Directional Bias For The Day:

• S&P Futures are higher
• The odds are for a sideways day with uncertain volatility – watch for a break above 3911.00 and a break below 3892.25 for clarity
• Key economic data report due during the day:
  • Existing Home Sales ( 8.55M est.; prev. 6.69M) at 10:00 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 3911.67, 3899.15, and 3886.75
• Critical resistance levels for S&P 500 are 3921.88, 3930.12, and 3943.37
• Key levels for E-mini futures: break above 3911.00, the high of 7:30 AM and break below 3892.25, the low of 5:15 AM

Pre-Open

• On Friday at 4:00 PM, S&P futures (June 2021) closed at 3897.00 and the index closed at 3913.10 – a spread of about -16.00 points; futures closed at 3899.75 for the day; the fair value is -2.75
• Pre-NYSE session open, futures are mixed – at 8:30 AM, S&P 500 futures were up by +7.00; Dow down by -29, and NASDAQ up by +86.50

Markets Around The World

• Markets in the East closed mostly lower – Shanghai and Sydney were up
• European markets are mostly higher – France and Spain are lower
• Currencies (from two weeks ago):
  

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

• Commodities (from two weeks ago):
  • Energy futures are lower
  • Precious metals are higher
  • Industrial metals are mostly lower
  • Most soft commodities are mostly lower
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.732%, up 17.8 basis points from two weeks ago;
  • 30-years is at 2.451%, up 16.3 basis points;
  • 2-years yield is at 0.161%, up 2.4 basis points;
  • The 10-Year-&-2-Year spread is at 1.571, up from 1.417
• VIX
  • At 21.22 @ 6:45 AM; up from the last close; above 5-day SMA;
  • Recent high =  31.90 on March 4; low =  18.95 on March 18
  • Sentiment: Risk-Off-to-Neutral

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

Previous Session

Major U.S. indices closed mixed on Friday, March 19 in mixed volume. Dow Jones Industrial Average, S&P 500, and NYSE Composite closed lower. NASDAQ Composite, Dow Jones Transportation Average, Russell 2000, and Wilshire 5000 Total Market Index closed higher. S&P 500 and NASDAQ traded in lower volume.

For the week, US indices mostly closed down in mixed volume. Dow Transportation Average closed up. Asian exchanges were mixed and European indices were mostly up. The dollar index closed higher, energy futures were down, precious metals were up, industrial metals were down and the soft commodities were mostly lower for the week. The US Treasury yields continue to trend higher.

From Briefing.com:

The S&P 500 decreased 0.1% on Friday, as the broad market struggled to gain traction after the benchmark index briefly slipped below the 3900 level in early action. The Nasdaq Composite (+0.8%) and Russell 2000 (+0.9%) reclaimed early losses and closed higher after underperforming yesterday, while the Dow Jones Industrial Average (-0.7%) underperformed in the red. Like the major indices, sector performances were mixed: six S&P 500 sectors closed lower, while five closed higher. The communication services (+0.8%) and consumer discretionary (+0.8%) sectors finished as leaders amid some mega-cap support; conversely, the financials (-1.2%), real estate (-1.3%), industrials (-0.7%), and materials (-0.5%) sectors lagged. […] The 10-yr yield was trading at 1.68% pre-announcement, then rose to 1.74% before settling unchanged at 1.73%. The 2-yr yield decreased one basis point to 0.16%. The U.S. Dollar Index increased 0.1% to 91.96. WTI crude futures ($61.45/bbl, +1.45, +2.4%) rebounded 2%, trimming its weekly decline to 6%. […] Russell 2000 +15.8% YTD Dow Jones Industrial Average +6.6% YTD S&P 500 +4.2% YTD Nasdaq Composite +2.5% YTD