Directional Bias For The Day:

• S&P Futures are lower
• The odds are for a down day with elevated volatility – watch for a break above 4161.25
• Key economic data report due during the day:
  • JOLTS Jobs Openings ( 7.50 M est.; prev. 7.37M) at 10:00 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4147.33; 4128.59, and 4123.69
• Critical resistance levels for S&P 500 are 4167.75, 4188.13, and 4207.94
• Key levels for E-mini futures: break above 4161.25, the high of 5:00 PM on Sunday and break below 4120.50, the low of 11:30 AM on May 4

Pre-Open

• On Monday at 4:00 PM, S&P futures (June 2021) closed at 4183.75 and the index closed at 4188.43 – a spread of about -4.75 points; futures closed at 4183.50 for the day; the fair value is +0.25
• Pre-NYSE session open, futures are lower – at 8:00 AM, S&P 500 futures were down by -39.50; Dow by -176, and NASDAQ by -224.25

Markets Around The World

• Markets in the East closed mostly lower – Shanghai was up
• European markets are lower
• 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 1.602%, up +3.2 basis points from two weeks ago;
  • 30-years is at 2.319%, up +7.5 basis points;
  • 2-years yield is at 0.157%, down -1.3 basis points;
  • The 10-Year-&-2-Year spread is at 1.445, up from 1.400
• VIX
  • At 21.78 @ 6:45 AM; higher from the last close; above 5-day SMA;
  • Recent high =  21.85 on May 4; low =  15.38 on April 14
  • Sentiment: Risk-Off

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

Previous Session

Major U.S. indices closed lower on Monday, May 10 in mostly higher volume. Dow Jones Transportation Average traded in lower volume. Indices opened at the high and then traded sideways till early afternoon and then mostly declined later in the day. Most made Bearish Engulfing or similar bearish candlesticks.

From Briefing.com:

The S&P 500 fell 1.0% on Monday, as negative momentum accelerated in the heavily-weighted growth stocks with selling interest leaking into the broader market late in the day. The Nasdaq Composite (-2.6%) and Russell 2000 (-2.6%) both dropped 2.6%. The Dow Jones Industrial Average was up as much as 0.9% intraday at all-time highs above the 35,000 level, but it retraced from that level and closed lower by 0.1%. […] From a sector perspective, the S&P 500 information technology (-2.5%), communication services (-1.9%), and consumer discretionary (-2.0%) sectors took the brunt of the damage amid weakness in the mega-caps and semiconductor stocks. The Philadelphia Semiconductor Index dropped 4.7%. […] The defensive-oriented utilities (+1.0%), consumer staples (+0.8%), real estate (+0.4%), and health care (+0.1%) sectors finished as leaders in positive territory alongside the industrials sector (+0.1%). […] The 2-yr yield increased one basis point to 0.15%. The U.S. Dollar Index was little changed at 90.22. […] Dow Jones Industrial Average +13.5% YTD Russell 2000 +12.0% YTD S&P 500 +11.5% YTD Nasdaq Composite +4.0% YTD Overseas:  Europe: DAX flat, FTSE -0.1%, CAC flat Asia: Nikkei +0.6%, Hang Seng -0.1%, Shanghai +0.3% Commodities:  Crude Oil +0.03 @ 64.80 Nat Gas -0.03 @ 2.93 Gold +5.40 @ 1837.00 Silver -0.01 @ 27.47 Copper -0.02 @ 4.72