Directional Bias For The Day:

• S&P Futures are higher; near the upper bound of a Horizontal Channel between 4238.50 and 4224.50
• The odds are for an up to sideways day – watch for a break below 4225.25
• Key economic data report due during the day:
  • Prelim UoM Consument Sentiments ( 84.1 est.; prev. 82.9) at 10:00 AM
  • Prelim UoM Inflations Expectations ( prev. 4.6%) at 10:00AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4235.84, 4220.34, and 4215.66
• Critical resistance levels for S&P 500 are 4249.74, 4265.82, and 4281.90
• Key levels for E-mini futures: break above 4238.50, the high of 6:45 AM and break below 4227.25, the low of 4:00 AM

Pre-Open

• On Thursday at 4:00 PM, S&P futures (September 2021) closed at 4229.25 and the index closed at 4239.18 – a spread of about -10.00 points; futures closed at 4228.75 for the day; the fair value is +0.50
• Pre-NYSE session open, futures are higher – at 8:00 AM, S&P 500 futures were up by +4.50; Dow by +64, and NASDAQ by +16.25

Markets Around The World

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

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

• Commodities (from two weeks ago):
  • Energy futures are higher
  • Precious metals are higher
  • Industrial metals are lower
  • Most soft commodities are mostly higher
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.459%, down -15.1 basis points from two weeks ago;
  • 30-years is at 2.153%, down -13.7 basis points;
  • 2-years yield is at 0.153%, up +0.1 basis points;
  • The 10-Year-&-2-Year spread is at 1.306, down from 1.458
• VIX
  • At 15.79 @ 6:45 AM; down from the last close; below 5-day SMA;
  • Recent high =  25.96 on May 19; low =  15.15 on June 8
  • Sentiment: Risk-On-Neutral

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

Previous Session

Major U.S. indices closed mostly higher on Thursday, June 10 in higher volume. Russell 2000 and Dow Jones Transportation Average closed lower. The major indices are near all-time highs but only S&P 500 and Wilshire 5000 Total Market Index made intraday and closing all-time highs. NYSE Composite made the all-time intraday high.

From Briefing.com:

The S&P 500 gained 0.5% on Thursday, setting intraday and closing record highs in the process, as the market reacted positively to a hotter-than-expected Consumer Price Index (CPI) for May and a weekly initial claims trend that continued to improve. The Nasdaq Composite (+0.8%) outperformed and closed near session highs, while the Dow Jones Industrial Average increased just 0.1% and the Russell 2000 decreased 0.7%. The underperformance of the Dow and Russell 2000, which are more cyclically-oriented, contradicted any growth optimism. Briefly, total CPI rose 0.6% m/m in May (Briefing.com consensus 0.4%) and core CPI, which excludes food and energy, rose 0.7% m/m (Briefing.com consensus 0.4%). The year-over-year increases garnered the headlines, though, with total CPI up 5.0% and core CPI up 3.8%. In addition, weekly initial claims totaled 375,000 (Briefing.com consensus 365,000), which was its lowest level since March 14, 2020. […] Note, it didn’t start that way. The financials (-1.1%), materials (-0.6%), industrials (-0.5%), and energy (-0.1%) sectors, which closed lower today, were among the leaders shortly after the open. The Dow was up as much as 0.8% and the small-cap Russell 2000 was up as much as 0.5%. […] The 2-yr yield increased one basis point to 0.15%. The U.S. Dollar Index decreased 0.1% to 90.06. WTI crude futures rose 0.6%, or $0.40, to $70.30/bbl. […] Russell 2000 +17.0% YTD S&P 500 +12.9% YTD Dow Jones Industrial Average +12.6% YTD Nasdaq Composite +8.8% YTD Overseas:  Europe: DAX -0.1%, FTSE +0.1%, CAC -0.3% Asia: Nikkei +0.3%, Hang Seng -0.1%, Shanghai +0.5% Commodities:  Crude Oil +0.46 @ 70.23 Nat Gas +0.01 @ 3.15 Gold +4.60 @ 1898.20 Silver +0.09 @ 28.08 Copper -0.04 @ 4.49