Directional Bias For The Day:
- S&P Futures are lower
- The odds are for a down day with elevated volatility; – watch for break above 3120,00 for change of sentiments
- Key economic data due:
- Philly Fed Manufacturing Index (27.5 vs. -21.0 est.;prev. -43.1) at 8:30 AM
- Unemployment Claims (1508K vs. 1300K est.; prev. 1566K) at 8:30 AM
- CB Leading Index ( 2.4% est.; prev. -4.4%) at 10:00 AM
Directional Bias Before Open:
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Key Levels:
- Critical support levels for S&P 500 are 3104.49, 3076.06 and 3043.61
- Critical resistance levels for S&P 500 are 3120.35, 3141.16 and 3153.45
- Key levels for E-mini futures: break above 3120.00, the high of 5:30 AM and break below 3073.75, the low of 8:00 AM
Pre-Open
- On Wednesday at 4:00 PM, S&P futures (September 2020) closed at 3102.00 and the index closed at 3113.49 – a spread of about -11.50 points; futures closed at 3107.00 for the day; the fair value is -5.00
- Pre-NYSE session open, futures are lower – at 8:45 AM, S&P 500 futures were down by -19.00; Dow by -203 and NASDAQ by -12.50
Markets Around The World
- Markets in the East closed mostly lower – Shanghai and Mumbai closed higher
- European markets are lower
- Currencies:
Up Down - Dollar index
- USD/CHF
- USD/CAD
- EUR/USD
- GBP/USD
- USD/JPY
- AUD/USD
- NZD/USD
- INR/USD
- Commodities:
Up Down - Crude Oil
- Copper
- NatGas
- Gold
- Silver
- Platinum
- Palladium
- Sugar
- Coffee
- Cotton
- Cocoa
- Bond
- 10-yrs yield is at 0.700%, down from June 17 close of 0.733;
- 30-years is at 1.472%, down from 1.524%
- 2-years yield is at 0.177% down from 0.197%
- The 10-Year-&-2-Year spread is at 0.523 up from 0.500
- VIX
- Is at 35.02; up + 1.55 from June 17 close; above 5-day SMA;
- Recent high 44.44 on June 15; low 23.54 on June 5
- Sentiment: Risk-Off
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 futures) |
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30-Minute (E-mini futures) |
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15-Minute (E-mini futures) |
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Previous Session
Major U.S. indices closed mostly lower on Wednesday, June 17 in lower volume. NASDAQ Composite closed up. Most major indices made Bearish Engulfing candle formation. All S&P sectors closed lower.
From Briefing.com:
The S&P 500 declined 0.4% on Wednesday, falling for the first time in four sessions amid lingering angst about a U.S. recovery and equity valuations. The Dow Jones Industrial Average lost 0.7%, and the Russell 2000 lost 1.8%. The Nasdaq Composite, however, increased 0.2%. […] The energy (-3.3%) and financials (-1.4%) sectors declined noticeably, while the communication services (+0.1%), consumer discretionary (+0.1%), and information technology (+0.03%) sectors barely finished higher.
[…]U.S. Treasuries ended the session slightly higher after trading in a narrow range. The 2-yr yield declined two basis points to 0.19%, and the 10-yr yield declined two basis points to 0.73%. The U.S. Dollar Index increased 0.2% to 97.13. WTI crude declined 0.9% to $37.93/bbl amid an unexpected increase in weekly crude inventories.
[…][…]
- Total housing starts increased 4.3% m/m in May to a seasonally adjusted annual rate of 974,000 units. That was well below the Briefing.com consensus estimate of 1.170 million and down 23.2% yr/yr. Total building permits increased 14.4% m/m to a seasonally adjusted annual rate of 1.220 million, which was just shy of the Briefing.com consensus estimate of 1.260 million.
- The key takeaway from the report is that permits, which are a leading indicator, increased a solid 11.9% m/m for single-unit dwellings. Single-unit permits increased in all regions, too.
- The weekly MBA Mortgage Applications Index rose 8.0% following a 9.3% spike in the prior week.
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