Directional Bias For The Day:

• S&P Futures are lower;
• The odds are for a down day — watch for a break above 4379.25 for a change of sentiments
• Broke below a Horizontal Channel following CPI report at 8:30 AM; the e61.8% extension target near 4361.50 is achieved; 100% extension target is near 4358.00 and 161.8% extension target is near 4351.00
• Key economic data report due during the day:
  • NFIB Small Business Index (102.5 vs. 99.5 est.; prev. 99.6) at 6:00 AM
  • CPI ( 0.9% vs. 0.5% est.; prev. 0.6%) at 8:30 AM
  • Core CPI ( 0.9% vs. 0.4% est.; prev. 0.7%) at 8:30 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4374.76, 4364.03, and 4359.98
• Critical resistance levels for S&P 500 are 4392.86, 4401.10, and 4415.51
• Key levels for E-mini futures: break above 4379.25, the high of 3:45 PM on Monday and break below 4368.00, the low of 3:00 AM

Pre-Open

• On Monday at 4:00 PM, S&P futures (September 2021) closed at 4376.25 and the index closed at 4384.63 – a spread of about -8.75 points; futures closed at 4376.50 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 unchanged; Dow down by -23, and NASDAQ up by +43.50

Markets Around The World

• Markets in the East closed mostly higher – Sydney closed down;
• European markets are mostly lower – the UK is higher
• Currencies (from two weeks ago):
  

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

• Commodities (from two weeks ago):
  • Energy futures are higher
  • Precious metals are higher
  • Industrial metals are higher
  • Most soft commodities are mostly lower
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.363%, down -11.5 basis points from two weeks ago;
  • 30-years is at 1.993%, down -10.5 basis points;
  • 2-years yield is at 0.229%, down -2.1 basis points;
  • The 10-Year-&-2-Year spread is at 1.134, down from 1.228
• VIX
  • At 16.02 @ 6:45 AM; down from the last close; below 5-day SMA;
  • Recent high =  21.82 on June 21; low =  14.10 on June 29
  • Sentiment: Risk-Neutral-On

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

Previous Session

Major U.S. indices closed mostly higher on Monday, July 12 in mostly lower volume. Dow Jones Transportation Average closed lower and Dow Jones Industrial Average traded in lower volume. S&P 500, NASDAQ Composite, and Wilshire 5000 Total Market Index made all-time closing and intraday highs. DJIA closed at an all-time high. All but three S&P sectors – Consumer Staples, Energy, and Telecom – closed up.

From Briefing.com:

The S&P 500 (+0.4%), Nasdaq Composite (+0.2%), and Dow Jones Industrial Average (+0.4%) closed at record highs on Monday, tallying modest gains as investors remained committed to the market ahead of a busy week of events. The S&P 500 also set an all-time intraday high while the Russell 2000 increased just 0.1%. […] The 10-yr yield settled one basis point higher at 1.36% after touching 1.33% overnight, and the 2-yr yield settled one basis point higher at 0.22% after touching 0.20% overnight. […] S&P 500 +16.7% YTD Russell 2000 +15.5% YTD Nasdaq Composite +14.3% YTD Dow Jones Industrial Average +14.3% YTD Overseas:  Europe: DAX +0.7%, FTSE +0.1, CAC +0.5% Asia: Nikkei +2.3%, Hang Seng +0.7%, Shanghai +0.7% Commodities:  Crude Oil -0.39 @ 74.24 Nat Gas +0.08 @ 3.76 Gold -4.90 @ 1806.30 Silver +0.07 @ 26.30 Copper unch @ 4.33