S&P Futures are higher; rising since 3:00 PM on May 9 in an up-sloping flag on 30-minute chart
Odds are for an up to sideways day with increased volatility – watch for break above 2707.75 and break below 2695.00 for more clarity
Key economic data due:
Prelim GDP ( 2.2% vs. 2.3% est.) at 8:30 AM
Beige Book at 2:00 PM
Markets Around The World
Markets in the East were down
European markets are mostly up – France and Switzerland are down
Currencies:
Up
Down
EUR/USD
GBP/USD
USD/JPY
AUD/USD
NZD/USD
Dollar index
USD/CHF
USD/CAD
USD/INR
Commodities:
Up
Down
Crude Oil
NatGas
Gold
Silver
Platinum
Palladium
Coffee
Cocoa
Copper
Sugar
Cotton
Bonds
10-yrs yield closed at 2.786% on May 29, down from May 25 close of 2.931%;
30-years is at 2.968%, down from 3.090%
2-years yield is at 2.383%, down from 2.516%
The 10-Year-&-2-Year spread is at 0.441, up from 0.415
Key Levels:
Critical support levels for S&P 500 are 2676.81. 2655.20 and.2640.04
Critical resistance levels for S&P 500 are 2710.67, 2722.68 and 2727.36
Key levels for eMini futures: break above 2707.75, the high of 7:00 AM and break below 2695.00, the low of 4:30 AM
Pre-Open
On Tuesday, at 4:00 PM, S&P future (June contract) closed at 2688.50 and the index closed at 2689.86- a spread of about -1.25 points; futures closed at 2692.25 for the day; the fair value is -3.75
Pre-NYSE session open, futures price action is to the upside – at 7:45 AM, S&P 500 futures were up by +13.25; Dow by +147.00; and NASDAQ by+28.00
Directional Bias Before Open
Weekly: Uptrend Under Pressure
Daily: Uptrend resumed
120-Min: Side-Down
30-Min: Down-Side
15-Min: Side-Up
6-Min: Up
The trend and patterns on various time frames for S&P 500 are:
The week ending on May 18 was a small red spinning top candlestick, which was also a harami candle just above the upper limit of a symmetrical triangle
Last week’s pivot point=2723.65, R1=2739.92, R2=2758.51; S1=2705.06, S2=2688.79; R1 pivot level was breached;
An up week; second in last five weeks and fifth in last ten weeks
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 red candle that gapped down at the open; upper shadow smaller than the lower shadow; the low for the day was just above the lower limit of a symmetrical triangle that was broken to the upside on May10;
Below 20-day EMA; at 50-day EMA and 100-day SMA; above 200-day SMA
Uptrend resumes
2-Hour (e-mini future)
The break below a horizontal channel achieved the 61.8% extension target near 2675.00 and then bounced back up to the lower limit of the channel; breaking above the lower limit
Uptrend since 10:00 AM on May 3 with sequence of higher highs and higher lows has broken
RSI-9 made double bottom near 18.6 with price lower at second bottom; bounce up above 50 and approaching 65;
At 20-bar EMA, which is below EMA10 of EMA50
Bias: Side-Down
30-Minute (e-mini future)
Bouncing up from a low 2675.00 at 3:00 PM on May 29; forming an up-sloping flag
RSI rising from a low of 17.04 at 5:00 AM on May 29; made a bullish divergence at 3:00 PM; rose above 65 at 6:30 AM
Above 20-bar EMA, which is breaking above 50-bar EMA
Bias: Down-Side
15-Minute (e-mini future)
Bollinger Band (20, 2.0) is sloping up since 4:30 PM on May 29
The band was narrow during Monday, which was Memorial Day holiday; expanding since 1:45 AM with price hugging the lower limit
RSI mostly between 40 and 65 since 3:15 PM on May 29; moving along 5 since 6:00 AM
The Stochastic (9, 1, 3): %K crossed above %D at 4:45 AM from below 20; above 70
Bias: Side-Up
Previous Session
Major U.S. indices closed lower on Tuesday May 29, the first day after the three-day weekend. The volume was mostly high. Volume was lower on Dow Jones Transportation Average closed higher and the volume on DJT was higher too.
