Directional Bias For The Day:

• S&P Futures are lower at 8:15 AM; moving down since 3:30 Am from a high of 4587.25;
• The odds are for a down day – watch for a break above 4587.25 for a change of sentiments
• Key economic data report due during the day:
  • Final Services PMI ( 58.9 est.; prev. 58.9) at 9:45 AM
  • ISM Service PMI ( 58.6 est.; 56.5) at 10:00 AM
  • Fed Governor Brainard Speaks at 10:05 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4563.27, 4539.67, and 4519.64
• Critical resistance levels for S&P 500 are 4583.50, 4603.07, and 4617.01
• Key levels for E-mini futures: break above 4587.25, the high of 3:30 AM and break below 4563.00, the low of 6:30 AM

Pre-Open

• On Monday at 4:00 PM, S&P futures (June 2022) closed at 4578.00 and the index closed at 4582.64 – a spread of about -4.75 points; futures closed at 4577.75 for the day; the fair value is +0.25
• Pre-NYSE session open, futures are lower – at 8:00 AM, S&P 500 futures were down by -7.75; Dow by -66; and NASDAQ by -29.00

Markets Around The World

• Markets in the East closed mostly higher – Mumbai closed down; Shanghai  and Hong Kong were closed;
• European markets are mostly lower – Spain and STOXX 600 are higher
• Currencies (Compared to two weeks ago):
  

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

• Commodities (Compared to two weeks ago):
  • Energy futures are mixed
  • Precious metals are mixed
  • Industrial metals are mostly lower
  • Soft commodities are mixed
• Treasuries (Compared to two weeks ago)
  • 10-years yield closed at 2.412%, up +9.7 basis points from two weeks ago;
  • 30-years is at 2.474%, down -6.0 basis points;
  • 2-years yield is at 2.432%, up +30.8 basis points;
  • The 10-Year-&-2-Year spread is at -0.020, down from 0.191
  • The 30-Year-&-10-Year spread is at 0.062, down from 0.219
• VIX
  • At 19.12 @ 7:45 AM; up from the last close; below the 5-day SMA;
  • Recent high = 33.83 on March 15; low = 18.67 on MArch 29
  • Sentiment: Risk-Off

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

Previous Session

Major U.S. indices closed mostly higher on Monday, April 4, in lower volume. Dow Jones Transportation Average closed lower. Major indices mostly opened up and then traded higher for the rest of the day.

From Briefing.com:

The S&P 500 rose 0.8% on Monday, as money flowed back into the mega-caps/growth stocks, which accounted for the outperformance of the Nasdaq Composite (+1.9%). The Dow Jones Industrial Average (+0.3%) and Russell 2000 (+0.2%) rose more modestly. […] The S&P 500 information technology (+1.9%), consumer discretionary (+2.3%), and communication services (+2.3%) sectors, which contain the mega-caps, each rose about 2%. The energy sector (+0.1%) eked out a gain, while the other sectors closed lower with utilities (-0.8%) finishing in last place. […] The 10-yr yield increased three basis points to 2.41% while the 2-yr yield decreased one basis point to 2.42% — narrowing the inversion to one basis point. The U.S. Dollar Index increased 0.4% to 99.01. […] Factory orders for manufactured goods declined 0.5% m/m in February (Briefing.com consensus -0.6%) following an upwardly revised 1.5% increase (from +1.4%) in January. Shipments of manufactured goods jumped 0.6% after increasing 1.4% in January. […] Dow Jones Industrial Average -3.9% YTD S&P 500 -3.9% YTD Russell 2000 -6.7% YTD Nasdaq Composite -7.1% YTD Overseas:  Europe: DAX +0.5%, FTSE +0.3%, CAC +0.7% Asia: Nikkei +0.3%, Hang Seng +2.1%, Shanghai market closed Commodities:  Crude Oil +3.80 @ 103.34 Nat Gas -0.01 @ 5.71 Gold +11.50 @ 1937.10 Silver -0.04 @ 24.60 Copper +0.09 @ 4.78