Directional Bias For The Day:

• S&P Futures are higher;
• Futures rising since 3:15 AM from a low of 3739.00 to around 3775.00 level
• The daily bias is down
• The odds are for a choppy day with a good chance of an up day – watch for a break below 3759.00 for a change of fortune
• Key economic data report due during the day:
  • Non-Farm Employment Change ( 197K est.; prev. 49K) at 8:30 AM
  • Average Hourly Earnings ( 0.2% est.; prev. 0.2%) at 8:30 AM
  • Unemployment Rate ( 6.3% est.; prev. 6.3%) at 8:30 AM
  • Trade Balance (-67.5B est.; prev. -66.6B) at 8:30 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 3749.28, 3723.45, and 3694.12
• Critical resistance levels for S&P 500 are 3779.28, 3790.08, and 3811.73
• Key levels for E-mini futures: break above 3781.75, the high of 8:00 AM and break below 3759.00, the low of 5:30 AM

Pre-Open

• On Thursday at 4:00 PM, S&P futures (March 2021) closed at 3769.50 and the index closed at 3768.47 – a spread of about +1.00 points; futures closed at 3765.50 for the day; the fair value is +4.00
• Pre-NYSE session open, futures are higher – at 7:45 AM, S&P 500 futures were up by +8.25; Dow by +46, and NASDAQ by +26.50

Markets Around The World

• Markets in the East closed lower
• European markets are mixed – the U.K., Spain, and Italy are higher; Germany, France, Switzerland, and STOXX 600 are lower
• Currencies (from two weeks ago):
  

  Up	Down
  Dollar index USD/JPY USD/CHF USD/CAD INR/USD	EUR/USD GBP/USD AUD/USD NZD/USD

• Commodities (from two weeks ago):
  • Energy futures are mixed
  • Precious metals are lower
  • Industrial metals are lower
  • Most soft commodities are mostly lower
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.550%, up 26.3 BP from two weeks ago;
  • 30-years is at 2.309%, up 23.3 BP;
  • 2-years yield is at 0.157%, up 5.2 BP;
  • The 10-Year-&-2-Year spread is at 1.393, up from 1.182
• VIX
  • At 27.68 @ 6:45 AM; down from the last close; above 5-day SMA;
  • Recent high =  31.90 on March 4; low =  19.69 on February 10
  • Sentiment: Risk-On-Neutral

The trend and patterns on various time frames for S&P 500:

Previous Session

Major U.S. indices closed sharply lower on Thursday, March 4 in higher volume. The indices opened lower and then bounced up a little and briefly traded in positive territory before giving up the ghost and falling to near 37250.00. They closed higher than the lows in the end. Indices have broken below major support levels. All but one S&P sectors – Energy – closed lower

From Briefing.com:

The S&P 500 fell 1.3% on Thursday, although it was down as much as 2.5%, as long-term interest rates resumed their recent rise following some comments from Fed Chair Powell. The Nasdaq Composite (-2.1%) and Russell 2000 (-2.8%) dropped more than 2.0%, while the Dow Jones Industrial Average declined 1.1%. […] The information technology (-2.3%), materials (-2.1%), and consumer discretionary (-2.0%) sectors declined at least 2.0%. The energy sector (+2.5%), however, was on its own path today, closing higher by 2.5%. The final standings improved in the last two hours of trading as yields stabilized. […] The 2-yr yield was unchanged at 0.14%. The U.S. Dollar Index advanced 0.7% to 91.62. The CBOE Volatility Index increased 7.1% to 28.57. […] Initial jobless claims for the week ending February 27 were up 9,000 to 745,000 (Briefing.com consensus 725,000). Continuing claims for the week ending February 20 were down 124,000 to 4.295 million. […] Q4 Productivity decreased from the previous quarter at an annual rate of 4.2% (Briefing.com consensus -4.8%) from the preliminary estimate of -4.8%, according to the revised estimate. Unit labor costs jumped at an annual rate of 6.0% (Briefing.com consensus 6.8%) versus the previously published annual rate of 6.8%. […] Factory orders for manufactured goods increased 2.6% m/m in January (Briefing.com consensus 2.0%) after increasing an upwardly revised 1.6% (from 1.1%) in December. This is the ninth consecutive monthly increase in factory orders. […] Russell 2000 +8.7% YTD Dow Jones Industrial Average +1.0% YTD S&P 500 +0.3% YTD Nasdaq Composite -1.3% YTD