Directional Bias For The Day:
- S&P Futures are higher
- The odds are for an up day with a good chance of sideways move from pre-open levels around 4140.00 – watch for a break above 4146.00 and a break below 4134.75 for clarity
- Key economic data report due during the day:
- Retail Sales ( 9.8% vs. 5.8% est.; prev. -3.0%) at 8:30 AM
- Core Retail Sales (8.4% vs. 5.1% est.; prev. -2.7%) at 8:30 AM
- Philly Fed Manufacturing Index ( 50.2 vs. 41.0 est.; prev. 51.8) at 8:30 AM
- Unemployment Claims ( 576K vs. 703K est.; prev. 769K) at 8:30 AM
- Capacity Utilization rate ( 75.6% est.; prev. 73.8%) at 9:15 AM
- Industrial Production ( 2.7% est.; prev. -2.2%) at 9:15 AM
- Business Inventories ( 0.5% est.; prev. 0.3%) at 10:00 AM
- NAHB Housing Market Index (84 est.; prev. 82) at 10:00 AM
Directional Bias Before Open:
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Key Levels:
- Critical support levels for S&P 500 are 4137.93, 4120.87, and 4107.70
- Critical resistance levels for S&P 500 are 4145.69, 4163.23, and 4174.76
- Key levels for E-mini futures: break above 4146.00, the high of 8:30 AM and break below 4134.75, the low of 6:00 AM
Pre-Open
- On Wednesday at 4:00 PM, S&P futures (June 2021) closed at 4120.00 and the index closed at 4124.66 – a spread of about -5.00 points; futures closed at 4118.00 for the day; the fair value is +2.00
- Pre-NYSE session open, futures are higher – at 8:30 AM, S&P 500 futures were up by +24.75; Dow by +167, and NASDAQ by +126.00
Markets Around The World
- Markets in the East closed mostly higher – Shanghai and Hong Kong closed down
- European markets are higher
- Currencies (from two weeks ago):
Up Down - EUR/USD
- GBP/USD
- AUD/USD
- NZD/USD
- INR/USD
- Dollar index
- USD/JPY
- USD/CHF
- USD/CAD
- Commodities (from two weeks ago):
- Energy futures are higher
- Precious metals are mixed
- Industrial metals are mostly higher
- Most soft commodities are mostly higher
- Treasuries (from two weeks ago)
- 10-years yield closed at 1.638%, down -10.8 basis points from two weeks ago;
- 30-years is at 2.325%, down -10.0 basis points;
- 2-years yield is at 0.157%, down -0.7 basis points;
- The 10-Year-&-2-Year spread is at 1.481, down from 1.582
- VIX
- At 16.80 @ 7:45 AM; down from the last close; at/below 5-day SMA;
- Recent high = 23.55 on March 25; low = 15.38 on April 14
- Sentiment: Risk-On
The trend and patterns on various time frames for S&P 500:
Monthly |
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Weekly: |
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Daily |
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2-Hour (E-mini futures) |
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30-Minute (E-mini futures) |
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15-Minute (E-mini futures) |
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Previous Session
Major U.S. indices closed mixed on Wednesday, April 14 in mixed volume. S&P 500, NASDAQ Composite, and Wilshire 5000 Total Market closed lower. Dow Jones Industrial Average and Dow Jones Transportation Average traded in lower volume. Indices mostly traded within a narrow range during the day and most made Bearish Engulfing candle formations.
From Briefing.com:
The S&P 500 declined 0.4% on Wednesday, as investors appeared to take profits in the heavily-weighted growth stocks […] The Nasdaq Composite (-1.0%) underperformed with a 1.0% decline. The Dow Jones Industrial Average (+0.2%) and Russell 2000 (+0.8%),
[…]The overall tone of their reports was well-received by other banks and reopening stocks within the S&P 500 financials (+0.7%), energy (+2.9%), materials (+0.7%), and industrials (+0.1%) sectors. Energy stocks got an added boost from a 5% gain in crude prices ($63.18, +3.00, +5.0%) amid bullish inventory data from the EIA.
[…]The information technology (-1.2%), consumer discretionary (-1.2%), and communication services (-0.9%) sectors, where the recently-hot mega-caps reside, were the weakest performers.
[…]The 10-yr yield settled the session two basis points higher at 1.64% after trading slightly higher prior to the Beige Book’s release. The 2-yr yield decreased one basis to 0.15%. The U.S. Dollar Index decreased 0.2% to 91.64.
[…][…]
- Import prices increased 1.2% in March while import prices excluding oil increased 0.8%. Export prices increased 2.1% in March while export prices excluding agriculture increased 2.0%.
- The MBA Mortgage Applications Index decreased 3.7% following a 5.1% decline in the prior week.
- Russell 2000 +13.8% YTD
- Dow Jones Industrial Average +10.2% YTD
- S&P 500 +9.8% YTD
- Nasdaq Composite +7.5% YTD
Overseas:
- Europe: DAX -0.2%, FTSE +0.7%, CAC +0.4%
- Asia: Nikkei -0.4%, Hang Seng +1.4%, Shanghai +0.6%
Commodities:
- Crude Oil +2.67 @ 63.03
- Nat Gas -0.01 @ 2.62
- Gold -12.60 @ 1735.40
- Silver +0.05 @ 25.47
- Copper +0.10 @ 4.13
After-Hours Spotlight:
- Allegion (ALLE) files mixed securities shelf offering… ALLE flat
- American Eagle (AEO) issues upside Q1 revenue guidance, noting that demand has accelerated across the American Eagle and Aerie brands… AEO up 4.3%
- Bristol-Myers (BMY) receives EC approval for Opdivo in combination with Cabometyx as first-line treatment for patients with advanced renal cell carcinoma… BMY up 0.3%
- Cimpress (CMPR) guides MarQ revs above single analyst estimate… CMPR up 5.7%
- Costco (COST) increases quarterly dividend to $0.79/share from $0.70/share; new yield is 0.9%… COST up 0.3%
- Dell (DELL) announces planned spin-off of 81% equity ownership of VMware (VMW)… DELL up 8.4%
- Ethan Allen (ETH) guides MarQ EPS above dual-analyst estimate… ETH down 2.6%
- Las Vegas Sands (LVS) launching advertising campaign to bring casinos to Texas, according to Texas Tribune… LVS up 0.3%
- TEGNA (TGNA) guides Q1 revs above consensus… no after hours indication for TGNA
Fair Value for Thursday, April 15:
[…]
- S&P 500: 4,116
- Nasdaq 100: 13,793
- DJIA: 33,616
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