Directional Bias For The Day:

• S&P Futures are little changed near all-time highs
• The odds are for an up to a sideways day – watch for a break below 4214.00
• No key economic data report due during the day:

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4219.34, 4206.05, and 4192.15
• Critical resistance levels for S&P 500 are 4233.45, 4240.21, and 4250.53
• Key levels for E-mini futures: break above 4232.50, the high of 6:00 PM on Sunday and break below 4214.00, the low of 3:00 AM

Pre-Open

• On Friday at 4:00 PM, S&P futures (June 2021) closed at 4228.25 and the index closed at 4229.89 – a spread of about -1.75 points; futures closed at 4228.25 for the day; the fair value is +0.0
• Pre-NYSE session open, futures are mixed – at 8:00 AM, S&P 500 futures were down by -0.50; Dow up by +47, and NASDAQ down by -18.25

Markets Around The World

• Markets in the East closed mostly higher – Hong Kong and Sydney were down;
• European markets are higher
• Currencies (from two weeks ago):
  

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

• Commodities (from two weeks ago):
  • Energy futures are higher
  • Precious metals are lower
  • Industrial metals are mostly lower
  • Most soft commodities are mostly higher
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.560%, down -7.2 basis points from two weeks ago;
  • 30-years is at 2.239%, down -9.4 basis points;
  • 2-years yield is at 0.153%, unchanged;
  • The 10-Year-&-2-Year spread is at 1.407, down from 1.479
• VIX
  • At 16.90 @ 7:45 AM; down from the last close; below 5-day SMA;
  • Recent high =  25.96 on May 19; low =  15.90 on May 28
  • Sentiment: Risk-Neutral

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

Previous Session

Major U.S. indices closed mostly higher on Friday, June 4 in mostly lower volume. Dow Jones Transportation Average closed down and NASDAQ Composite traded in lower volume. NYSE Composite and Wilshire 5000 Total Market Index closed at all-time highs.

For the week, major US indices mostly closed higher in lower volume. Dow Jones Transportation Average closed lower. Markets in Asia were mixed but Europe was mostly up. The dollar index was up, energy futures were down, precious metals were down, industrial metals were mixed and the soft commodities were mostly higher. The US Treasury yields closed down for the week.

From Briefing.com:

The stock market finished the week on a strong note as the Nasdaq (+1.5%) paced a daylong rally while the S&P 500 (+0.9%) and Dow (+0.5%) followed. The Dow and S&P 500 gained a respective 0.7% and 0.6% for the week while the Nasdaq advanced 0.5%. […] Sectors that underperformed yesterday were at the forefront of today’s rally with technology (+1.9%; +1.2% for the week) and communication services (+1.4%; +0.6% for the week) turning positive for the week while the consumer discretionary sector (+0.8%; -1.0% for the week) ended among today’s leaders, but still finished the week behind most of the remaining groups. […] Treasuries finished the day on their highs with the 10-yr yield falling seven basis points to 1.56%. The benchmark yield slipped two basis points for the week, stopping just above last week’s low. […] May nonfarm payrolls increased by 559,000 (Briefing.com consensus 720,000). The 3-month average for total nonfarm payrolls increased to 541,000 from 533,000 in April. […] Factory orders for manufactured goods decreased 0.6% m/m in April (Briefing.com consensus 0.5%) after increasing an upwardly revised 1.4% (from 1.1%) in March. Shipments of manufactured goods were up 0.4% after increasing 2.1% in March. […] Russell 2000 +15.8% YTD Dow Jones Industrial Average +13.6% YTD S&P 500 +12.6% YTD Nasdaq Composite +7.2% YTD