Directional Bias For The Day:

• S&P Futures are lower;
• The odds are for a down day with elevated volatility – watch for a break above 4206.25 for a change of sentiments
• Key economic data report due during the day:
  • Philly Fed Manufacturing Index ( 30.7 vs. 30.3 est.; prev. 31.5) at 8:30 AM
  • Unemployment Claims ( 412K vs. 360K est.; prev. 375K) at 8:30 AM
  • CB Leading Index (  1.3% est.; prev. 1.6%) at 10:00 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4202.45, 4192.11, and 4167.93
• Critical resistance levels for S&P 500 are 4222.55, 4238.86, and 4247.95
• Key levels for E-mini futures: break above 4226.25, the high of 7:00 PM on Tuesday and break below 4191.25, the low of 4:45 AM

Pre-Open

• On Wednesday at 4:00 PM, S&P futures (September 2021) closed at 4213.50 and the index closed at 4223.70 – a spread of about -10.25 points; futures closed at 4213.00 for the day; the fair value is +0.50
• Pre-NYSE session open, futures are lower – at 8:15 AM, S&P 500 futures were down by -15.25; Dow by -115, and NASDAQ by -80.75

Markets Around The World

• Markets in the East closed mostly lower – Shanghai and Hong Kong closed higher
• European markets are mostly lower – Germany and Spain are up
• 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 1.569%, down -2.2 basis points from two weeks ago;
  • 30-years is at 2.209%, down -7.1 basis points;
  • 2-years yield is at 0.213%, up +7.6 basis points;
  • The 10-Year-&-2-Year spread is at 1.356, down from 1.454
• VIX
  • At 18.42 @ 6:45 AM; up from the last close; above 5-day SMA;
  • Recent high =  25.96 on May 19; low =  15.04 on June 14
  • Sentiment: Risk-Off

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

Previous Session

Major U.S. indices closed mostly lower on Wednesday, June 16 in higher volume. The market bias was down from the beginning but the selling increased after the FOMC Statement and the Press Conference at 2:30 PM. The indices recovered a bit near the close however the futures declined in after-market.

From Briefing.com:

The S&P 500 declined 0.5% on Wednesday, as the market weighed a hawkish-sounding FOMC policy announcement against an accommodative tone from Fed Chair Powell. The Nasdaq Composite (-0.2%) and Russell 2000 (-0.2%) both declined just 0.2% while the Dow Jones Industrial Average declined 0.8%. […] The S&P 500 was down as much as 1.0% during the start of Fed Chair Powell’s follow-up press conference while the fed-funds-sensitive 2-yr yield rose five basis points to 0.21%. The 10-yr yield touched 1.59% before settling at 1.57%, or seven basis points above yesterday’s settlement. The U.S. Dollar Index rose 0.8% to 91.28. […] WTI crude futures settled relatively unchanged at $72.06/bbl. […] Total housing starts increased 3.6% month-over-month to a seasonally adjusted annual rate of 1.572 million units (Briefing.com consensus 1.635 million). Total permits decreased 3.0% month-over-month to 1.681 million (Briefing.com consensus 1.730 million). […] Import prices increased 1.1% in May, while import prices excluding oil increased 0.9%. Export prices increased 2.2% in May, while export prices excluding agriculture increased 1.7%. The weekly MBA Mortgage Applications Index increased 4.2% following a 3.1% decline in the prior week. […] Russell 2000 +17.2% YTD S&P 500 +12.5% YTD Dow Jones Industrial Average +11.2% YTD Nasdaq Composite +8.9% YTD Overseas:  Europe: DAX -0.1%, FTSE +0.2%, CAC +0.2% Asia: Nikkei -0.5%, Hang Seng -0.7%, Shanghai -1.1% Commodities:  Crude Oil -0.01 @ 72.06 Nat Gas +0.02 @ 3.25 Gold +5.20 @ 1861.50 Silver +0.11 @ 27.82 Copper +0.05 @ 4.39