00 PM on Sunday;
Odds are for an up day – watch for break below 2811.00 for change of fortune
No key economic data due:
Markets Around The World
Markets in the East closed higher
European markets are higher
Currencies:
Up
Down
EUR/USD
GBP/USD
USD/CHF
AUD/USD
NZD/USD
Dollar index
USD/JPY
USD/CAD
USD/INR
Commodities:
Up
Down
Crude Oil
NatGas
Gold
Silver
Copper
Platinum
Palladium
Sugar
Coffee
Cotton
Cocoa
Bonds
10-yrs yield is at 2.959%, down from July 23 close of 2.965%;
30-years is at 3.093%, down from 3.104%
2-years yield is at 2.633%, unchanged
The 10-Year-&-2-Year spread is at 0.326, down from 0.332
Key Levels:
Critical support levels for S&P 500 are 2804.26, 2795.14 and 2789.24
Critical resistance levels for S&P 500 are 2812.05, 2816.74 and 2827.25
Key levels for eMini futures: break above 2819.50, the high of 11:00 PM on July 23 and break below 2811.00, the low of 3:00 AM
Pre-Open
On Monday, at 4:00 PM, S&P future (September contract) closed at 2808.00 and the index closed at 2806.98 – a spread of about +1.00 points; futures closed at 2812.00 for the day; the fair value is -4.00
Pre-NYSE session open, futures price action is to the upside – at 7:45 AM, S&P 500 futures were up by +6.50; Dow by +114.00; and NASDAQ by +12.00
Directional Bias Before Open
Weekly: Uptrend Under Pressure
Daily: Uptrend resumed
120-Min: Up
30-Min: Side-Up
15-Min: Up
6-Min: Up
The trend and patterns on various time frames for S&P 500 are:
The week ending on July 20 was a small doji candle
Last week’s pivot point=2802.61, R1=2815.98, R2=2830.13; S1=2788.46, S2=2775.09; R1 pivot level was breached;
A third 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 spinning top green candle with small lower shadow and smaller upper shadow; a bullish engulfing candle
%K is crossing above %D just below 90;
Above 20-day EMA, 50-day EMA, 100-day SMA and 200-day SMA
Uptrend resumed
2-Hour (e-mini future)
Broke above a downtrend line from a high of 2818.25 on July 18; breaking above the high
RSI-9 rising from a low of 32.56 at 8:00 PM on July 22 after making a bullish divergence; crossed above 75 and back below it
Above 20-bar EMA; which is above EMA10 of EMA50
Bias: Up
30-Minute (e-mini future)
Broke above a descending triangle; 100% extension target is near 2830.00; also broke above a triple bottom with a 100% extension target near 2828.00
RSI-9 is rising since 11:00 PM on July 22; crossed above 65 and now back below it
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 1:45 AM on July 23;
The band contracted during Asian session; expanding since 2:45 AM
RSI mostly between 40 and 65 since 00:15 AM on July 23;
The Stochastic (9, 1, 3): %K crossed above %D at 7:30 AM
Bias: Up
Previous Session
Most major U.S. indices closed higher on Monday July 23. Dow Jones Industrial Average closed down. The markets declined at the open and made the lows for the day in the first hour of trading. The major indices gradually drifted higher after 10:30 AM and closed near the high for the day. The volume was lower.
