S&P Futures are higher; moving higher since 5:00 AM on October 2; breaking above a resistance near 2936.00
Odds are for an up day; watch for break below 2932.25
Key economic data due:
ADP Non-Farm Employment Change (230K vs. 185K est.) at 8:15 AM
ISM Non-Manufacturing PMI (61.6 vs. est. 58.0) at 10:00 AM
Markets Around The World
Markets in the East closed mixed – Hong Kong, Tokyo and Mumbai were down; Sydney and Singapore were up; Shanghai and Seoul were closed
European markets are higher – Germany is closed
Currencies:
Up
Down
Dollar index
GBP/USD
USD/JPY
USD/CHF
USD/CAD
USD/INR
EUR/USD
AUD/USD
NZD/USD
Commodities:
Up
Down
Crude Oil
NatGas
Platinum
Silver
Copper
Sugar
Coffee
Cotton
Gold
Palladium
Cocoa
Bonds
10-yrs yield is at 3.082%, up from October 2 close of 3.056%;
30-years is at 3.236%, up from 3.207%
2-years yield is at 2.835%, up from 2.815%
The 10-Year-&-2-Year spread is at 0.247, up from 0.241
Key Levels:
Critical support levels for S&P 500 are 2919.49, 2917.91 and 2911.23
Critical resistance levels for S&P 500 are 2931.07, 2937.06 and 2940.91
Key levels for eMini futures: break above 2942.00, the high on 10:30 AM on October 1 and break below 2932.50, the low of 5:00 AM
Pre-Open
On Tuesday, at 4:00 PM, S&P future (December contract) closed at 2928.25 and the index closed at 2923.80 – a spread of about +4.50 points; futures closed at 2930.00 for the day; the fair value is -0.75
Pre-NYSE session open, futures price action is to the upside – at 8:30 AM, S&P 500 futures were up +10.00; Dow by +91.00; and NASDAQ by +27.75
Directional Bias Before Open
Weekly: Uptrend
Daily: Uptrend
120-Min: Side
30-Min: Side-Up
15-Min: Up
6-Min: Up
The trend and patterns on various time frames for S&P 500 are:
The week ending on September 28 was a small red candle – that looks like a doji – with almost equal sized small upper and lower shadows;
the whole candle, with shadows, was completely contained within the real body of previous week
Stochastics (9,1, 3) and RSI (14) are making bearish divergences
Last week’s pivot point=2916.14, R1=2928.99 R2=2944.01; S1=2901.12, S2=2888.27;no pivot levels were breached;
A down week after two up weeks; second in last five weeks and third 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 red doji candle with small lower shadow but larger upper shadow; a break above or below Tuesday’s high or low will be critical
%K crossed above %D but is agan drooping down
Above 20-day EMA, above 50-day EMA, 100-day SMA and 200-day SMA
Uptrend
2-Hour (e-mini future)
Broke above a down trendline from the high of September 21; retraced back to the broken uptrend line
RSI-9 turning up from a low of 30.67 reached at 4:00 AM on October 2; above 65
Above 20-bar EMA, which is above EMA10 of EMA50
Bias: Side
30-Minute (e-mini future)
Uptrend since the low of 2917.50 at 5:00 AM on October 2
RSI-9 rising since a bullish divergence e at 4:30 AM on October 2; between 40 and 65 since 6:00 AM on October 2; near or above 65
Above 20-bar EMA, which is above 50-bar EMA
Bias: Side-Up
15-Minute (e-mini future)
Bollinger Band (20, 2.0) is mostly trending up since 9:45 PM
The band was relatively narrow from 2:30 AM to 6:45 AM; expanding since with price moving along the upper band
RSI-9 mostly between 40 and 65 since 5:30 AM on October 2; above 65
The Stochastic (9, 1, 3): %K is crisscrossing %D above 80
Bias: Up
Previous Session
Major U.S. indices closed mostly down on Tuesday October 2 in mixed volume. Dow Jones Industrial Average advanced. S&P 500 and NASDAQ Composite traded in lower volumes. The indices advanced at the start of the session and turned down near 2:30 PM.
