Directional Bias For The Day:

• S&P Futures are a lower at 8:45 AM; moving down since 4:15 AM after making a Double Top at 4519.75 – a break below 4491,75 will complete the pattern
• The odds are for a down day with elevated volatility – watch for a break above 4515.00 and a break below 4491.75
• Key economic data report due during the day:
  • Final Wholesale Inventories (2.1% est.; prev. 2.1% ) at 10:00 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4498.84, 4483.94, and 4456.37
• Critical resistance levels for S&P 500 are 4521.16, 4446.59, and 4561.49
• Key levels for E-mini futures: break above 4515.00, the high at 7:30 AM, and a break below 4491.75, the low at 12:30 AM

Pre-Open

• On Thursday at 4:00 PM, S&P futures (June 2022) closed at 4497.50 and the index closed at 4500.21 – a spread of about -25.75 points; futures closed at 4496.25 for the day; the fair value is +1.25
• Pre-NYSE session open, futures are mixed – at 8:30 AM, S&P 500 futures were up by +4.75; Dow up by +89; and NASDAQ down by -6.50

Markets Around The World

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

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

• Commodities (Compared to two weeks ago):
  • Energy futures are mixed
  • Precious metals are lower
  • Industrial metals are lower
  • Soft commodities are mixed
• Treasuries (Compared to two weeks ago)
  • 10-years yield closed at 2.710%, up +36.9 basis points from two weeks ago;
  • 30-years is at 2.724%, up +21.3 basis points;
  • 2-years yield is at 2.510%, up +37.5 basis points;
  • The 10-Year-&-2-Year spread is at 0.191, down from 0.206
  • The 30-Year-&-10-Year spread is at 0.014, down from 0.170
• VIX
  • At 21.55 @ 8:45 AM; unchange from the last close; above the 5-day SMA;
  • Recent high = 24.78 on April 6; low = 18.45 on April 4
  • 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 Thursday, April 7, in lower volume. Russell 2000 closed down. Major indices declined after the first half-hour of trading but turned around in the afternoon session and closed near the highs for the day. Many made Bullish Engulfing Spinning Top candles.

From Briefing.com:

The S&P 500 increased 0.4% on Thursday, overcoming a 0.7% intraday decline on no specific news catalysts. The Nasdaq Composite (+0.1%) and Dow Jones Industrial Average (+0.3%) also recouped intraday losses while the Russell 2000 (-0.4%) still closed lower despite a recovery effort. […] The S&P 500 reclaimed its 200-day moving average on a closing basis with the help of seven of its 11 sectors. The health care (+1.9%), energy (+1.4%), and consumer staples (+1.2%) sectors led the advance with gains over 1.0%. Conversely, the real estate (-0.9%), communication services (-0.7%), utilities (-0.3%), and financials (-0.1%) sectors closed lower. […] Back in the Treasury market, the 2s10s spread increased to 19 basis points from 12 basis points yesterday. The 2-yr yield decreased two basis points to 2.47% while the 10-yr yield, as noted above, settled at 2.66%. The U.S. Dollar Index increased 0.2% to 99.79. WTI crude futures fell 0.3%, or $0.29, to $96.30/bbl. […] Initial claims for the week ending April 2 dropped by 5,000 to 166,000 (Briefing.com consensus 200,000). Continuing claims for the week ending March 26 increased by 17,000 to 1.523 million. […] Consumer credit increased by $41.8 billion in February (Briefing.com consensus $15.5 billion). The prior month saw an upward revision to $8.9 bln from $6.8 bln. […] Dow Jones Industrial Average -4.8% YTD S&P 500 -5.6% YTD Russell 2000 -10.5% YTD Nasdaq Composite -11.2% YTD Overseas:  Europe: DAX -0.5%, FTSE -0.5%, CAC -0.6% Asia: Nikkei -1.7%, Hang Seng -1.2%, Shanghai -1.4% Commodities:  Crude Oil -0.29 @ 96.30 Nat Gas +0.33 @ 6.39 Gold +17.00 @ 1937.90 Silver +0.32 @ 24.65 Copper +0.00 @ 4.70