S&P Futures are higher; moving sideways since 10:00 PM on July 8 in a very narrow range – between 2775.25 and 2770.75
Odds are for an up to sideways day – watch for break above 2775.25 and below 2770.75 for clarity
No key economic data due:
Markets Around The World
Markets in the East closed up
European markets are higher
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
Gold
Silver
Copper
Palladium
Platinum
Sugar
Cotton
NatGas
Coffee
Cocoa
Bonds
10-yrs yield is at 2.851%, up from July 6 close of 2.831%;
30-years is at 2.956%, up from 2.941%
2-years yield is at 2.569%, up from 2.553%
The 10-Year-&-2-Year spread is at 0.286, up from 0.278
Key Levels:
Critical support levels for S&P 500 are 2755.16, 2724.14 and 2711.16
Critical resistance levels for S&P 500 are 2774.86, 2782.81 and 2791.47
Key levels for eMini futures: break above 2775.25, the high of 7:00 AM and break below 2770.75, the low of 4:30 AM
Pre-Open
On Friday, at 4:00 PM, S&P future (September contract) closed at 2761.75 and the index closed at 2759.82 – a spread of about +2.00 points; futures closed at 2763.00 for the day; the fair value is -1.25
Pre-NYSE session open, futures price action is to the upside – at 9:00 AM, S&P 500 futures were up by +9.75; Dow by +107.00; and NASDAQ by +34.75
Directional Bias Before Open
Weekly: Uptrend Under Pressure
Daily: Uptrend under pressure
120-Min: Side-Up
30-Min: Up-Side
15-Min: Up-Side
6-Min: Side
The trend and patterns on various time frames for S&P 500 are:
The week ending on July 6 was a bullish engulfing candle with small upper and lower shadows;
Last week’s pivot point=2741.06, R1=2783.17, R2=2806.52; S1=2717.71, S2=2675.60; R1 pivot level was 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 resumed
Daily
A large green candle with small upper and lower shadows; breaking away from past eight days congestion area
%K above %D and above 70
Above 20-day EMA, 50-day EMA, 100-day SMA and 200-day SMA
Uptrend under pressure
2-Hour (e-mini future)
Moving up since 8:00 AM on June 28; higher highs and higher lows; breaking above a downtrend line form June 13 high
RSI-9 above 70 since 10:00 AM on July 5
Above 20-bar EMA, which is at/above EMA10 of EMA50
Bias: Side-Up
30-Minute (e-mini future)
Broken above a horizontal channel – between 2747.50 and 2698.50 – the 61.8% extension target is near 2777.75 and the 100% extension target is near 2796.50
RSI-9 mostly above 40 since 10:00 PM on July 3; above 65
Above 20-bar EMA, which is above 20-bar EMA
Bias: Up-Side
15-Minute (e-mini future)
Bollinger Band (20, 2.0) is moving sideways to up since 4: 15 PM on July 6
The band is narrow since 2:15 AM
RSI is within 40 and 65 since midnight
The Stochastic (9, 1, 3): %K crossed below %D from above 70; declining
Bias: Up-Side
Previous Session
Major U.S. indices closed up on Friday July 6. Most are breaking out from the recent congestion area. The volume was higher except for Dow Jones Industrial and Transportation averages.
For the week, U.S. indices closed higher in lower volume. Most also made bullish engulfing candle patterns. Energy was the only S&P 500 sector to close down for the week.
