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:
Monthly |
|
Weekly: |
|
Daily |
|
2-Hour (E-mini futures) |
|
30-Minute (E-mini futures) |
|
15-Minute (E-mini futures) |
|
Previous Session
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