S&P Futures are lower but higher from NYSE close; moving sideways since 9:30 PM
Breaking above a horizontal channel on 6-minute chart; the 61.8% extension target is near 2675.00 and 100% extension target is near 2678.25
Odds are for an up to sideways move – watch for break above 2677.50 and below 2666.00 for change of fortune
Key economic data due
Advance GDP (2.3% vs. 2.0% est. ) at 8:30 AM
Advance GDP Price Index (2.0% vs. 2.2% est.) at 8:30 AM
Employment Cost Index (0.8% vs. 0.7% est.) 209K vs. 230K est.) at 8:30 AM
Markets Around The World
Markets in the East closed higher
European markets are mostly higher – Italy and Switzerland are down
Currencies:
Up
Down
Dollar index
USD/JPY
USD/CHF
USD/CAD
EUR/USD
GBP/USD
AUD/USD
NZD/USD
USD/INR
Commodities:
Up
Down
Gold
Coffee
Cotton
Crude Oil
NatGas
Silver
Copper
Platinum
Palladium
Sugar
Cocoa
Bonds
10-yrs yield closed at 2.990%, down from April 25 close of 3.024%;
30-years is at 3.175%, down from 3.209%
2-years yield is at 2.488%, down from 2.491%
The 10-Year-&-2-Year spread is at 0.506, down from 0.533
Key Levels:
Critical support levels for S&P 500 are 2653.97, 2647.16 and 2631.08
Critical resistance levels for S&P 500 are 2676.48, 2683.55 and 2698.79
Key levels for eMini futures: break above 2671.50, the high at 3:00 AM and break below 2665.25, the low of 5:00 AM
Pre-Open
On Thursday, at 4:00 PM, S&P future (June contract) closed at 2666.25 and the index closed at 2666.94 – a spread of about +0.50 points; futures closed at 2674.50 for the day; the fair value is -8.25
Pre-NYSE session open, futures price action is mixed – at 8:30 AM, S&P 500 futures were down by -2.50; Dow down by -53.00; and NASDAQ up by +30.50
Directional Bias Before Open
Weekly: Uptrend Under Pressure
Daily: Uptrend Under Pressure
120-Min: Side-Down
30-Min: Up-Side
15-Min: Up-Side
6-Min: Side
The trend and patterns on various time frames for S&P 500 are:
The week ending on April 20 was a doji, almost like a shooting star;
Last week’s pivot point=2649.12, R1=2687.44, R2=2718.59; S1=2617.97, S2=2579.65; R1 pivot levels was breached;
An up week; third in last five weeks and sixth in last ten weeks
A bearish ABCD pattern is emerging; break below 2553.80 would open up potential down targets near 2461.75 and 2251.50 levels
Broke above a down sloping flag on April 24 2017;
flag-low was 2322.25 during 27-Mar-17 week; shorter flag-pole length is 317.19 and longer flag-pole length is 590.88;
100% extension target of shorter flag-pole near 2639.41 is achieved; and the 161.8% extension target is near 2835.46
61.8% extension target of longer flag-pole near 2687.41 is achieved; the 100% extension target is near 2913.13
Broke above a down-sloping flag on November 14, 2016;
the flag low was 2083.79 during 31-Oct-16 week; the shorter flag-pole length is 202.13 and the longer flag-pole length is 383.71;
261.8% extension target of shorter flag-pole near 2612.97 is achieved
the 161.8% extension target of longer flag-pole near 2704.63 is achieved; the 261.8% extension target is near 3088.34
Last swing low, 2322.25, was the low on March 27, 2017; Last swing high, 2872.87, was during the week of January 22, 2-018; the low since the last swing high is 2532.69 during the week if February 5, 2018
Below 10-week EMA; at 39-week SMA and above 89-week SMA
Uptrend under pressure
Daily
A relatively large green candle that gapped up at the open and did not close the gap; small lower shadow and larger upper shadow; three-day morning star pattern
Back within a symmetrical triangle after breaching its lower bound
Stochastic (13, 2, 3) is declining after making a divergence on April 18; %K attempting to cross over %D
At/blow 20-day EMA, which is below 50-day EMA 100-day SMA; above 200-day SMA
Uptrend under pressure
2-Hour (e-mini future)
Downtrend since 8:00 AM on April 18; lower lows and lower highs; rising since 10:00 AM on April 25; trying to break above a downtrend line from April 18 high;
Break below an uptrend line from April 2 lows did not last and price is back above it
RSI-9 mostly rising since 14:00 PM on April 24 from a low of 16.28; moving along 65 since 8:00 PM on April 26
Above 20-bar EMA, which is crossing above EMA10 of EMA50
Bias: Side-Down
30-Minute (e-mini future)
Broke above a down-sloping flag at 1:30 PM on April 25; rising since 10:00 AM on April 25; moving sideways since 9:30 PM on April 26
The sequence of lower lows and lower highs since 11:00 AM on April 18 broke; an uptrend line from the lows of April 25 is broken by a sideway move
RSI is declining from 73.73 at 2:30 PM on April 26 but mostly staying above 50
At/above 20-bar EMA, which is above 50-bar EMA
Bias: Up-Side
15-Minute (e-mini future)
Breaking above a downtrend line from 4:30 PM high on April 26
Bollinger Band (20, 2.0) is mostly moving sideways since 6:30 PM on April 26
The band is mostly narrow since 10:45 PM on April 26
RSI trended down from 2:30 PM on April 25 from 65 to 40 by 5:15 AM; it is rising since
is mostly above 40 since 10:15 AM on April 25; rising since 3:00 from a low of 40.61; above 50
The Stochastic (9, 1, 3): %K is moving up since 5:00 AM to above 70
Bias: Up-Side
Previous Session
Most major U.S. indices advanced on Thursday April 26 in largely lower volume. Only Dow Jones Transportation Average declined in increased volume. Most also three-day morning star pattern. Most also gapped up on open and did not fill the gap.
