Drifting down after making all time high of 2523.75 at the weekly open
Odds are for an up to a sideways move – watch for break above 2521.25 and below 2513.50 for change of fortunes
Key economic data due:
ISM Manufacturing PMI (est. 57.9) at 10:00 AM
Markets Around The World
Markets in the East closed up – Shanghai, Hong Kong, Mumbai and Seoul were closed for the day;
European markets are mostly up – Spain is down
Currencies:
Up
Down
Dollar index
USD/JPY
USD/CHF
USD/CAD
EUR/USD
GBP/USD
AUD/USD
NZD/USD
Commodities are mostly down
Up
Down
Silver
Crude Oil
NatGas
Gold
Copper
Platinum
Palladium
Sugar
Coffee
Cotton
Cocoa
10-yrs yield is at 2.327% up from September 29 close of 2.326%; 30-years is at 2.851% down from 2.857%
Key Levels:
Critical support levels for S&P 500 are 2515.24, 2507.35 and 2502.93
Critical resistance levels for S&P 500 are 2523.20, 2527.05 and 2534.65
Key levels for eMini futures: break above 2521.25, the high of 7:30 AM and break below 2517.50, the low of 4:30 AM
Pre-Open
On Friday, at 4:00 PM, S&P future (December contract) closed at 2515.75 and the index closed at 2519.36 – a spread of about 3.50 points; futures closed at 2516.00 for the day; the fair value is -0.25
Pre-NYSE session open, futures price action is to the upside – at 8:45 AM, S&P 500 futures were up by +2.50; Dow down by +27.00; and NASDAQ up by +7.75
Directional Bias Before Open
Weekly: Up
Daily: Up
120-Min: Up
30-Min: Up
The trend and patterns on various time frames for S&P 500 are:
A green bullish engulfing candle with small lower shadow and no upper shadow
Last week’s pivot point 2508.94; R1=2529.86, R2=2540.35; S1=2498.45, S2=2477535; R1/R2 and S1/S2 were breached; support levels breached after five weeks
An up week – fourth 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 green candle that closed at the 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=2515.00; R1=2523.20, R2=2527.05; S1=2534.65, S2=2500.05; R1/R2 were breached
Confirmed Uptrend
2-Hour (e-mini future)
Sideway move since 9:00 PM on October 1 following a gap up open for the week that made a high of 2523.75
Broke above a horizontal channel – high 2506.00 and low 2487.50; the 100% extension target is near 2524.50
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 making a high of 2523.75 at 6:00 PM on October 1
Up trend since the of low of 2485.00 at 11:00 AM on September 25;
At rising 20-bar EMA, which is above rising 50-bar EMA
Previous Session
Major U.S. indices advanced on Friday September 29 adding the to gains of last two days and making all time highs. All closed the day at the highs.
For the week, all indices mad large green candle with small lower shadow and almost no upper shadow. NASDAQ Composite and S&P 500 made bullish engulfing weekly candles.
