Directional Bias For The Day:

• S&P Futures are higher near the upper bound of a Horizontal Channel between 4235.00 and 4212.00
• The odds are for an up to a sideways day – watch for a break below 4212.00
• Key economic data report due during the day:
  • Trade Balance ( -68.5B est.; prev. -74.4B) at 8:30 AM
  • JOLTS Jobs Opening ( 8.18M est.; prev. 8.12M) at 10:00 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4222.56, 4215.66, and 4206.05
• Critical resistance levels for S&P 500 are 4233.45, 4241.52, and 4250.70
• Key levels for E-mini futures: break above 4234.75, the high of 9:15 PM on Monday and break below 4212.25, the low of 6:15 AM

Pre-Open

• On Monday at 4:00 PM, S&P futures (June 2021) closed at 4225.25 and the index closed at 4226.52 – a spread of about -1.25 points; futures closed at 4225.50 for the day; the fair value is -0.25
• Pre-NYSE session open, futures are mixed – at 8:00 AM, S&P 500 futures were up by +7.00; Dow down by -12, and NASDAQ up by +72.50

Markets Around The World

• Markets in the East closed mostly lower – Sydney was up;
• European markets are mostly higher – Spain and Italy are lower
• Currencies (from two weeks ago):
  

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

• Commodities (from two weeks ago):
  • Energy futures are higher
  • Precious metals are higher
  • Industrial metals are mostly higher
  • Most soft commodities are mostly higher
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.569%, down -3.9 basis points from two weeks ago;
  • 30-years is at 2.251%, down -5.1 basis points;
  • 2-years yield is at 0.161%, up +1.2 basis points;
  • The 10-Year-&-2-Year spread is at 1.408, down from 1.459
• VIX
  • At 16.44 @ 7:45 AM; up 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 mixed on Monday, June 7 in mostly lower volume. NASDAQ Composite, Russell 2000, and Wilshire 5000 Total Market Index closed higher and Russell 2000 traded in higher volume. The day’s price range was small and essentially sideways.

From Briefing.com:

The stock market began the first full week of June on a quiet note. The S&P 500 (-0.1%) finished the day with a slight loss while the Dow (-0.4%) lagged and the Nasdaq (+0.5%) displayed relative strength. […] Seven sectors finished the day in negative territory, but the materials sector (-1.2%) was the only group that lost more than 0.7%. Industrials (-0.7%) and financials (-0.6%) weighed on the broader market throughout the day while technology (unch) climbed off its low in the afternoon. Energy (-0.4%) pulled back after jumping nearly 7.0% last week. […] On the upside, real estate (+0.9%) held the lead throughout the day while communication services (+0.5%) and health care (+0.3%) also spent the day in positive territory. […] Treasuries finished with slim losses that lifted the 10-yr yield by a basis point to 1.57%. […] Russell 2000 +17.4% YTD Dow Jones Industrial Average +13.2% YTD S&P 500 +12.5% YTD Nasdaq Composite +7.7% YTD Overseas:  Europe: DAX -0.1%, FTSE +0.1%, CAC +0.4% Asia: Nikkei +0.3%, Hang Seng -0.3%, Shanghai +0.2% Commodities:  Crude Oil -0.23 @ 69.25 Nat Gas -0.03 @ 3.07 Gold +7.20 @ 1898.80 Silver +0.13 @ 28.00 Copper -0.01 @ 4.52