Directional Bias For The Day:

• S&P Futures are higher
• The odds are for a sideways day – watch for a break above 3958.25 and below 3941.50 for clarity
• Key economic data report due during the day:
  • ADP Non-Farm Employment Change ( 517K vs. 552K est.; prev. 176K) at 8:15 AM
  • Chicago PMI ( 61.2 est.; prev. 59.5) at 9:45 AM
  • Pending Home Sales ( -3.1% est.; prev. -2.8%) at 10:00 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 3948.77, 3944.35, and 3917.63
• Critical resistance levels for S&P 500 are 3968.01, 3981.12, and 3993.25
• Key levels for E-mini futures: break above 3958.25, the high of 3:00 PM on Tuesday and break below 3941.50, the low of 2:00 AM

Pre-Open

• On Tuesday at 4:00 PM, S&P futures (June 2021) closed at 3952.00 and the index closed at 3958.55 – a spread of about -6.50 points; futures closed at 3947.75 for the day; the fair value is +4.25
• Pre-NYSE session open, futures are mixed – at 8:15 AM, S&P 500 futures were up by +7.00; Dow down by -15, and NASDAQ up by +94.75

Markets Around The World

• Markets in the East closed mostly lower – Sydney was up
• European markets are mixed
• 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 higher
  • Precious metals are lower
  • Industrial metals are lower
  • Most soft commodities are mostly lower
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.726%, up +10.5 basis points from two weeks ago;
  • 30-years is at 2.396%, up +0.5 basis points;
  • 2-years yield is at 0.148%, down -0.5 basis points;
  • The 10-Year-&-2-Year spread is at 1.578, up from 1.468
• VIX
  • At 19.71 @ 7:45 AM; up from the last close; at/above 5-day SMA;
  • Recent high =  23.90 on March 19; low =  18.68 on March 26
  • Sentiment: Risk-Neutral

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

Previous Session

Major U.S. indices closed mixed on Tuesday, March 30 in mostly lower volume. Russell 2000, Dow Jones Transportation Average, and NYSE Composite closed higher and DTRAN traded in higher volume. Indices opened lower and then mostly traded within a range moving sideways.

From Briefing.com:

The S&P 500 (-0.3%), Nasdaq Composite (-0.1%), and Dow Jones Industrial Average (-0.3%) closed slightly lower on Tuesday in a relatively lackluster session. The Russell 2000 rose 1.7% to bounce back from yesterday’s 3% drop. […] The consumer discretionary (+0.8%), financials (+0.7%), and industrials (+0.4%) sectors closed higher. but the other eight S&P 500 sectors closed lower. The defensive-oriented information technology (-1.0%), consumer staples (-1.1%), utilities (-0.9%), and health care (-0.9%) sectors underperformed with 1% declines. […] The 10-yr yield settled one basis point higher at 1.73% after nearly touching 1.78% prior to the open. […] The 2-yr yield was unchanged at 0.14%. The U.S. Dollar Index increased 0.4% to 93.28. WTI crude futures fell 1.6%, or $0.98, to $60.57/bbl. […] The Conference Board’s Consumer Confidence Index jumped to 109.7 in March (Briefing.com consensus 97.0) from a downwardly revised 90.4 (from 91.3) in February. […] The FHFA Housing Price Index increased 1.0% m/m in January following an upwardly revised 1.2% increase in December (from 1.1%). The S&P Case-Shiller Home Price Index increased 11.1% y/yr in January (Briefing.com consensus 11.0%) following an upwardly revised 10.2% increase in December (from 10.1%). […] Russell 2000 +11.2% YTD Dow Jones Industrial Average +8.0% YTD S&P 500 +5.4% YTD Nasdaq Composite +1.2% YTD