Directional Bias For The Day:
- S&P Futures are higher
- The odds are for an up day with elevated volatility – watch for a break below 4191.75 for a change of fortunes
- The Employment report will have a significant impact on price-action
- Key economic data report due during the day:
- Non-Fram Employment Change ( 990K est.; prev. 916K) at 8:30 AM
- Average Hourly Earnings ( 0.0% est.; prev. -0.1%) at 8:30 AM
- Unemployment CLaims ( 5.8% est.; prev. 6.0% ) at 8:30 AM
- Final Wholesale Inventories ( 1.4% est.; prev. 1.4%) at 10:00 AM
Directional Bias Before Open:
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Key Levels:
- Critical support levels for S&P 500 are 4180.65, 4167.75, and 4147.33
- Critical resistance levels for S&P 500 are 4209.39, 4128.78, and 4239.25
- Key levels for E-mini futures: break above 4206.75, the high of 6:15 AM and break below 4191.75, the low of 3:00 AM
Pre-Open
- On Thursday at 4:00 PM, S&P futures (June 2021) closed at 4194.50 and the index closed at 4201.62 – a spread of about -6.25 points; futures closed at 4194.25 for the day; the fair value is +0.25
- Pre-NYSE session open, futures are higher- at 8:00 AM, S&P 500 futures were up by +8.00; Dow by +116, and NASDAQ by +34.00
Markets Around The World
- Markets in the East closed mostly higher – Shanghai and Hing Kong were down
- European markets are higher
- Currencies (from two weeks ago):
Up Down - EUR/USD
- GBP/USD
- USD/JPY
- AUD/USD
- NZD/USD
- Dollar index
- USD/CHF
- USD/CAD
- INR/USD
- Commodities (from two weeks ago):
- Energy futures are higher
- Precious metals are higher
- Industrial metals are higher
- Most soft commodities are mostly higher
- Treasuries (from two weeks ago)
- 10-years yield closed at 1.561%, up +0.7 basis points from two weeks ago;
- 30-years is at 2.236%, down -0.3 basis points;
- 2-years yield is at 0.161%, up +1.6 basis points;
- The 10-Year-&-2-Year spread is at 1.400, down from 1.409
- VIX
- At 18.25 @ 6:45 AM; down from the last close; below 5-day SMA;
- Recent high = 19.90 on April 22; low = 16.67 on April 28
- Sentiment: Risk-On-Neutral
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 higher on Thursday, May 6 in higher volume. Dow Jones Industrial Average and NYSE Composite made all-time closing and intraday highs. Dow Jones Transportation Average made the all-time closing high.
From Briefing.com:
The S&P 500 advanced 0.8% on Thursday in a comeback session, as investors gravitated toward the blue-chip stocks and bought the dip in technology. The Dow Jones Industrial Average (+0.9%) set intraday and closing record highs, while the Nasdaq Composite (+0.4%) snapped a four-session losing streak with a more modest gain. The Russell 2000 finished flat. […] The information technology sector (+1.0%) benefited from a buy-the-dip mindset after being down 0.8% intraday, and 3.0% for the week, but the gains were relatively broad-based. The financials sector (+1.4%) finished atop the standings, while the health care sector (+0.1%) was interestingly the laggard with a slim gain.
[…]The 2-yr yield was unchanged at 0.15%. The U.S. Dollar Index decreased 0.4% to 90.90. WTI crude futures decreased 1.4%, or $0.94, to $64.69/bbl.
[…][…]
- Initial jobless claims for the week ending May 1 declined by 92,000 to 498,000 (Briefing.com consensus 530,000), which is the lowest level since March 14, 2020. Continuing claims for the week ending April 24 increased by 37,000 to 3.690 million.
- […]
- Nonfarm business sector labor productivity increased at a 5.4% annual rate in the first quarter (Briefing.com consensus 5.0%) while unit labor costs decreased at an annual rate of 0.3% (Briefing.com consensus -1.6%).
- Russell 2000 +13.5% YTD
- Dow Jones Industrial Average +12.9% YTD
- S&P 500 +11.9% YTD
- Nasdaq Composite +5.8% YTD
Overseas:
- Europe: DAX +0.2%, FTSE +0.5%, CAC +0.3%
- Asia: Nikkei +1.8%, Hang Seng +0.5%, Shanghai -0.2%
Commodities:
- Crude Oil -0.86 @ 64.71
- Nat Gas -0.01 @ 2.93
- Gold +30.00 @ 1815.00
- Silver -0.91 @ 27.46
- Copper +0.08 @ 4.60
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