S&P Futures are lower; in a downtrend since 3:45 AM on June 7; rising since 4:15 AM low of 2755.75; nearing a resistance level at 2770.75
A bit of risk-off feel in the market
Odds are for sideways move with greater volatility – watch for break below 2763.75 and break above 2770.75 for clarity
No key economic data due:
Markets Around The World
Markets in the East were down
European markets are down
Currencies:
Up
Down
Dollar index
USD/CHF
USD/CAD
USD/INR
EUR/USD
GBP/USD
USD/JPY
AUD/USD
NZD/USD
Commodities:
Up
Down
Gold
Silver
Copper
Platinum
Sugar
Coffee
Cotton
Cocoa
Crude Oil
NatGas
Palladium
Bonds
10-yrs yield is at 2.930%, down from June 6 close of 2.933%;
30-years is at 3.078%, down from 3.080%
2-years yield is at 2.496%, up from 2.488%
The 10-Year-&-2-Year spread is at 0.434, down from 0.445
Key Levels:
Critical support levels for S&P 500 are 2760.12, 2748.79 and 2739.51
Critical resistance levels for S&P 500 are 2774.46, 2773.90 and 2783.27
Key levels for eMini futures: break above 2770.75, the high of 3:00 AM and break below 2759.25, the low of 6:30 AM
Pre-Open
On Thursday, at 4:00 PM, S&P future (September contract) closed at 2774.00 and the index closed at 2770.37 – a spread of about +3.75 points; futures closed at 2772.25 for the day; the fair value is +1.75
Pre-NYSE session open, futures price action is to the downside – at 9:00 AM, S&P 500 futures were down by -2.75; Dow by -52.00; and NASDAQ by -22.75
Directional Bias Before Open
Weekly: Uptrend Under Pressure
Daily: Uptrend resumed
120-Min: Up-Side
30-Min: Up-Side
15-Min: Side
6-Min: Down-Side
The trend and patterns on various time frames for S&P 500 are:
Last week’s pivot point=2716.12, R1=2755.43, R2=2776.24; S1=2695.31, S2=2656.00; S1/S2 pivot levels were breached;
An up week; third in last five weeks and sixth 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
Above 10-week EMA; above 39-week SMA and above 89-week SMA
Uptrend under pressure
Daily
A small spinning top with almost equal sized upper and lower shadow
Above 20-day EMA; above 50-day EMA and 100-day SMA; above 200-day SMA
Uptrend resumes
2-Hour (e-mini future)
Break above a horizontal channel falters; price made three attempts to break above 2779.75 level and is not near 2760; the 100% extension target is near 2782.00 and 161.8% extension target is near 2807.00
RSI-9 declining since 2:00 AM on June 7; around 40
Below 20-bar EMA, but above EMA10 of EMA50
Bias: Up-Side
30-Minute (e-mini future)
Broken below an uptrend line since 3:00 PM on May 29; within a channel between 2779.75 and 2758.00
RSI-9 declined from a high of 79.98 at 3:00 AM on June 7 after making a bearish divergence; bouncing off a low near 25 at 5:00 AM
At/below 20-bar EMA, which is below 50-bar EMA
Bias: Up-Side
15-Minute (e-mini future)
Bollinger Band (20, 2.0) is moving sideways with a down bias since 9:45 PM on June 6; the bias turned down from up at around 11:00 AM on June 7
The band contracted during early Asian session; expanding since 3:00 AM with price moving along the lower band
RSI dropped below 20 at 4:15 AM near 65 at 9:30 PM on June 7
The Stochastic (9, 1, 3): %K is crisscrossing %D since 3:15 from below 10; now above 80
Bias: Side
Previous Session
Major U.S. indices closed mixed on Thursday June 7. S&P 500, NASDAQ Composite, Russell 2000 and Wilshire 5000 Total Market Index closed down. Dow Jones Industrial average, Dow Jones Transportation average and NYSE Composite closed higher. The volume was mostly higher. It was lower for DJT.
