Odds are for an up to sideways day – watch for break below 2500.50 for a change of fortunes
No Key economic data due:
Markets Around The World
Markets in the East closed higher – Tokyo was closed; the intra-day trend up in the early session followed by a consolidation and little pullback
European markets are higher; markets opened at the high and have been pulling back since then
Currencies:
Up
Down
EUR/USD
GBP/USD
USD/CAD
Dollar index
USD/JPY
USD/CHF
AUD/USD
NZD/USD
Commodities are mostly down
Up
Down
NatGas
Copper
Palladium
Cotton
Crude Oil
Gold
Silver
Platinum
Coffee
Cocoa
10-yrs yield is at 2.215% up from September 15 close of 2.202%; 30-years is at 2.770% up from 2.771%
Key Levels:
Critical support levels for S&P 500 are 2496.20, 2491.35 and 2486.17
Critical resistance levels for S&P 500 are 2502.59, 2504.94 and 2509.66
Key levels for eMini futures: break above 2504.50, the high of 3:00 AM and break below 2500.50, the low of 9:00 PM on September 17
Pre-Open
On Friday, at 4:00 PM, S&P future (December contract) closed at 2497.50 and the index closed at 2500.23 – a spread of about 2.75 points; futures closed at 2497.25 for the day; the fair value is +0.25
Pre-NYSE session open, futures price action is to the upside – at 9:00 AM, S&P 500 futures were up by +4.25; Dow by +46.00; and NASDAQ by +4.75
Directional Bias Before Open
Weekly: Up
Daily: Up
120-Min: Side-to-Up
30-Min: Side-to-Up
The trend and patterns on various time frames for S&P 500 are:
A green shaven top and shaven bottom candle that gapped up from previous red harami candle; all time highs after a brief – seven week pullback
Last week’s pivot point 2491.66; R1=2508.80, R2=2517.37; S1=2483.09, S2=2465.95; R1/R2/R3 were breached; support levels not breached for four weeks
An up week – third in last five weeks; sixth 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
Above 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 broke above a trading range in the afternoon session; new high
Last pattern, a down-sloping flag in June that was broken to the upside on July 13, is re-asserted
Above 20-day EMA, which is above 50-day EMA; Above 100-day SMA and 200-day SMA
Pivot Point=2497.87; R1=2502.59, R2=2504.94; S1=2495.52, S2=2490.80; R1 was breached
Uptrend resumed
2-Hour (e-mini future)
Futures moving higher since 12:00 PM on September 11; between high near 2495.00 and low near 2487.00
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)
Drifting down since 2:30 AM; broke above a congestion zone at 10:a0 AM on September 15
High highs and higher lows, with couple of exceptions, since 5:00 AM on August 29
Below a flattening 20-bar EMA, which is above rising 50-bar EMA
Previous Session
Major U.S. indices closed higher on Friday September 15. The market was moving sideways till 10:00 AM before breaking away a range that was being formed since 9:30 AM on Tuesday. Most indices made all time highs. Russell 2000 and Dow Jones Transportation Average did not but they are also breaking above a recent congestion area.
S&P 500 Sectors
Up
Down
Technology
Consumer Discretionary
Consumer Staples
Energy
Materials
Industrials
Finance
Utility
Heath Care
Real Estate
For the week; all major indices were up. All but two S&P 500 sectors were up. Utility and Real Estate were down for the week.
