Directional Bias For The Day:

• S&P Futures are higher
• The odds are for an up day – watch for a break below 4222.25 for a change of fortunes
• No key economic data report due during the day:

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4222.69, 4201.64, and 4180.65
• Critical resistance levels for S&P 500 are 4246.55, 4260.49, and 4282.95
• Key levels for E-mini futures: break above 4238.25, the high of 8:00 PM on Sunday and break below 4222.25, the low of 3:30 AM

Pre-Open

• On Friday at 4:00 PM, S&P futures (June 2021) closed at 4224.50 and the index closed at 4232.60 – a spread of about -6.00 points; futures closed at 4225.25 for the day; the fair value is -0.75
• Pre-NYSE session open, futures are mixed – at 8:30 AM, S&P 500 futures were up by +5.25; Dow by +124, and NASDAQ by -38.75

Markets Around The World

• Markets in the East closed mostly higher – Hing Kong and Singapore 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 higher
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.574%, up +0.7 basis points from two weeks ago;
  • 30-years is at 2.288%, up +3.7 basis points;
  • 2-years yield is at 0.149%, down -0.9 basis points;
  • The 10-Year-&-2-Year spread is at 1.425, up from 1.409
• VIX
  • At 17.43 @ 6:45 AM; higher from the last close; below 5-day SMA;
  • Recent high =  21.85 on May 4; low =  15.38 on April 14
  • Sentiment: Risk-On-Neutral

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

Previous Session

Major U.S. indices closed higher on Friday, May 7 in mixed volume. Dow Jones Transportation Average and NASDAQ Composite traded in higher volume. Dow Jones Industrial Average, S&P 500, Dow Transports, Willshire 5000 Total Market Index, and NYSE Composite made all-time closing and intraday highs.

For the week, US indices closed mostly higher in mixed volume. NASDAQ Composite closed lower. DJIA and D-Tran traded in lower volume. Markets in Asia were mixed but Europe was up. The dollar index traded down, energy and most metals and soft commodities closed higher.

From Briefing.com:

The S&P 500 (+0.7%) and Dow Jones Industrial Average (+0.7%) set intraday and closing record highs on Friday, as investors found reasons to look past the huge payrolls miss in the April employment report. The Nasdaq Composite (+0.9%) and Russell 2000 (+1.4%) outperformed. […] Every sector in the S&P 500 closed higher, paced by the energy (+1.9%), real estate (+1.2%), industrials (+1.1%), materials (+0.9%), and information technology (+0.8%) sectors. The consumer staples sector (+0.01%) underperformed and closed a hair above its flat line. […] The 2-yr yield decreased one basis point to 0.14%. The U.S. Dollar Index decreased 0.8% to 90.22. WTI crude futures increased 0.4%, or $0.25, to $64.94/bbl. […] The April employment report was surprisingly weak, with just 266,000 jobs added to nonfarm payrolls (Briefing.com consensus 1,000,000) and downward revisions to March. April unemployment rate was 6.1% (Briefing.com consensus 5.8%), versus 6.0% in March. April average hourly earnings increased 0.7% (Briefing.com consensus -0.1%) versus a 0.1% decrease in March. […] Consumer credit increased by $25.8 bln in March after increasing a downwardly revised $26.2 bln (from $27.6 bln) in February. […] Wholesale inventories increased 1.3% m/m in March (Briefing.com consensus 1.4%) following an upwardly revised 1.0% increase (from +0.6%) in February. […] Russell 2000 +15.0% YTD Dow Jones Industrial Average +13.6% YTD S&P 500 +12.7% YTD Nasdaq Composite +6.7% YTD