S&P Futures are higher; declining from all time high of 2917.25 at 3:30 AM
Breaking below above an descending triangle/double top on 6-minute chart
Odds are for a sideways to an up day; watch for break above 2917.25 and below 2909.50 for clarity
Key economic data due:
Retail Sales (0.3% vs. 0.5% ets.) at 8:30 AM
Core Retail Sales (0.1% vs. 0.4% est.) at 8:30 AM
Import Prices (-0.6% vs. -0.2% est.) at 8:30 AM
University of Michigan Consumer Sentiment (est. 96.7) at 10:00 AM
Markets Around The World
Markets in the East closed mostly higher – Shanghai was lower
European markets are mixed – U.K., Germany, France and STOXX 600 are up; Spain, Italy and Switzerland are down
Currencies:
Up
Down
Dollar index
EUR/USD
GBP/USD
AUD/USD
NZD/USD
USD/CAD
USD/INR
USD/JPY
USD/CHF
Commodities:
Up
Down
Crude Oil
Gold
Silver
Copper
Platinum
Palladium
Sugar
Cotton
NatGas
Coffee
Cocoa
Bonds
10-yrs yield is at 2.992%, down from September 13 close of 2.972%;
30-years is at 3.133%, up from 3.101%
2-years yield is at 2.765%, up from 2.748%
The 10-Year-&-2-Year spread is at 0.180, down from 0.202
Key Levels:
Critical support levels for S&P 500 are 2900.07, 2896.39 and 2892.06
Critical resistance levels for S&P 500 are 2906.76, 2912.26 and 2916.50
Key levels for eMini futures: break above 2917.25, the high of 3:30 AM and break below 2909.50, the low of 9:30 PM
Pre-Open
On Thursday, at 4:00 PM, S&P future (December contract) closed at 2910.25 and the index closed at 2904.18 – a spread of about +6.00 points; futures closed at 2909.75 for the day; the fair value is +0.00
Pre-NYSE session open, futures price action is to the upside – at 8:45 AM, S&P 500 futures were up by +3.25; Dow by +28.00; and NASDAQ by +16.00
Directional Bias Before Open
Weekly: Uptrend
Daily: Uptrend
120-Min: Up
30-Min: Up
15-Min: Up
6-Min: Side
The trend and patterns on various time frames for S&P 500 are:
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 small green real body that gapped up at the open and did not close it; no lower shadow and small upper shadow
%K above %D; above 90
Above 20-day EMA, above 50-day EMA, 100-day SMA and 200-day SMA
Uptrend
2-Hour (e-mini future)
Moving higher after bouncing off EMA50, along which the price moved from 8:00 AM on September 12 to 2:00 AM on September 13
RSI-9 above 40 since 8:00 AM on September 11; moved higher after reaching 44.64 at 12:00 AM on September 13; above 75
Above 20-bar EMA, which is above EMA10 of EMA50
Bias: Up
30-Minute (e-mini future)
Moving higher since 2:00 AM on September 13
RSI-9 mostly above 65 since 7:00 AM on September 13
Above 20-bar EMA, which is above 50-bar EMA
Bias: Up
15-Minute (e-mini future)
Bollinger Band (20, 2.0) is moving higher since 3:00 AM on September 13;
The band narrowed from 11:00 PM to 2:15; expanded till 7:15 AM and is again narrowing
RSI mostly above 40 and 65 since 10:45 AM on September 12; declining from a high of 76.33 at 3:30 AM; near 50
The Stochastic (9, 1, 3): %K crossed below %D at 7:15 AM from just above 70
Bias: Up
Previous Session
Major U.S. indices closed mixed on Thursday September 13 in lower volume. Russell 2000 and Dow Jones Transportation Average closed lower. S&P 500, Dow Jones Industrial Average, NASDAQ Composite, NYSE Composite and Wilshire 5000 Total Market Index closed higher. The advancing indices broke out from the previous close on open and closed higher. The day’s price range was small for all.
