Directional Bias For The Day:

• S&P Futures are higher
• The odds are for a sideways to an up day – watch for a break above 4186.75  and a break below 4176.25 for clarity
• Key economic data report due during the day:
  • HP ( 1.0% est.; prev. 1.0%) at 9:00 AM
  • S&P/CS Composite-20 HPI ( 11.8% est.; prev. 11.1% ) at 9:00 AM
  • CB Consumer Confidence (113.1 est.; prev. 109.7) at 10:00 AM
  • Richmond Manufacturing Index ( 22 est.; prev. 17) at 10:00 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4182.36, 4168.34, and 4161.99
• Critical resistance levels for S&P 500 are 4194.19, 4199.89, and 4205.58
• Key levels for E-mini futures: break above 4186.75, the high of 4:00 AM and break below 4176.25, the low of 5:45 AM

Pre-Open

• On Monday at 4:00 PM, S&P futures (June 2021) closed at 4180.25 and the index closed at 4187.62 – a spread of about -7.50 points; futures closed at 4179.50 for the day; the fair value is +0.75
• Pre-NYSE session open, futures are higher – at 8:00 AM, S&P 500 futures were up by +3.50; Dow by +2, and NASDAQ by +18.75

Markets Around The World

• Markets in the East closed mixed – Shanghai, Mumbai, and Singapore were up; Hong Kong, Toky, Sydney, and Seoul were down
• European markets are lower
• Currencies (from two weeks ago):
  

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

• Commodities (from two weeks ago):
  • Energy futures are mixed
  • Precious metals are higher
  • Industrial metals are higher
  • Most soft commodities are mostly higher
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.570%, down -10.5 basis points from two weeks ago;
  • 30-years is at 2.244%, down -10.3 basis points;
  • 2-years yield is at 0.176%, up +1.1 basis points;
  • The 10-Year-&-2-Year spread is at 1.394, down from 1.510
• VIX
  • At 17.68 @ 6:45 AM; up from the last close; at/below 5-day SMA;
  • Recent high =  23.55 on March 25; low =  15.38 on April 14
  • Sentiment: Risk-Neutral-to-On

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

Previous Session

Major U.S. indices closed mostly higher on Monday, April 26 in mostly lower volume.  Dow Jones Industrial Average was down. Dow Jones Transportation Average was down too in higher volume. Day’s price range was small.

From Briefing.com:

The S&P 500 (+0.2%) eked out an intraday record high on Monday, as investors appeared cautiously optimistic for this week’s big slate of events. The Nasdaq Composite (+0.9%) and Russell 2000 (+1.2%) outperformed, with the Nasdaq closing at a record high, while the Dow Jones Industrial Average decreased 0.2%. Advancing issues had a clear advantage over declining issues at the NYSE and Nasdaq, but the gains were relatively modest at the large-cap level as no sector in the S&P 500 advanced more than 1.0%. The biggest gains were scored in the small-cap, micro-cap, and cryptocurrency spheres, signaling enhanced retail sentiment. Within the S&P 500, the consumer discretionary (+0.6%), information technology (+0.6%), and energy (+0.6%) sectors were the top performers. The consumer staples (-1.2%), utilities (-0.6%), health care (-0.4%), and industrials (-0.3%) sectors lagged in negative territory. […] In the Treasury market, the 10-yr yield settled unchanged at 1.57% after touching 1.60% in the morning. […] The 2-yr yield increased two basis points to 0.17%. The U.S. Dollar Index was little changed at 90.82. WTI crude futures increased 0.3%, or $0.19, to $61.96/bbl. […] Total durable goods orders rose 0.5% month-over-month in March (Briefing.com consensus 2.0%) following an upwardly revised 0.9% decline (from -1.1%) in February. Orders, excluding transportation, jumped 1.6%, in-line with the Briefing.com consensus estimate, after declining an upwardly revised 0.3% (from -0.9%) in February. […] Russell 2000 +16.4% YTD S&P 500 +11.5% YTD Dow Jones Industrial Average +11.0% YTD Nasdaq Composite +9.7% YTD Overseas:  Europe: DAX +0.1%, FTSE +0.4, CAC +0.3% Asia: Nikkei +0.4%, Hang Seng -0.4%, Shanghai +1.0% Commodities:  Crude Oil -0.25 @ 61.89 Nat Gas +0.15 @ 2.88 Gold +2.00 @ 1779.60 Silver +0.15 @ 26.24 Copper +0.10 @ 4.44