Directional Bias For The Day:

• S&P Futures are higher;
• The odds are for a sideways to an up day – watch for a break below 4277.50 or a break above 4268.50 for clarity
• No key economic data report due during the day:

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4275.51, 4271.16, and 4264.41
• Critical resistance levels for S&P 500 are 4286.12, 4294.29, and 4302.45
• Key levels for E-mini futures: break above 4277.50, the high of 3:15 AM and break below 4268.50, the low of 6:30 AM

Pre-Open

• On Friday at 4:00 PM, S&P futures (September 2021) closed at 4270.75 and the index closed at 4280.70 – a spread of about -10.00 points; futures closed at 4271.25 for the day; the fair value is -0.50
• Pre-NYSE session open, futures are mixed – at 8:30 AM, S&P 500 futures were up by +4.25; Dow down by -26, and NASDAQ up by +44.75

Markets Around The World

• Markets in the East closed mostly lower – Singapore closed higher
• European markets are mostly lower – Germany and Switzerland are up
• Currencies (from two weeks ago):
  

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

• Commodities (from two weeks ago):
  • Energy futures are higher
  • Precious metals are lower
  • Industrial metals are lower
  • Most soft commodities are mixed
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.512%, up +5.0 basis points from two weeks ago;
  • 30-years is at 2.140%, down -1.2 basis points;
  • 2-years yield is at 0.278%, up +12.9 basis points;
  • The 10-Year-&-2-Year spread is at 1.234, down from 1.313
• VIX
  • At 15.94 @ 8:00 AM; down from the last close; at/below 5-day SMA;
  • Recent high =  21.82 on June 21; low =  14.19 on June 24
  • Sentiment: Risk-On

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

Previous Session

Major U.S. indices closed mixed on Friday, June 25 in mostly higher volume. NASDAQ Composite and Dow Jones Transportation Average closed lower. NASDAQ Composite traded in lower volume. S&P 500 and Wilshire 5000 Total Market Index made all-time intraday and closing highs. All but one S&P sector – Technology – closed higher.

For the week, major indices closed higher in lower volume. Asian market closed mostly higher and European exchanges were up. The dollar index was down for the week. Energy, precious metals, industrial metals were up for the week but soft commodities were mixed. The US treasury yields ticked up. All but one S&P sector – Utilities – closed up for the week.

From Briefing.com:

The S&P 500 (+0.3%) set new intraday and closing record highs on Friday, largely due to strength in the financial stocks. PCE inflation data for May remained on the hotter side, which contributed to a bump in long-term interest rates. The Dow Jones Industrial Average outperformed with a 0.7% gain, while the Nasdaq Composite (-0.1%) closed lower as the higher rates clipped its growth-stock components. The Russell 2000 (+0.03%) erased its intraday gain in the last ten minutes of action, as trading volume surged at the close amid the annual FTSE Russell index rebalance. Specifying the data, the PCE Price Index for May rose 0.4% m/m and the core-PCE Price Index, which excludes food and energy, rose 0.5% m/m (Briefing.com consensus 0.6%). On a year-over-year basis, the Fed’s preferred measures of inflation were up 3.9% and 3.4%, respectively. The 10-yr yield increased five basis points to 1.54% after an initial muted reaction. […] The 2-yr yield was unchanged at 0.27%. The U.S. Dollar Index was little changed at 91.78. WTI crude futures rose 1.0%, or $0.75, to $74.06/bbl. […] Personal income decreased 2.0% month-over-month in May (Briefing.com consensus -2.5%), driven by an 11.8% decline in government social benefits, while personal spending was unchanged (Briefing.com consensus +0.3%) following an upwardly revised 0.9% increase (from +0.5%) in April. The PCE Price Index jumped 0.4% month-over-month and was up 3.9% year-over-year (versus 3.6% in April). The core-PCE Price Index, which excludes food and energy, rose 0.5% and was up 3.4% year-over-year (versus 3.1% in April). […] The final June reading for the University of Michigan Index of Consumer Sentiment slipped to 85.5 (Briefing.com consensus 86.4) from the preliminary reading of 86.4. The final reading for May was 82.9. […] Russell 2000 +18.2% YTD S&P 500 +14.0% YTD Dow Jones Industrial Average +12.5% YTD Nasdaq Composite +11.4% YTD