Odds are for a sideways to down – watch for break above 2495.50 for a change of fortunes
Key economic data due:
PPI (0.2% vs. 0.3% est.) at 8:30 AM
Core PPI (0.1% vs. 0.2% est.) at 8:30 AM
Markets Around The World
Markets in the East closed mixed – Shanghai, Tokyo and Mumbai closed higher; Hong Kong, Sydney and Seoul closed lower; the intra-day trend was sideways to up; Sydney and Mumbai pulled back late in the day
European markets are mostly higher – U.K. and STOXX 600 are down; intra-day trend is sideways
Currencies:
Up
Down
EUR/USD
AUD/USD
Dollar index
USD/JPY
GBP/USD
USD/CHF
NZD/USD
USD/CAD
Commodities are mostly down
Up
Down
Crude Oil
NatGas
Gold
Silver
Platinum
Sugar
Coffee
Cocoa
Copper
Palladium
Cotton
10-yrs yield is at 2.160% down from September 12 close of 2.171%; 30-years is at 2.765% down from 2.775%
Key Levels:
Critical support levels for S&P 500 are 2490.37, 2480.99 and 2472.2
Critical resistance levels for S&P 500 are 2498.71, 2500.94 and 2505.11
Key levels for eMini futures: break above 2495.0, the high of 6:00 PM on September 12 and break below 2489.00, the low of 3:30 AM
Pre-Open
On Tuesday, at 4:00 PM, S&P future (December contract) closed at 2494.25 and the index closed at 2496.48 – a spread of about 2.25 points; futures closed at 2494.25 for the day; the fair value is 0.00
Pre-NYSE session open, futures price action is little change to down – at 8:45 AM, S&P 500 futures were down by -3.00; Dow by -15.00; and NASDAQ by -10.00
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 small green candle that gapped up with no upper shadow and a small lower shadow; all time closing high and 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=2494.71; R1=2498.71, R2=2500.94; S1=2492.31, S2=2488.14; R1 was breached
Uptrend under pressure; mostly moving sideways since June 2 between 2490.00 and 2410.00
2-Hour (e-mini future)
Futures drifting lower ever so slightly since 6:00 PM on September 12
Last pattern ABCD; the second target, CD=AB*1.618 near 2493.25, was achieved
Sequence of higher high and higher low since 12:00 PM September 5
At/above flattening 20-bar EMA, which is above rising 50-bar EMA
30-Minute (e-mini future)
Moving lower from the high of 2495.50 reached at 6:00 PM on September 12; at Tuesday’s pre-NYSE open level
Higher high and higher lows since 5:00 AM on August 29 with one exception
Breaking up from a sideways move since 8:30 AM on August 31 between 2479.50 and a low of 2455.50
At/below drooping 20-bar EMA, which is above flattening 50-bar EMA
Previous Session
Major U.S. indices closed higher on Tuesday September 12 in a follow through of the big gain on Monday. Tuesday also opened up with a gap which did not fill during the day. 1 after a gap up open. The gap was not filled during the day. The intra-day trend was mostly sideways for S&P 500, Dow Jones Industrial Average and Wilshire 5000 Total Market index. Other gradually moved higher during the day.
