Directional Bias For The Day:

• S&P Futures are higher at 8:45 AM; moving sideways to down since 4:30 AM;
• The odds are for an up to sideways day – watch for a break above 4472.50 and a break below 4458.75 for clarity
• Key economic data report due during the day:
  • Richmond Manufacturing Index ( 2 est.; prev. 1) at 10:00 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4437.75, 4424.30, and 4409.52
• Critical resistance levels for S&P 500 are 4481.75, 4489.55, and 4500.39
• Key levels for E-mini futures: break above 4472.50, the high of 5:15 AM and break below 4458.75, the low of 8:15 AM

Pre-Open

• On Monday at 4:00 PM, S&P futures (June 2022) closed at 4453.00 and the index closed at 4461.18 – a spread of about -8.25 points; futures closed at 4452.25 for the day; the fair value is +0.75
• Pre-NYSE session open, futures are higher – at 8:30 AM, S&P 500 futures were up by +10.25; Dow by +139; and NASDAQ by +7.50

Markets Around The World

• Markets in the East closed mostly higher – Singapore closed lower;
• European markets are mostly higher – Switzerland is lower
• Currencies (Compared to two weeks ago):
  

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

• Commodities (Compared to two weeks ago):
  • Energy futures are mixed
  • Precious metals are lower
  • Industrial metals are lower
  • Soft commodities are mostly higher
• Treasuries (Compared to two weeks ago)
  • 10-years yield closed at 2.353%, up +60.2 basis points from two weeks ago;
  • 30-years is at 2.582%, up +43.0 basis points;
  • 2-years yield is at 2.123%, up +57.5 basis points;
  • The 10-Year-&-2-Year spread is at 0.230, down from 0.203
  • The 30-Year-&-10-Year spread is at 0.229, down from 0.401
• VIX
  • At 23.26 @ 8:00 AM; down from the last close; below the 5-day SMA;
  • Recent high = 33.83 on March 15; low = 19.93 on February 9
  • Sentiment: Risk-On-Neutral

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

Previous Session

Major U.S. indices closed lower on Monday, March 21, in lower volume. Major indices moved up and down during the day within a range. Most made indecisive candlestick formations.

From Briefing.com:

The stock market began the week on a shaky note, causing the S&P 500 (-0.04%) to snap its four-day streak that lifted the benchmark index to a one-month high last week. The S&P 500 ended ahead of the Nasdaq (-0.4%) and Dow (-0.6%). […] Six sectors finished the day in negative territory with communication services (-0.7%) and consumer discretionary (-0.8%) showing the biggest losses while commodity-linked energy (+3.8%) and materials (+0.9%) outperformed throughout the day. […] On the upside, the energy sector outperformed throughout the day thanks to strong support from crude oil, which climbed $7.18, or 7.0%, to $110.21/bbl amid continued speculation about an EU ban on Russian oil imports. […] Treasuries retreated throughout the day, sending the 10-yr yield higher by 17 bps to 2.32%, a level not seen since May 2019. […] Dow Jones Industrial Average -4.9% YTD S&P 500 -6.4% YTD Russell 2000 -8.0% YTD Nasdaq Composite -11.6% YTD Overseas:  Europe: DAX -0.6%, FTSE +0.5%, CAC -0.6% Asia: Nikkei market closed, Hang Seng -0.9%, Shanghai +0.1% Commodities:  Crude Oil +7.18 @ 110.21 Nat Gas +0.05 @ 4.94 Gold -2.20 @ 1928.70 Silver +0.16 @ 25.25 Copper -0.03 @ 4.70