Directional Bias For The Day:

• S&P Futures are higher
• The odds are for an up day with  a good chance of a sideways move from pre-open levels around 4195.00  down day
• Key economic data report due during the day:
  • ISM Manufacturing PMI ( 65.0 est.; prev. 64.7) at 10:00 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4189.98, 4174.85, and 4168.34
• Critical resistance levels for S&P 500 are 4198.10, 4207.04, and 4218.78
• Key levels for E-mini futures: break above 4199.50, the high of 3:15 AM and break below 4182.50, the low of 2:00 AM

Pre-Open

• On Friday at 4:00 PM, S&P futures (June 2021) closed at 4177.25 and the index closed at 4181.17 – a spread of about -4.00 points; futures closed at 4174.50 for the day; the fair value is +2.75
• Pre-NYSE session open, futures are higher – at 8:15 AM, S&P 500 futures were up by +22.00; Dow by +216, and NASDAQ by +46.25

Markets Around The World

• Markets in the East closed mostly lower
• European markets are higher
• Currencies (from two weeks ago):
  

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

• Commodities (from two weeks ago):
  • Energy futures are higher
  • Precious metals are lower
  • Industrial metals are mixed
  • Most soft commodities are mixed
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.624%, up +5.1 basis points from two weeks ago;
  • 30-years is at 2.292%, up +3.1 basis points;
  • 2-years yield is at 0.160%, up +0.3 basis points;
  • The 10-Year-&-2-Year spread is at 1.464, up from 1.416
• VIX
  • At 18.39 @ 8:15 AM; down from the last close; above 5-day SMA;
  • Recent high =  19.90 on April 22; low =  15.38 on April 14
  • Sentiment: Risk-On-to-Neutral

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

Previous Session

Major U.S. indices closed lower on Friday, April 30 in mostly higher volume.  Dow Jones Industrial Average traded in lower volume.

From Briefing.com:

The S&P 500 declined 0.7% on Friday, finishing the week little changed, as the market was unable to key off another round of great economic and earnings news. The Nasdaq Composite lost 0.9%, and the Dow Jones Industrial Average lost 0.5%. The Russell 2000 lagged with a 1.3% decline. […] U.S. Treasuries finished little changed, albeit with some defensive undertones in the longer-end of the curve. The 2-yr yield was unchanged at 0.16%, and the 10-yr yield decreased one basis point to 1.63%. The U.S. Dollar Index advanced 0.7% to 91.27. WTI crude futures fell 2.4%, or $1.52, to $63.51/bbl. […] Personal income surged 21.1% month-over-month in March (Briefing.com consensus 20.5%) and personal spending rose 4.2% (Briefing.com consensus 4.0%). The PCE Price Index jumped 0.5%, as expected, leaving it up 2.3% year-over-year, while the core PCE Price Index, which excludes food and energy, increased 0.4% (Briefing.com consensus 0.3%), leaving it up 1.8% year-over-year. […] The final April reading for the University of Michigan Index of Consumer Sentiment increased to 88.3 (Briefing.com consensus 87.0) from the preliminary reading of 84.9. The final reading for March was 84.9. […] The Q1 Employment Cost Index increased 0.9% (Briefing.com consensus 0.7%), seasonally adjusted, for the three-month period ending in March 2021 after increasing 0.7% for the three-month period ending December 2020. Wages and salaries, which account for about 70% of compensation costs, rose 1.0%, while benefit costs, which make up the remainder of compensation costs, increased 0.6%. […] The Chicago PMI increased to 72.1 in April (Briefing.com consensus 62.0) from 66.3 in March. […] Russell 2000 +14.8% YTD S&P 500 +11.3% YTD Dow Jones Industrial Average +10.7% YTD Nasdaq Composite +8.3% YTD