Directional Bias For The Day:

• S&P Futures are higher at 8:30 AM. Futures swung more than 25 points following the CPI data release at 8:30 AM.
• The odds are for an up day with elevated volatility – watch for a break below 4381.75 for a change of sentiments
• The major economic data report due during the day:
  • CPI m/m ( 0.1% vs. 0.2% est.; prev. 0.4%) at 8:30 AM
  • Core CPI m/m ( 0.4% vs. 0.4% est.; prev. 0.4%) at 8:30 AM
  • CPI y/y (4.0% vs. 4.1% est.; prev. 4.9%) at 8:30 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4331.97, 4314.41, and 4304.37
• Critical resistance levels for S&P 500 are 4353.26, 4370.48, and 4385.83
• The key levels for E-mini futures are 4407.00, the high at 8:30 AM, and 4381.75, the low at 8:30 AM

Pre-Open

• On Monday at 4:00 PM, S&P futures (September 2023) closed at 4388.75, and the index closed at 4338.93 – a spread of about +49.75 points; the futures closed at 4388.00; the fair value is +0.75
• Pre-NYSE session open, futures were mixed – at 8:15 AM, S&P 500 futures were up by +2.50, Dow down by -15, and NASDAQ up by +35.00

Markets Around The World

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

• Commodities (Compared to two weeks ago):
  • Energy futures are lower
  • Precious metals are higher
  • Industrial metals are mostly lower
  • Soft commodities are mostly higher
• Treasuries (Compared to two weeks ago)
  • The 10-year yield closed at 3.765, up +6.5 basis points from two weeks ago;
  • The 30-year is at 3.907%, up +0.4 basis points;
  • The 2-year yield is at 4.582%, up +13.4 basis points;
  • The 10-Year-&-2-Year spread is at -0.817, down from -0.748
  • The 30-Year-&-10-Year spread is at 0.142, down from +0.203
• VIX
  • At 14.65 @ 8:30 AM; down from the last close; above the 5-day SMA;
  • Recent high = 20.81 on May 24; low = 13.50 on June 9
  • Sentiment: Risk-On-Neutral

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

Previous Session

Major U.S. indices closed higher on Friday, June 12, in mixed volume. Dow Jones Industrial Average and Dow Jones Transportation Average traded in higher volume. The indices opened up and then traded higher for the rest of the day.

From Briefing.com:

[…] Ultimately, the S&P 500 closed at its highest level since April 21, 2022, aided by chasing action and a possible fear of missing out on further gains. […] The 2-yr note yield, which reached a high of 4.63% overnight, fell to 4.56% before settling the session at 4.59%. The 10-yr note yield, which reached a high of 3.79%, pulled back to 3.73% and settled at 3.77%. […] The Vanguard Mega Cap Growth ETF (MGK) rose 1.5% and the Invesco S&P 500 Equal Weight ETF (RSP) rose 0.7%. The market-cap weighted S&P 500 closed with a 0.9% gain. Most of the S&P 500 sectors closed with a gain. Information technology (+2.1%) was the top performer by a decent margin followed by consumer discretionary (+1.7%) and communication services (+1.2%), all of which benefitted from strong mega cap constituents. Meanwhile, the energy sector was the worst performer, down 1.0%, […] Nasdaq Composite: +28.6% YTD S&P 500: +13.0% YTD Russell 2000: +6.4% YTD S&P Midcap 400: +5.1% YTD Dow Jones Industrial Average: +2.8% YTD […] Overseas: Europe: DAX +0.9%, FTSE +0.1%, CAC +0.5% Asia: Nikkei +0.5%, Hang Seng +0.1%, Shanghai -0.1% Commodities:  Crude Oil -3.21 @ 67.09 Nat Gas +0.02 @ 2.28 Gold -8.30 @ 1968.80 Silver -0.34 @ 24.06 Copper -0.03 @ 3.75