S&P Futures are lower; in the middle of an ascending triangle between 2822.00 and 2812.00 since 1:00 PM on July 24
Odds are for a sideways day – watch for break above 2822.00 and below 2812.00 for clarity
No key economic data due:
Markets Around The World
Markets in the East closed mostly higher – Sydney and Seoul closed down
European markets are lower
Currencies:
Up
Down
EUR/USD
GBP/USD
NZD/USD
Dollar index
USD/JPY
USD/CHF
AUD/USD
USD/CAD
USD/INR
Commodities:
Up
Down
Crude Oil (unch.)
NatGas
Gold
Silver
Copper
Platinum
Palladium
Sugar
Coffee
Cotton
Cocoa
Bonds
10-yrs yield is at 2.947%, down from July 24 close of 2.949%;
30-years is at 3.065%, down from 3.076%
2-years yield is at 2.633%, unchanged
The 10-Year-&-2-Year spread is at 0.298, down from 0.300
Key Levels:
Critical support levels for S&P 500 are 2811.12, 2804.26 and 2795.14
Critical resistance levels for S&P 500 are 2829.99, 2835.96 and 2839.26
Key levels for eMini futures: break above 2821.75, the high of 6:00 AM and break below 2814.00, the low of 7:30 AM
Pre-Open
On Tuesday, at 4:00 PM, S&P future (September contract) closed at 2821.00 and the index closed at 2820.40 – a spread of about +0.50 points; futures closed at 2821.00 for the day; the fair value is +0.00
Pre-NYSE session open, futures price action is to the downside – at 8:00 AM, S&P 500 futures were down -5.25; Dow by -100.00; and NASDAQ by -7.00
Directional Bias Before Open
Weekly: Uptrend Under Pressure
Daily: Uptrend resumed
120-Min: Up-Side
30-Min: Up-Side
15-Min: Side
6-Min: Side
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 doji candle that gapped up at the open with almost equal upper and lower shadow
%K is 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; declining from a high of 2831.25 at 10:00 AM on July 24
RSI-9 declining from the high of 78.48 at 8:00 AM on July 24 after making a bearish divergence
At 20-bar EMA; which is above EMA10 of EMA50
Bias: Up-Side
30-Minute (e-mini future)
Forming a symmetric/ascending triangle after a spike on July 24; Break above a descending triangle achieved the 100% extension target near 2830.00; break above a triple bottom also achieved the 100% extension target near 2828.00
RSI-9 is declining since 10:00 AM on July 24; near 40
Below 50-bar EMA, which is below 20-bar EMA
Bias: Up-Side
15-Minute (e-mini future)
Bollinger Band (20, 2.0) is moving sideways since 7:00 PM on July 24
The band contracted during Asian session; expanding since 2:30 AM; price first moved along the upper band and is moving along the lower band since 7:00 AM
RSI made a bearish divergence at 6:00 with a high of 66.47; now below 40
The Stochastic (9, 1, 3): %K crossed below %D at 6:15 AM just below 80 after making a bearish divergence
Bias: Side
Previous Session
Major U.S. indices closed mixed on Tuesday July 24. S&P 500, Dow Jones Industrial Average, NYSE Composite and Wilshire 5000 Total Market Index closed higher. NASDAQ Composite, Russell 2000 and Dow Jones Transportation Average closed lower. The indices gapped up at the open then gradually declined for most of the day before rising a bit in the last half-hour of trading. The volume was higher across the board.
