S&P Futures are lower; moving down since 2:00 AM from a high of 2747.50; near a support level at 2732.00
Odds are for an up day – watch for break below 2732.00 for change of fortune
Key economic data due:
Non-Farm Employment Change (est. 195 K) at 8:30 AM
Unemployment Rate (est. 3.8% ) at 8:30 AM
Average Hourly Earnings (est. 0.3% ) at 8:30 AM
Markets Around The World
Markets in the East closed up
European markets are lower
Currencies:
Up
Down
EUR/USD
GBP/USD
AUD/USD
NZD/USD
USD/INR
Dollar index
USD/JPY
USD/CHF
USD/CAD
Commodities:
Up
Down
NatGas
Cotton
Crude Oil
Gold
Silver
Copper
Palladium
Platinum
Sugar
Coffee
Cocoa
Bonds
10-yrs yield is at 2.829%, down from July 5 close of 2.834%;
30-years is at 2.943%, down from 2.947%
2-years yield is at 2.520%, up from 2.516%
The 10-Year-&-2-Year spread is at 0.276, down from 0.287
Key Levels:
Critical support levels for S&P 500 are 2724.14, 2711.16 and 2702.71
Critical resistance levels for S&P 500 are 2737.83, 2743.26 and 2764.04
Key levels for eMini futures: break above 2741.00, the high of 5:00 AM and break below 2732.75, the low of 7:30 PM on July 5
Pre-Open
On Thursday, at 4:00 PM, S&P future (September contract) closed at 2739.00 and the index closed at 2736.61 – a spread of about +2.25 points; futures closed at 2738.50 for the day; the fair value is +0.50
Pre-NYSE session open, futures price action is to the downside – at 8:15 AM, S&P 500 futures were down by -5.00; Dow by -66.00; and NASDAQ by -9.50
Directional Bias Before Open
Weekly: Uptrend Under Pressure
Daily: Uptrend under pressure
120-Min: Side
30-Min: Up-Side
15-Min: Side-Down
6-Min: Down
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
A green candle with almost no upper shadow and small lower shadow; closed above the high on Tuesday
%K crossed above %D
At 20-day EMA; above 50-day EMA, 100-day SMA and 200-day SMA
Uptrend under pressure
2-Hour (e-mini future)
Moving sideways since 8:00 AM on June 25; at the upper limit of a horizontal channel; above an uptrend line since 2:00 AM on 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 above 50 since midnight July 5
Above 20-bar EMA, which is at/above EMA10 of EMA50
Bias: Side
30-Minute (e-mini future)
Retracing from the upper limit of a horizontal trading range near 2747.50 at :00 AM on July 6
RSI-9 mostly above 40 since 10:00 PM on July 3; fallen back to 40 from a high of 69.04 at 1:30 AM
Below 50-bar EMA, which is below 20-bar EMA
Bias: Up-Side
15-Minute (e-mini future)
Bollinger Band (20, 2.0) is moving down since 2:00 AM
The band was narrow during early Asian session; expanding since 00:30 AM
RSI is declining since 1:45 AM from a high of 68.11; below 40
The Stochastic (9, 1, 3): %K crisscrossing %D from a high of 50 and moving down
Bias: Side-Down
Previous Session
Major U.S. indices closed up on Thursday July 5. Many also regained most of the loss suffered on Tuesday. Volume was higher.
