Directional Bias For The Day:

• S&P Futures are lower
• The daily bias is down
• The odds are for a down day with volatility – watch for a break above 3877.50 for a change in sentiments
• Key economic data report due during the day:
  • Final GDP ( 4.3% vs. 4.1% est.; prev. 4.1% ) at 8:30 AM
  • Final GDP Price Index ( 2.0% vs. 2.1% est.; prev. 2.1%) at 8:30 AM
  • Unemployment Claims ( 684K vs. 727K est.; prev. 781K) at 8:30 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 3873.94, 3851.93, and 3819.25
• Critical resistance levels for S&P 500 are 3889.09, 3908.94, and 3918.82
• 3927.35, 3937.35, and 3947.73
• Key levels for E-mini futures: break above 3877.50, the low of 9:30 PM; 3847.00, the low 1:00 AM on March 10

Pre-Open

• On Wednesday at 4:00 PM, S&P futures (June 2021) closed at 3879.00 and the index closed at 3889.14 – a spread of about -10.25 points; futures closed at 3880.75 for the day; the fair value is -1.75
• Pre-NYSE session open, futures are lower – at 8:30 AM, S&P 500 futures were down by -15.25; Dow by -130, and NASDAQ by -63.00

Markets Around The World

• Markets in the East closed mixed – Shanghai, Hong Kong, and Mumbai closed down; Tokyo, Sydney, Seoul, and Singapore were up
• European markets are lower
• Currencies (from two weeks ago):
  

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

• Commodities (from two weeks ago):
  • Energy futures are lower
  • Precious metals are mixed
  • Industrial metals are mostly lower
  • Most soft commodities are mostly lower
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.602%, up 8.2 basis points from two weeks ago;
  • 30-years is at 2.304%, up 6.1 basis points;
  • 2-years yield is at 0.152%, down 0.9 basis points;
  • The 10-Year-&-2-Year spread is at 1.450, up from 1.359
• VIX
  • At 21.81 @ 8:00 AM; up from the last close; at/below 5-day SMA;
  • Recent high =  23.90 on March 19; low =  18.87 on March 22
  • Sentiment: Risk-Off

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

Previous Session

Major U.S. indices closed mostly lower on Wednesday, March 24 in mostly higher volume. Dow Jones Transportation Average closed higher in lower volume. Indices opened higher and then traded higher till mid-day. They declined in the afternoon session and mostly closed near the lows for the day.

From Briefing.com:

The S&P 500 declined 0.6% on Wednesday in a disappointing session from a price action perspective. The benchmark index was up as much as 0.8% in the morning on the back of renewed strength in the cyclical stocks, but weakness in the mega-cap/growth stocks limited the early advance with broader selling interest picking up into the close. The Nasdaq Composite fell 2.0% after being up 0.5% in early action, and the Russell 2000 fell 2.4% after being up 1.7% in early action. The Dow Jones Industrial Average (-0.01%) closed relatively unchanged after being up 1.1% intraday. […] The cyclical trade, however, lost steam in the afternoon, tempering the gains in the S&P 500 energy (+2.5%), industrials (+0.7%), materials (+0.7%), and financials (+0.4%) sectors. The real culprits behind the negative index performances, though, were the influential information technology (-1.2%), consumer discretionary (-1.5%), and communication services (-1.7%) sectors. […] The 10-yr yield decreased two basis points to 1.61% amid an uptick in demand following the $61 billion 5-yr note auction. The 2-yr yield decreased one basis point to 0.14%. The U.S. Dollar Index increased 0.3% to 92.58. WTI crude futures rebounded 5.9%, or $3.38, to $61.13/bbl amid technical and supply-side factors. […] Durable goods orders declined 1.1% m/m in February (Briefing.com consensus +0.9%) following an upwardly revised 3.5% increase (from 3.4%) in January. Excluding transportation, durable goods orders dropped 0.9% m/m (Briefing.com consensus +0.6%) following an upwardly revised 1.6% increase (from 1.4%) in January. […] The IHS final Markit Manufacturing PMI for March checked in at 59.0 vs. 58.6 in the preliminary reading. The final Services PMI for March checked in at 60.0 vs. 59.8 in the preliminary reading. The weekly MBA Mortgage Applications Index decreased 2.5% following a 2.2% decline in the prior week. […] Russell 2000 +8.1% YTD Dow Jones Industrial Average +5.9% YTD S&P 500 +3.5% YTD Nasdaq Composite +0.6% YTD