Directional Bias For The Day:

• S&P Futures are lower at 8:30 AM; declined from 4513.00 at 1:45 AM to around 4480.00;
• The odds are for a down day – watch for a break above 4501.50
• Key economic data report due during the day:
  • New Home Index ( 809K est.; prev. 801K) at 10:00 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4483.35, 4469.10, and 4461.56
• Critical resistance levels for S&P 500 are 4495.25, 4522.00, and 4532.73
• Key levels for E-mini futures: break above 4501.50, the high of 4:45 AM and break below 4480.00, the low of 7:45 AM

Pre-Open

• On Tuesday at 4:00 PM, S&P futures (June 2022) closed at 4505.50 and the index closed at 4511.61 – a spread of about -6.25 points; futures closed at 4505.00 for the day; the fair value is +0.50
• Pre-NYSE session open, futures are lower – at 8:15 AM, S&P 500 futures were down by -18.50; Dow by -118; and NASDAQ by -101.00

Markets Around The World

• Markets in the East closed mostly higher – Mumbai closed lower;
• European markets are mostly lower – the UK is higher
• 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 lowered
• Treasuries (Compared to two weeks ago)
  • 10-years yield closed at 2.373%, up +50.1 basis points from two weeks ago;
  • 30-years is at 2.593%, up +34.9 basis points;
  • 2-years yield is at 2.174%, up +56.9 basis points;
  • The 10-Year-&-2-Year spread is at 0.199, down from 0.267
  • The 30-Year-&-10-Year spread is at 0.220, down from 0.372
• VIX
  • At 23.96 @ 7:45 AM; up from the last close; at/below the 5-day SMA;
  • Recent high = 33.83 on March 15; low = 19.93 on February 9
  • Sentiment: Risk-Off

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

Previous Session

Major U.S. indices closed higher on Tuesday, March 22, in lower volume. Major indices opened higher and then moved higher in the early morning trading before plateauing and moving sideways in the afternoon session.

From Briefing.com:

The stock market ended Tuesday on a firmly higher note with the Nasdaq (+2.0%) pacing a daylong advance while the S&P 500 (+1.1%) and Dow (+0.7%) recorded slimmer gains. […] Ten sectors finished the day in positive territory with consumer discretionary (+2.5%) and communication services (+2.0%) holding the lead throughout the day. […] Other influential sectors like technology (+1.4%) and financials (+1.6%) also spent the day in positive territory […] Selling across the curve drove Treasury yields to fresh highs for the year with the 10-yr yield rising six basis points to 2.37%. On the downside, the energy sector (-0.6%) was the lone decliner, pulling back from Monday’s rally. […] Dow Jones Industrial Average -4.2% YTD S&P 500 -5.3% YTD Russell 2000 -7.0% YTD Nasdaq Composite -9.8% YTD Overseas:  Europe: DAX +1.0%, FTSE +0.5%, CAC +1.2% Asia: Nikkei +1.5%, Hang Seng +3.2%, Shanghai +0.2% Commodities:  Crude Oil -0.73 @ 109.48 Nat Gas +0.28 @ 5.22 Gold -6.40 @ 1922.30 Silver -0.32 @ 24.93 Copper +0.01 @ 4.71