S&P Futures are lower; moving lower since 4:30 AM below a downtrend line on 30-minute chart
Odds are for a down day; watch for break above 2921.25
Key economic data due:
Core PCE Price Index (0.0% vs. 0.1% est.) at 8:30 AM
Personal Spending (0.3% vs. 0.3%est.) at 8:30 AM
Personal Income (0.3% vs. 0.4% est.) at 8:30 AM
Markets Around The World
Markets in the East closed mostly higher – Mumbai and Seoul were down
European markets are down
Currencies:
Up
Down
Dollar index
USD/JPY
AUD/USD
NZD/USD
EUR/USD
GBP/USD
USD/CHF
USD/CAD
USD/INR
Commodities:
Up
Down
Crude Oil
Gold
Silver
Copper
Platinum
Palladium
Sugar
Coffee
NatGas
Cotton
Cocoa
Bonds
10-yrs yield is at 3.037%, down from September 27 close of 3.056%;
30-years is at 3.174%, down from 3.183%
2-years yield is at 2.823%, down from 2.831%
The 10-Year-&-2-Year spread is at 0.218, down from 0.225
Key Levels:
Critical support levels for S&P 500 are 2903.28, 2895.44 and 2890.43
Critical resistance levels for S&P 500 are 2917.01, 2921.62 and 2927.22
Key levels for eMini futures: break above 2915.00, the low of 3:00 AM and break below 2908.00, the low of 8:00 AM
Pre-Open
On Thursday, at 4:00 PM, S&P future (December contract) closed at 2919.75 and the index closed at 2914.00 – a spread of about +5.75 points; futures closed at 2920.00 for the day; the fair value is -0.25
Pre-NYSE session open, futures price action is to the downside – at 9:00 AM, S&P 500 futures were down -7.50; Dow by -80.00; and NASDAQ by -25.00
Directional Bias Before Open
Weekly: Uptrend
Daily: Uptrend
120-Min: Down
30-Min: Down
15-Min: Down
6-Min: Down
The trend and patterns on various time frames for S&P 500 are:
The week ending on September 21 was a relatively big green candle with almost equal sized small upper and lower shadows;
Last week’s pivot point=2918.91, R1=2951.67 R2=2973.66; S1=2896.92, S2=2864.16; R1/R2 pivot levels were breached;
Second up week in a row; fourth in last five weeks and eight 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 shooting star or gravestone doji type candle formation – with a large upper shadow and very small lower shadow;
%K is trying to cross above %D after staying below %D since September 21 after making a bearish divergence;
Above 20-day EMA, above 50-day EMA, 100-day SMA and 200-day SMA
Uptrend
2-Hour (e-mini future)
Trending down since the high made on September 21 in steps; below a down trendline and making lower high and lower lows; last highs and lows are 2932.00 and 2907.50
RSI-9 trending down since 10:00 AM on September 27; falling below 40
Below 20-bar EMA, which below EMA10 of EMA50
Bias: Down
30-Minute (e-mini future)
Trending down since September 21; below another downtrend line from 12:30 PM on September 27
Break above a double bottom pattern at 9:00 Am on September 27 achieved most targets
RSI-9 trending down since 12:30 PM on September 27; near 30
Below 20-bar EMA, which is below 50-bar EMA
Bias: Down
15-Minute (e-mini future)
Bollinger Band (20, 2.0) is moving down since 2:00 AM
The band was narrow and sideways from 8:30 PM to 2:00 AM; expanding since with price moving along the lower band
RSI-9 mostly below 0 since 2:15 PM on September 27; near 25
The Stochastic (9, 1, 3): %K crossed above %D at 7:45 AM
Bias: Down
Previous Session
Major U.S. indices closed mostly higher on Thursday September 27 in lower volume. Russell 2000 closed down. The indices rose after a gap up open till about 12:30 PM and then steadily declined.
