Directional Bias For The Day:

• S&P Futures are higher; moving  sideways since 6:45 AM
• Odds are for a sideways to an up day – watch for break below 2847.50 for change of fortune
• Key economic data due:
  • Start of two-day FOMC meeting

Markets Around The World

• Markets in the East closed mixed – Shanghai, Tokyo, Sydney and Seoul closed down; Hong Kong, Mumbai and Singapore closed up
• European markets are higher
• Currencies:
  

  Up	Down
  EUR/USD GBP/USD AUD/USD NZD/USD USD/INR	Dollar index USD/JPY USD/CHF USD/CAD

• Commodities:
  

  Up	Down
  Crude Oil NatGas Palladium Gold Silver Copper Platinum Coffee Cotton Cocoa	Sugar

• Bonds
  • 10-yrs yield is at 2.632%, up from March 18 close of 2.602%;
  • 30-years is at 3.049%, up from 3.011%
  • 2-years yield is at 2.462%, down from 2.458%
  • The 10-Year-&-2-Year spread is at 0.170, up from 0.144

Key Levels:

• Critical support levels for S&P 500 are 2827.56, 2818.26 and 2810.79
• Critical resistance levels for S&P 500 are 2844.69, 2856.32 and 2862.08
• Key levels for eMini futures: break above 2843.00, the high of 6:30 AM and break below 2847.50, the low of 6:00 AM

Pre-Open

• On Monday, at 4:00 PM, S&P future (June contract) closed at 2838.50 and the index closed at 2832.94 – a spread of about +5.50 points; futures closed at 2840.50 for the day; the fair value is -2.00
• Pre-NYSE session open, futures price action is to the upside – at 9:00 AM, S&P 500 futures were up by +10.50; Dow by +109; and NASDAQ by +29.25

Directional Bias Before Open

• Weekly: Uptrend
• Daily: Up Under Pressure
• 120-Min: Up
• 30-Min: Up
• 15-Min: Up
• 6-Min: Up-Side

The trend and patterns on various time frames for S&P 500:

Previous Session

Major U.S. indices closed higher on Monday, March 18 in mostly lower volume. Russell 2000 traded in higher volume. Indices closed mostly near the high for the day. The market rose in the early session and then declined before resuming the up move by mid-day.

From Briefing.com:

The S&P 500 gained 0.4% on Monday in a session led by the cyclical sectors. Some follow-through buying interest amid a lack of “new” catalysts helped the market advance in front of the Fed’s policy meeting this week.

The Dow Jones Industrial Average gained 0.3%, the Nasdaq Composite gained 0.3%, and the Russell 2000 gained 0.7%.

The S&P 500 energy (+1.4%), consumer discretionary (+1.1%), financials (+1.0%), and industrial (+0.9%) sectors outperformed the broader market. Conversely, the communication services (-0.8%), real estate (-0.5%), and utilities (-0.4%) sectors underperformed.
From a macro perspective, the market appeared uninterested by the latest developments pertaining to U.S.-China trade, Brexit, or slowing growth.

[…]

U.S. Treasuries closed near their unchanged marks. The 2-yr yield and the 10-yr yield increased one basis point each to 2.45% and 2.60%, respectively. The U.S. Dollar Index declined 0.1% to 96.49. WTI crude rose 1.4% to $59.30/bbl, supported by news that OPEC canceled its April meeting and will let its current production cuts run until at least June.

• S&P 500 Sectors