Directional Bias for the Day:

• S&P Futures are higher at 9:00 AM. Up more than 30 points since 3:00 AM.
• Odds are for a sideways to up day. Watch for a break below 5745.25 or a break above 5781.75 for clarity.
• The major economic data due during the day:
  • Flash Manufacturing PMI (48.6 est.; prev. 47.9) at 9:45 AM.
  • Flash Services PMI (55.3 est.; prev. 55.7) at 9:45 AM

Key Levels:

• Critical support levels for the S&P 500 are 5684.37, 5674.49, and 5659.42.
• Critical resistance levels for the S&P 500 are 5715.14, 5722.56, and 5733.573.
• The key levels for E-mini futures are 5781.75, the high at 11:45 PM and 5745.25, the low at 3:15 AM.

Pre-Open

• On Friday at 4:00 PM, S&P futures (December 2024) closed at 5763.00, and the index closed at 5702.55 – a spread of about +60.50 points; the futures closed at 5762.00; the fair value is +1.00.
• Pre-NYSE session open, futures were up – at 9:00 AM, the S&P 500 futures were up by +9.50, Dow by +37, and NASDAQ by +41.00.

Markets Around the World

• Markets in the East closed mostly higher – Hong Kong and Sydney closed down. Tokyo was closed.
• European markets are mostly higher – The UK and Italy are lower.
• Currencies (Compared to two weeks ago):

• Commodities (Compared to two weeks ago):
  • Energy futures are higher.
  • Precious metals are higher.
  • Industrial metals are higher.
  • Soft commodities are mostly higher.
• Treasuries (Compared to two weeks ago)
  • The 10-year yield closed at 3.744, up +3.1 basis points from two weeks ago.
  • The 30-year is at 4.083%, up +6.2 basis points.
  • The 2-year yield is at 3.614%, down -4.0 basis points.
  • The 10-Year-&-2-Year spread is at 0.130, up from 0.059.
  • The 30-Year-&-10-Year spread is at 0.339, up from 0.308.
• VIX
  • At 16.35 @ 9:00 AM; up from the last close; below the 5-day SMA
  • Recent high = 23.76 on September 6; low = 14.46 on August 19; Sentiment: Risk-Neutral

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

Previous Session

Most major U.S. indices closed mostly lower on Friday, September 20 in mixed volume. Dow Jones Transportation Average closed higher. NASDAQ Composite and Russell 2000 traded in lower volume. The indices opened lower and the trade sideways to down of the rest of the day. All but two S&P sectors – Staples and Utilities – closed down. Communications were unchanged.

For the week, the major indices rosed. S&P 500 was up 1.5%, DJIA by 1.6%, NASDAQ by 1.5%, but the leaders was Russell 2ith 2.1% rise. The Asian markets were up, and the Europeans were mixed. The dollar index closed down. Energy futures and the precious metals were up. The industrial metals and soft commodities were mixed. The US treasury yields rose, and the bonds fell.

From Briefing.com

Today’s trade featured above-average volume due to the quarterly expiration of stock options, index options, single stock futures, and index futures. The Dow Jones Industrial Average reached a fresh all-time high, closing 0.1% above yesterday’s close, while the S&P 500 (-0.2%) and Nasdaq Composite (-0.4%) settled slightly lower than yesterday. The Russell 2000 lagged its peers, dropping 1.1%.

• Nasdaq Composite: +19.6% YTD
• S&P 500: +19.6% YTD
• S&P Midcap 400: +11.6% YTD
• Dow Jones Industrial Average: +11.6% YTD