S&P Futures are higher; trending up since 3:00 AM on June 19
Odds are for an up day – watch for break below 2770.50 for change of fortune
Key economic data due:
Current Account (-124B vs. -129B est.) at 8:30 AM
Central Banker Forum Speeches at 9:30 AM
Existing Home Sales (est. 5.52M) at 10:00 AM
Markets Around The World
Markets in the East closed higher
European markets are up
Currencies:
Up
Down
GBP/USD
USD/JPY
USD/CHF
AUD/USD
USD/CAD
USD/INR
Dollar index
EUR/USD
NZD/USD
Commodities:
Up
Down
Crude Oil
NatGas
Palladium
Sugar
Coffee (Unch.)
Cotton
Cocoa
Gold
Silver
Copper
Platinum
Bonds
10-yrs yield is at 2.895%, down from June 19 close of 2.897%;
30-years is at 3.032%, down from 3.033%
2-years yield is at 2.545%, down from 2.549%
The 10-Year-&-2-Year spread is at 0.350, up from 0.344
Key Levels:
Critical support levels for S&P 500 are 2751.45, 2743.19 and 2739.69
Critical resistance levels for S&P 500 are 2774.99, 2779.91 and 2785.01
Key levels for eMini futures: break above 2776.25, the high of 5:30 AM and break below 2770.50, the low of 7:00 AM
Pre-Open
On Tuesday, at 4:00 PM, S&P future (September contract) closed at 2766.25 and the index closed at 2762.59 – a spread of about +3.75 points; futures closed at 2766.25 for the day; the fair value is +0.00
Pre-NYSE session open, futures price action is to the upside – at 8:30 AM, S&P 500 futures were up by +6.50; Dow by +96.00; and NASDAQ by +20.75
Directional Bias Before Open
Weekly: Uptrend Under Pressure
Daily: Uptrend
120-Min: Down-Side
30-Min: Down-Side
15-Min: Up
6-Min: Up-Side
The trend and patterns on various time frames for S&P 500 are:
The week ending on June 15 was doji with almost similar sized upper and lower shadows
Last week’s pivot point=2777.62, R1=2793.51, R2=2807.36; S1=2763.77, S2=2747.88; No pivot levels were breached;
An up week; fourth in last five weeks and seventh 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 resumed
Daily
A green candle with small lower and smaller upper shadow; gap down at the open; the decline turned around in the first hour of trading but the close was below previous day’s close
At/above 20-day EMA; above 50-day EMA and 100-day SMA; above 200-day SMA
Uptrend
2-Hour (e-mini future)
Declining since 10:00 AM on June 13 in steps; making lower highs and lower lows; broke below a down-sloping flag; bouncing off a support zone near 2740.00; regained the flag and now at the upper limit a break above 2776.25 would be bullish
RSI-9 rising since 2:00 AM on June 19 from a low of 20.91
Above EMA10 of EMA50, which is above 20-bar EMA
Bias: Down-Side
30-Minute (e-mini future)
Trending up since 3:00 AM in June 19; above an uptrend line
RSI-9 is trending up since 3:00 AM on June 19; above 40 since 7:00 AM on June 19; at or near 65 since 1:00 AM
Above 20-bar EMA, which is above 50-bar EMA
Bias: Down-Side
15-Minute (e-mini future)
Bollinger Band (20, 2.0) is trending up since 3:15 AM on June 19
The band contracted, relatively, during Asian session; expanded from midnight to 5:00 AM with price moving along the upper band; becoming smaller since then
RSI is mostly between 40 and 65 since 4:45 AM on June 19 with occasional move above it; now near 50
The Stochastic (9, 1, 3): %K is crossed above %D at 7:30 AM near 30
Bias: Up
Previous Session
Major U.S. indices closed mostly lower on Tuesday June 19. Russell 2000 advanced. Volume was higher across the board. The indices lost most of their day’s loss in the first hour of trading and after that they steadily recovered.
