Directional Bias For The Day:
S&P Futures are higher at 8:15 AM; up almost 100 points from the 4:30 PM low of 4148.25; rising since 6:45 after a small retreat- The odds are for an up day with elevated volatility; watch for a break below 4226.25
- Key economic data report due during the day:
- JOLTS Job Openings (10.96M est.; prev. -10.93B) at 10:00 AM
Directional Bias Before Open:
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Key Levels:
- Critical support levels for S&P 500 are 4198.03, 4157.87, and 4114.65
- Critical resistance levels for S&P 500 are 4276.98, 4291.77, and 4318.98
- Key levels for E-mini futures: break above 4249.50, the high of 8:00 AM and break below 4226.25, the low of 6:45 AM
Pre-Open
- On Tuesday at 4:00 PM, S&P futures (March 2022) closed at 4165.25 and the index closed at 4170.70 – a spread of about -5.50 points; futures closed at 4168.75 for the day; the fair value is -3.50
- Pre-NYSE session open, futures are higher – at 8:00 AM, S&P 500 futures were up by +79.75; Dow by +533; and NASDAQ by +297.75
Markets Around The World
- Markets in the East closed mixed – Shanghai, Hong Kong, and Tokyo closed lower; Sydney, Mumbai, and Singapore closed up; Seoul was closed for trading
- European markets are higher
- Currencies (Compared to two weeks ago):
Up Down - Dollar index
- USD/JPY
- USD/CHF
- AUD/USD
- NZD/USD
- INR/USD
- USD/CAD
- EUR/USD
- GBP/USD
- Commodities (Compared to two weeks ago):
- Energy futures are higher
- Precious metals are higher
- Industrial metals are higher
- Soft commodities are mixed
- Treasuries (Compared to two weeks ago)
- 10-years yield closed at 1.872%, down -7.6 basis points from two weeks ago;
- 30-years is at 2.244%, down -0.9 basis points;
- 2-years yield is at 1.605%, up +4.3 basis points;
- The 10-Year-&-2-Year spread is at 0.267, down from 0.386
- The 30-Year-&-10-Year spread is at 0.372, up from 0.305
- VIX
- At 33.06 @ 7:00 AM; down from the last close; below the 5-day SMA;
- Recent high = 37.79 on February 24; low = 23.88 on February 16
- Sentiment: Risk-On (High-Volatility)
The trend and patterns in various time frames for S&P 500:
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Weekly: |
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Daily |
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2-Hour (E-mini futures) |
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30-Minute (E-mini futures) |
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15-Minute (E-mini futures) |
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Previous Session
From Briefing.com:
The S&P 500 lost 0.7% on Tuesday in a volatile session driven by geopolitical headlines. The Nasdaq Composite (-0.3%) and Dow Jones Industrial Average (-0.6%) joined the benchmark index in negative territory, while the Russell 2000 (+0.6%) closed higher. Nine of the 11 S&P 500 sectors closed lower, including the defensive-oriented consume staples (-2.6%), health care (-2.1%), and utilities (-1.6%) sectors at the bottom of the standings. The energy (+1.4%) and consumer discretionary (+0.1%) sectors closed higher.
[…]The 2-yr yield rose nine basis points to 1.63%, and the 10-yr yield rose 12 basis points to 1.87%. The U.S. Dollar Index decreased 0.2% to 99.06.
[…][…]
- The trade deficit widened in January to $89.7 billion (Briefing.com consensus -$87.5 billion) from a downwardly revised $82.0 billion (from -$80.7 billion). Exports were $3.9 billion less than December exports and imports were $3.8 billion more than December imports.
- […]
- Wholesale inventories increased 0.8% in January, as expected, following a revised 2.6% increase (from 2.2%) in December.
- The NFIB Small Business Optimism Index for February decreased to 95.7 from 97.1 in January.
- Dow Jones Industrial Average -10.2% YTD
- S&P 500 -12.5% YTD
- Russell 2000 -12.6% YTD
- Nasdaq Composite -18.2% YTD
Overseas:
- Europe: DAX -0.0%, FTSE +0.1%, CAC -0.3%
- Asia: Nikkei -1.7%, Hang Seng -1.4%, Shanghai -2.4%
Commodities:
- Crude Oil +4.49 @ 123.76
- Nat Gas -0.30 @ 4.57
- Gold +50.80 @ 2047.30
- Silver +1.00 @ 26.76
- Copper -0.01 @ 4.74