Directional Bias For The Day:

• S&P Futures are higher;
• The odds are for a sideways to up day – watch for break above 2994.50 and break below 2982.75 for clarity
• Key economic data due:
  • ISM Manufacturing PMI ( 50.4 est.; prev. 49.1 ) at 10:00 AM
  • Construction Spending (0.5% est.; prev. 0.1%) at 10:00 AM
  • ISM Manufacturing Prices ( 50.5 est. ; prev. 46.0 ) at 10:00 AM

Markets Around The World

• • Markets in the East closed mostly higher – Mumbai was down; Shanghai and Hong Kong were closed
  • European markets are mostly lower – U.K. and Italy are up
  • Currencies:

• Commodities:
  

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

• Bonds
  • 10-yrs yield is at 1.730%, up from September 30 close of 1.675%;
  • 30-years is at 2.178%, up from 2.121%
  • 2-years yield is at 1.646%, up from 1.616%
  • The 10-Year-&-2-Year spread is at 0.066 up from 0.059
• VIX
  • Is at 16.08 down from September 30 close of 16.24; below 5-day SMA 16.314
  • Recent high was 18.69 on September 27; recent low was 13.31 on September 19

Key Levels:

• Critical support levels for S&P 500 are 2983.85, 2974.97 and 2962.86
• Critical resistance levels for S&P 500 are 2989.82, 3007.98 and 3016.37
• Key levels for eMini futures: break above 2994.50, the high of 3:00 AM and break below 2982.75, the low of 7:00 AM

Pre-Open

• On Monday, at 4:00 PM, S&P future closed at 2977.75 and the index closed at 2976.74 – a spread of about +1.00 points; futures closed at 2978.50 for the day; the fair value is -0.75
• Pre-NYSE session open, futures are higher – at 9:00 AM, S&P 500 futures ere up by +10.25; Dow by +85 and NASDAQ by +30.75

Directional Bias Before Open

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

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

Previous Session

Major U.S. indices closed higher on Monday, September 30 in mixed volume. Dow Jones Industrial Average and Dow Joes Transportation Average traded in higher volume others in lower volume. The indices are moving sideways with a down bias for the last few days..

From Briefing.com:

Wall Street finished higher on Monday to wrap up the third quarter. The S&P 500 (+0.5%), Dow Jones Industrial Average (+0.4%), and Nasdaq Composite (+0.8%) posted respectable gains, lifted by shares of Apple (AAPL 223.97, +5.15, +2.4%) after JP Morgan raised its price target to $265 from $243. The Russell 2000 increased 0.2%.

[…]

The 2-yr yield and the 10-yr yield finished unchanged at 1.62% and 1.68%, respectively. The U.S. Dollar Index increased 0.3% to 99.40. Gold futures, which had rallied alongside a stronger dollar this quarter, declined 2.2% (-$33.10) to $1473.30/ozt.

Monday’s economic data was limited to the Chicago PMI for September, which declined to 47.1 (Briefing.com consensus 50.8) from 50.4 in August. 50.0 is the dividing line between an expansion and contraction.