S&P Futures are higher; trending up since 3:30 AM on July 2;
Risk-on day
Odds are for an up day – watch for break below 2726.50 for change of fortune
No key economic data due:
Markets Around The World
Markets in the East closed mostly up – Hong Kong and Tokyo were down
European markets are lower
Currencies:
Up
Down
EUR/USD
GBP/USD
AUD/USD
NZD/USD
Dollar index
USD/JPY
USD/CHF
USD/CAD
USD/INR
Commodities:
Up
Down
Crude Oil
Gold
Silver
Copper
Platinum
Palladium
Sugar
Coffee
Cotton
Cocoa
NatGas
Bonds
10-yrs yield is at 2.880%, down from July 2 close of 2.869%;
30-years is at 2.999%, up from 2.993%
2-years yield is at 2.520%, up from 2.516%
The 10-Year-&-2-Year spread is at 0.313, up from 0.309
Key Levels:
Critical support levels for S&P 500 are 2713.22, 2702.71 and 2698.91
Critical resistance levels for S&P 500 are 2738.43, 2743.26 and 2764.04
Key levels for eMini futures: break above 2745.50, the high of 11:00 AM on June 29 and break below 2726.50, the low of 3:30 AM
Pre-Open
On Monday, at 4:00 PM, S&P future (September contract) closed at 2727.25 and the index closed at 2726.71 – a spread of about +0.50 points; futures closed at 2727.25 for the day; the fair value is +0.00
Pre-NYSE session open, futures price action is to the upside – at 8:15 AM, S&P 500 futures were up by +12.00; Dow by +137.00; and NASDAQ by +41.00
Directional Bias Before Open
Weekly: Uptrend Under Pressure
Daily: Uptrend under pressure
120-Min: Down-Side
30-Min: Side-Up
15-Min: Side-Up
6-Min: Up
The trend and patterns on various time frames for S&P 500 are:
The week ending on June 29 was a red candle with almost no upper shadow and longer lower shadow
Last week’s pivot point=2718.82, R1=2745.65, R2=2772.92; S1=2691.54, S2=2664.72; S1/S2/S3 pivot levels were breached;
A down week; first in last five weeks and fourth 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
An almost bullish engulfing candle; opened with a gap down that was also the low for the day;
%K continues to stay above %D after crossing from below 20
At 50-day EMA but below 20-day EMA; above 100-day SMA and 200-day SMA
Uptrend under pressure
2-Hour (e-mini future)
Price turned around from a low of 2698.50, near the lower limit of a trading range, at 2:00 AM July 2;
Declining since 10:00 AM on June 13 in steps; sequence of lower highs and lower lows; a break above 2748.00 will break this sequence
RSI-9 rising since 2:00 AM on July 2 from a low of 29.08
Above 20-bar EMA, which is at/above EMA10 of EMA50
Bias: Down-Side
30-Minute (e-mini future)
Nearing the upper limit of a horizontal trading range in effect since 9:30 AM on June 25
RSI-9 rising since 3:00 AM on July 2 and is above 70
Above 20-bar EMA, which is above 50-bar EMA
Bias: Side-Up
15-Minute (e-mini future)
Bollinger Band (20, 2.0) is trending up since 1:30 PM on July 2
The band narrowed during Asian session and then expanded slightly at 1:30 AM
RSI is above 40 since 9:30 AM on July 2 and above 50 since 1:30 PM; is above 65
The Stochastic (9, 1, 3): %K crisscrossed %D around 70 since 4:00 AM; dipping below 70
Bias: Side-Up
Previous Session
Most major U.S. indices closed higher on Monday July 2, however, the volume was lower except for Russell 2000. NYSE Composite closed down. Most major indices made a bullish engulfing candle.
