Directional Bias For The Day:

• S&P Futures are higher
• The odds are for an up day with a good chance of  a sideways move from pre-open levels around 3985.00 day – watch for a break below 3976.50 for change of sentiments
• Key economic data report due during the day:
  • Challenger Jobs Cuts (-86.2%; prev. -39.1%) at 7:30 AM
  • Unemployment Claims ( 719K vs. 678K est.; prev. 658K) at 8:30 AM
  • Final Manufacturing PMI ( 59.2 est.; prev. 59.0) at 9:45 AM
  • ISM Manufacturing PMI ( 61.5 est.; prev. 60.8) at 10:00 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 3972.99, 3966.98, and 3948.77
• Critical resistance levels for S&P 500 are 3994.41, 4995.52, and 4016.64
• Key levels for E-mini futures: break above 3984.50, the high of 5:00 AM and break below 3976.50, the low of 7:00 AM

Pre-Open

• On Wednesday at 4:00 PM, S&P futures (June 2021) closed at 3968.75 and the index closed at 3972.89 – a spread of about -14.25 points; futures closed at 3967.50 for the day; the fair value is +1.25
• Pre-NYSE session open, futures are higher – at 8:15 AM, S&P 500 futures were up by +15.00; Dow by +34, and NASDAQ by +146.75

Markets Around The World

• Markets in the East closed higher
• European markets are mostly higher – Italy is down
• Currencies (from two weeks ago):
  

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

• Commodities (from two weeks ago):
  • Energy futures are mixed
  • Precious metals are lower
  • Industrial metals are mostly lower
  • Most soft commodities are mixed
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.705%, up +6.4 basis points from two weeks ago;
  • 30-years is at 2.371%, down -6.6 basis points;
  • 2-years yield is at 0.160%, up +1.9 basis points;
  • The 10-Year-&-2-Year spread is at 1.545, up from 1.500
• VIX
  • At 18.47 @ 7:45 AM; down from the last close; below 5-day SMA;
  • Recent high =  23.90 on March 19; low =  18.68 on March 26
  • Sentiment: Risk-On

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

Previous Session

Major U.S. indices closed mixed on Wednesday, March 31 in mixed volume. S&P 500, NASDAQ Composite, Russell 2000, and Wilshire 5000 Total Market Index closed higher. Dow Jones Transportation Average and Russell 2000 traded in lower volume. For the day, most major indices traded higher but gave up some of the gains in the least hour of trading.

From Briefing.com:

The S&P 500 (+0.4%) set an intraday record high on Wednesday on the back of renewed strength in the mega-cap/growth/technology stocks, but the market pared gains into the close. The Nasdaq Composite (+1.5%) and Russell 2000 (+1.1%) outperformed the benchmark index, while the Dow Jones Industrial Average (-0.3%) closed slightly lower. […] The S&P 500 information technology (+1.5%) and consumer discretionary (+0.8%) sectors finished atop the sector standings, the Vanguard Mega Cap Growth ETF (MGK 207.07, +2.90, +1.4%) rose 1.4%, the ARK Innovation ETF (ARKK 119.95, +5.53, +4.8%) rose 4.8%, and the Philadelphia Semiconductor Index rose 2.6%. Conversely, the energy (-0.9%) and financials (-0.9%) sectors — the Q1 winners — underperformed alongside the materials (-0.5%), industrials (-0.3%), real estate (-0.5%), and consumer staples (-0.5%) sectors. […] The 2-yr yield increased two basis points to 0.16%, and the 10-yr yield increased two basis points to 1.75%. The U.S. Dollar Index decreased 0.1% to 93.22. WTI crude futures decreased 2.3%, or $1.38, to $59.19/bbl. […] The ADP Employment report pointed to the addition of 517,000 private payrolls in March (Briefing.com consensus 525,000) while the February increase was revised up to 176,000 from 117,000. The Chicago PMI for March increased to 66.3 (Briefing.com consensus 60.0) from 59.5 in February. Pending home sales dropped 10.6% in February (Briefing.com consensus -2.6%) following a 2.4% decline in January (from -2.8%) The weekly MBA Mortgage Applications Index decreased 2.2% following a 2.5% decline in the prior week. […] Russell 2000 +12.4% YTD Dow Jones Industrial Average +7.8% YTD S&P 500 +5.7% YTD Nasdaq Composite +2.8% YTD