Directional Bias For The Day:

• S&P Futures are higher at 8:00 AM; up almost 100 points from the 10:30 PM low of 4232.00; declining since 6:15 AM high of 4335.50;
• The odds are for an up day with elevated volatility; watch for a break below 4270.50 for a change of sentiments
• Key economic data report due during the day:
  • Prelim UoM Consumer Sentiment (61.4 est.; prev. 62.8) at 10:00 AM
  • Prelim UoM Inflation Expectations (prev. 4.9%) at 10:00 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4268.28, 4245.86, and 4215.91
• Critical resistance levels for S&P 500 are 4299.40, 4327.01, and 4346.03
• Key levels for E-mini futures: break above 4335.50, the high of 6:15 AM and break below 4270.50, the low of 6:15 AM

Pre-Open

• On Thursday at 4:00 PM, S&P futures (March 2022) closed at 4258.00 and the index closed at 4259.52 – a spread of about -1.50 points; futures closed at 4257.25 for the day; the fair value is +0.75
• Pre-NYSE session open, futures are higher – at 7:45 AM, S&P 500 futures were up by +42.75; Dow by +315; and NASDAQ by +181.00

Markets Around The World

• Markets in the East closed mixed – Shanghai, Mumbai, Singapore closed up; Hong Kong, Tokyo, Mumbai, and Seoul closed lower;
• European markets are higher
• Currencies (Compared to two weeks ago):
  

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

• Commodities (Compared to two weeks ago):
  • Energy futures are higher
  • Precious metals are higher
  • Industrial metals are higher
  • Soft commodities are mostly higher
• Treasuries (Compared to two weeks ago)
  • 10-years yield closed at 2.011%, up +4.2 basis points from two weeks ago;
  • 30-years is at 2.394%, up +10.1 basis points;
  • 2-years yield is at 1.702%, up +9.5 basis points;
  • The 10-Year-&-2-Year spread is at 0.309, down from 0.362
  • The 30-Year-&-10-Year spread is at 0.383, up from 0.324
• VIX
  • At 29.17 @ 7:15 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:

Previous Session

Major U.S. indices closed mostly lower on Thursday, March 10, in mostly lower volume. Dow Jones Transportation Average closed higher and NASDAQ Composite traded in higher volume. Major indices gapped down at the open and then traded down till midday. The indices then moved higher and closed near or above the open. Most made Harami candles.

From Briefing.com:

The S&P 500 declined 0.4% on Thursday, although it was down as much as 1.6% intraday amid concerns surrounding the macro environment. The Dow Jones Industrial Average (-0.3%) and Russell 2000 (-0.2%) also fell modestly while the Nasdaq Composite (-1.0%) underperformed. […] The S&P 500 sectors closed mixed with six sectors closing lower and five sectors closing higher. The heavily-weighted information technology sector (-1.8%) fell about 2%, while the energy (+3.1%) and consumer discretionary (+1.2%) sectors rose 3% and 1%, respectively. […] The fed-funds sensitive 2-yr yield rose five basis points to 1.72%. The U.S. Dollar Index rose 0.6% to 98.57 amid relative weakness in the euro, which fell 0.9% against the dollar to 1.098. […] Total CPI increased 0.8% month-over-month in February, as expected, while core CPI, which excludes food and energy, increased 0.5%, also as expected. On a year-over-year basis, total CPI was up 7.9%, versus 7.5% in January, and core CPI was up 6.4%, versus 6.0% in January. […] The weekly initial claims report showed an 11,000 increase in jobless claims to 227,000 (Briefing.com consensus 220,000) for the week ending March 5. Continuing claims for the week ending February 26 increased by 25,000 to 1.494 million. […] The Treasury Budget showed a $216.6 bln deficit in February versus a $310.9 bln deficit in the same period a year ago. The budget data is not seasonally adjusted, so the February deficit cannot be compared to the January surplus of $118.7 bln. […] Dow Jones Industrial Average -8.7% YTD Russell 2000 -10.4% YTD S&P 500 -10.6% YTD Nasdaq Composite -16.1% YTD Overseas:  Europe: DAX -2.9%, FTSE -1.3%, CAC -2.8% Asia: Nikkei +3.9%, Hang Seng +1.3%, Shanghai +1.2% Commodities:  Crude Oil -2.59 @ 106.29 Nat Gas +0.12 @ 4.67 Gold +12.30 @ 1999.50 Silver +0.30 @ 26.22 Copper +0.08 @ 4.64