Directional Bias For The Day:
S&P Futures are higher; moving up since 10:30 AM on Monday;- The odds are for an up day – watch for break below 2912.75 for change of fortune
- Key economic data due:
- Industrial Production (est. 0.2%; prev. 01.%) at 9:15 AM
- Capacity Utilization (est. 79.2%; prev. 78.2%0 at 9:15 AM
Markets Around The World
- Markets in the East closed up
- European markets are mostly higher – Spain is down
- Currencies:
Up Down - EUR/USD
- USD/CHF
- USD/CAD
- USD/INR
- Dollar index
- GBP/USD
- USD/JPY
- AUD/USD
- NZD/USD
- Commodities:
Up Down -
- Crude Oil
- NatGas (unch.)
- Copper
- Palladium
- Sugar
- Cotton
- Gold
- Silver
- Platinum
- Coffee
- Cocoa
-
- Bonds
- 10-yrs yield closed at 2.552%, down from April 12 close of 2.560%;
- 30-years is at 2.963%, down from 2.971%
- 2-years yield is at 2.398%, unchanged
- The 10-Year-&-2-Year spread is at 0.155, down from 0.162
Key Levels:
- Critical support levels for S&P 500 are 2902.95, 2896.48 and 2889.35
- Critical resistance levels for S&P 500 are 2919.78, 2927.33 and 2935.16
- Key levels for eMini futures: break above 2921.25, the high of 4:30 AM and break below 2912.75, the low of 3:00 AM
Pre-Open
- On Monday, at 4:00 PM, S&P future (June contract) closed at 2910.00 and the index closed at 2905.58 – a spread of about +4.50 points; futures closed at 2909.50 for the day; the fair value is +0.50
- Pre-NYSE session open, futures are higher – at 8:00 AM, S&P 500 futures were up by +10.50; Dow by +159 and NASDAQ by +30.00
Directional Bias Before Open
- Weekly: Uptrend
- Daily: Uptrend
- 120-Min: Up
- 30-Min: Up
- 15-Min: Up
- 6-Min: Up
The trend and patterns on various time frames for S&P 500:
Monthly |
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Weekly: |
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Daily |
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2-Hour (e-mini future) |
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30-Minute (e-mini future) |
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15-Minute (e-mini future) |
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Previous Session
From Briefing.com:
The S&P 500 declined 0.1% on Monday, as shares of financial stocks pulled back following another round of bank earnings. Despite the modest decline, the S&P 500 managed to close above the 2900 level in front of several key earnings reports tomorrow.
The Dow Jones Industrial Average (-0.1%) and the Nasdaq Composite (-0.1%) also lost 0.1%. The Russell 2000 underperformed with a loss of 0.4%.
[…]U.S. Treasuries traded in a tight range on Monday. The 2-yr yield finished flat at 2.39%, and the 10-yr yield decreased one basis point to 2.55%. The U.S. Dollar Index finished flat at 96.94. WTI crude lost 0.7% to $63.45/bbl after Russia floated the possibility that it might boost production with OPEC to increase their market share.
[…]• The Empire State Manufacturing Survey for April increased to 10.1 (Briefing.com consensus 9.0) from 3.7 in March with a pickup in new orders helping to drive things. The dividing line between expansion and contraction for this regional manufacturing survey is 0.0.
- S&P 500 Sectors
Sector | Relative Strength (Last Month – March) | Relative Strength (April) | %K vs. %D (April) |
Consumer Discretionary | XLY (Cross-Over) | XLY | Above |
Consumer Staples | XLP (Cross-Over) | SPY (Cross-Under) | Above |
Energy | SPY (Cross-Under) | SPY | Above |
Materials | SPY | XLB (Cross-Over) | Above |
Industrials | SPY (Cross-Under) | SPY | Above |
Finance | SPY | XLF (Cross-Over) | Above |
Technology | XLK | XLK | Above |
Utility | XLU (Cross-Over) | SPY (Cross-Under) | Below |
Heath Care | SPY | SPY | Below |
Real Estate | XLRE (Cross-Over) | SPY (Cross-Under) | Above |
Telecom | SPY (Cross-Under) | XTL (Cross-Over) | Above |