Directional Bias For The Day:
S&P Futures are higher; moving higher since 12:30 PM on Friday- Odds are for an up day; watch for break below 2883.00 and 2880.00 for change of fortune
- No key economic data due:
Markets Around The World
- Markets in the East closed mostly lower – Tokyo and Seoul were up
- European markets are higher
- Currencies:
| Up |
Down |
- EUR/USD
- GBP/USD
- USD/JPY
- USD/CHF
- AUD/USD
- NZD/USD
- USD/CAD
- USD/INR
|
|
- Commodities:
| Up |
Down |
- Crude Oil
- Silver
- Platinum
- Palladium
- Sugar
- Coffee
- Cotton
|
|
- Bonds
- 10-yrs yield is at 2.941%, down from September 7 close of 2.942%;
- 30-years is at 3.102%, down from 3.103%
- 2-years yield is at 2.715%, up from 2.699%
- The 10-Year-&-2-Year spread is at 0.227, down from 0.242
Key Levels:
- Critical support levels for S&P 500 are 2864.12, 2854.60 and 2849.16
- Critical resistance levels for S&P 500 are 2883.81, 2891.87, 2898.22 and 2903.32
- Key levels for eMini futures: break above 2886.75, the high of 7:00 AM and break below 2883.00, the low of 6:00 AM
Pre-Open
- On Friday, at 4:00 PM, S&P future (September contract) closed at 2873.75 and the index closed at 2871.68 – a spread of about +2.00 points; futures closed at 2879.00 for the day; the fair value is +1.00
- Pre-NYSE session open, futures price action is to the up side – at 8:45 AM, S&P 500 futures were up by +10.25; Dow by +89.00; and NASDAQ by +37.75
Directional Bias Before Open
- Weekly: Uptrend
- Daily: Uptrend
- 120-Min: Down-Side
- 30-Min: Side-Up
- 15-Min: Up
- 6-Min: Up
The trend and patterns on various time frames for S&P 500 are:
| Monthly |
- Confirmed Uptrend
- December 2017 closed higher; index has been higher for the nine straight months; it has only one down month, March 2017, since October 2016
- Uptrend resumption since Feb 08, 2016 after a pull back of -15.2%
|
| Weekly: |
- The week ending on September 7 was a red candle with almost no upper shadow and small lower shadow; in danger of making a 3-bar evening star pattern
- Last week’s pivot point=2878.86, R1=2893.20 R2=2914.72; S1=2857.14, S2=2842.60; S1/S2 pivot levels were breached;
- A down week in a row; third in last five weeks and second in last ten weeks
- Broke above an ascending triangle but retraced back to its upper limit; 100% extension target is near 3070.00 level
- 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 2639.44 and the 161.8% extension target near 2835.46 are achieved; the 261.8% extension target is near 3013.72
- 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
|
Daily
|
- A doji candle with small longer shadow and longer upper shadow; the gap that was opened on August 27 is filled
- %K is below %D after making bearish divergence on August 29; below 20
- At 20-day EMA, above 50-day EMA, 100-day SMA and 200-day SMA
- Uptrend
|
| 2-Hour (e-mini future) |
- Rising since 8:00 AM on September 7 from a resistance zone made by the highs made on August 22 and 23; below a down trendline from the high of August 29 but broken above a steeper down trendline from the high on September 4
- RSI-9 mostly rising since 10:00 AM on September 4; made bullish divergence on September 6 and again at 12:00 PM on September 7; nearing 65
- Above 20-bar EMA; at EMA10 of EMA50
- Bias: Down-Side
|
| 30-Minute (e-mini future) |
- Broke above a down trendline from a high of 2912.00 at 3:00 AM on September 4, which was also a break above a descending triangle
- RSI-9 above 40 since 9:00 AM on September 7; moving around 65 since 4:00 AM
- Above 20-bar EMA, which is above 50-bar EMA
- Bias: Side-Up
|
| 15-Minute (e-mini future) |
- Bollinger Band (20, 2.0) is moving higher since 1:45 PM on September 7
- The band was narrow from 8:00 PM to 3:30 AM; expanding since
- RSI above 40 since 9:30 AM on September 7 ; moving around 65 since 3:30 AM
- The Stochastic (9, 1, 3): %K crossed below %D at 6:45 AM from above 90; crisscrossing %D around 50
- Bias: Up
|
Previous Session
Major U.S. indices closed lower on Friday September 7 in mostly higher volume. Dow Transports traded in lower volume. Indices mostly traded higher after midday but gave up some ground near the end. S&P 500 is trading in an down sloping flag on 30-min chart.
For the week, major indices mostly closed down. Dow Transport was up for the week. The volume was also mostly lower with only NASDAQ Composite trade in higher volume. Asia was down for the week. Europe was mostly down. Switzerland was up. Consumer Discretionary, Energy, Materials, Technology, Health Care, Real Estate and Telecom sectors were down for the week. Consumer Staples, Industrials, Finance and Utility were up for the week.
| Up |
Down |
- Heath Care
- Real Estate
- Telecom
|
- Consumer Discretionary
- Consumer Staples
- Energy
- Materials
- Industrials
- Finance
- Technology
- Utility
|
Major U.S. indices closed lower on Friday September 7 in mostly higher volume. Dow Transports traded in lower volume. Indices mostly traded higher after midday but gave up some ground near the end. S&P 500 is trading in an down sloping flag on 30-min chart.
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