Moving higher after a shallow round arc retracement before Asian session
Odds are for an up day – watch for break below 2485.25 for a change of fortunes
Key economic data due:
JOLTS Job Opening (est. 5.96M) at 10:00 AM
Markets Around The World
Markets in the East closed higher – the intra-day trend was mostly to the upside
European markets are mostly higher – U.K. is down; intra-day trend is up
Currencies:
Up
Down
Dollar index
USD/JPY
GBP/USD
USD/CHF
NZD/USD
USD/CAD
EUR/USD
AUD/USD
Commodities are mostly down
Up
Down
Crude Oil
NatGas
Palladium
Cocoa
Gold
Silver
Copper
Platinum
Sugar
Coffee
Cotton
10-yrs yield closed at 2.125% on September 11 up from September 8 close of 2.061%; 30-years closed at 2.738% up from 2.679%
Key Levels:
Critical support levels for S&P 500 are 2480.99, 2472.2 and 2459.99
Critical resistance levels for S&P 500 are 2493.20, 2498.29 and 2507.63
Key levels for eMini futures: break above 2490.00, the high of 7:00 AM and break below 2485.25, the low of 11:30 PM on September 11
Pre-Open
On Monday, at 4:00 PM, S&P future (December contract) closed at 2485.50 and the index closed at 2488.11 – a spread of about 2.50 points; futures closed at 2485.75 for the day; the fair value is -0.25
Pre-NYSE session open, futures price action is to the upside – at 7:30 AM, S&P 500 futures were up by +4.75; Dow by +59.00; and NASDAQ by +13.75
Directional Bias Before Open
Weekly: Up-to-Side
Daily: Up-to-Side
120-Min: Side-to-Up
30-Min: Side-to-Up
The trend and patterns on various time frames for S&P 500 are:
A red harami candle within a large green candle for the week ending on Friday September 8; almost 1.2% below all time high of 2490.87 reached during the week ending on August 11
Last week’s pivot point 2459.98; R1=2473.42, R2=2485.40; S1=2448.00, S2=2434.56; none of the resistance or support levels were breached
A down week – third in last five weeks; fourth in last ten weeks
Broke above a down sloping flag (2378.36) on April 24, which has bullish implications; first target is near 2520.00 and the second target is near 2640.00
Broke above a down-sloping flag on November 14, 2016; first target of 2285.92 is achieved; second target is near 2467.50
Last swing low, 2322.25, was the low on March 27, 2017
Bouncing off 10-week EM; above 39-week SMA and 89-week SMA
Confirmed uptrend, though pulling back and moving sideways since June 5
Daily
A green candle that gapped up with no upper or lower shadow; all time closing high but not intra-day
Last pattern, a down-sloping flag in June that was broken to the upside on July 13, is nullified when price broke below 2430.00; however, the index was below 2430.00 for only one day and the pattern may be revived
Above 20-day EMA, which is above 50-day EMA; Above 100-day SMA and 200-day SMA
Pivot Point=2483.86; R1=2493.20, R2=2498.29; S1=2478.77, S2=2469.43; R1/R2/R3 were breached
Uptrend under pressure; mostly moving sideways since June 2 between 2490.00 and 2410.00
2-Hour (e-mini future)
Futures moving higher since September 5 low making an ABCD type pattern; first target, CD=AB near 2478.75, is achieved; second target CD=AB*1.618 is near 2493.25
Sequence of higher high and higher low since 12:00 PM September 5
Above rising 20-bar EMA, which is above rising 50-bar EMA
30-Minute (e-mini future)
Continue to rise higher after a gap up open for the week on Sunday September 10
Breaking up from a sideways move since 8:30 AM on August 31 between 2479.50 and a low of 2455.50
Above rising 20-bar EMA, which is above rising 50-bar EMA
Previous Session
Major U.S. indices closed higher on Monday September 11 after a gap up open. The gap was not filled during the day. The intra-day trend was mostly up till 12:30 PM and then sideways.
Most indices are few points off their all time highs reached in July 2017. Dow Transportation Average and Russell 2000 have more to catch up.
