Directional Bias For The Day:

• S&P Futures are higher;
• The odds are for an up day with elevated volatility – watch for a break below 4160.50 for a change of sentiments
• No key economic data report due during the day:

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4164.40, 4151.72, and 4121.97
• Critical resistance levels for S&P 500 are 4185.30, 4188.65, and 4204.78
• Key levels for E-mini futures: break above 4177.50, the high of 5:15 AM and break below 4160.50, the low of 4:00 AM

Pre-Open

• On Friday at 4:00 PM, S&P futures (September 2021) closed at 4154.75 and the index closed at 4166.45 – a spread of about -11.75 points; futures closed at 4153.50 for the day; the fair value is +1.25
• Pre-NYSE session open, futures are higher – at 8:30 AM, S&P 500 futures were up by +14.50; Dow by +183, and NASDAQ by +24.25

Markets Around The World

• Markets in the East closed mostly lower – Shanghai and Mumbai closed higher
• European markets are mostly higher – Spain is down
• 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 1.460%, down -10.0 basis points from two weeks ago;
  • 30-years is at 2.058%, down -18.1 basis points;
  • 2-years yield is at 0.206%, up +10.1 basis points;
  • The 10-Year-&-2-Year spread is at 1.206, down from 1.407
• VIX
  • At 20.50 @ 7:45 AM; down from the last close; above 5-day SMA;
  • Recent high =  25.96 on May 19; low =  15.04 on June 14
  • Sentiment: Risk-On

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

Previous Session

Major U.S. indices closed lower on Friday, June 18 in mostly higher volume. NASDAQ Composite traded in lower volume. All S&P 500 sectors closed lower.

For the week, major US indices closed lower in higher volume. Asian markets closed mixed and European markets closed mostly lower. The dollar index was up and most commodities were down for the week. The US Treasury yields declined and all but one S&P sector – Technology – closed lower for the week.

From Briefing.com:

The S&P 500 declined 1.3% on this quadruple witching-options expiration Friday, as the market continued to reprice the reflation narrative while investors digested some hawkish-sounding Fed comments. The Russell 2000 fell 2.2%, the Dow Jones Industrial Average fell 1.6%, and the Nasdaq Composite fell 0.9%. […] In turn, the inflation-sensitive 10-yr yield fell six basis points to 1.45%, while the fed-funds-sensitive 2-yr yield rose four basis points to 1.27%. This curve-flattening activity was a major headwind for the S&P 500 financials sector (-2.5%), which was joined by the energy (-2.9%) and utilities (-2.6%) sectors as laggards with declines over 2.0%. The consumer discretionary sector (-0.5%) outperformed on a relative basis with a 0.5% decline. […] The U.S. Dollar Index increased 0.4% to 92.26. WTI crude futures rose 0.8%, or $0.60, to $71.67/bbl. […] Russell 2000 +13.3% YTD S&P 500 +10.9% YTD Nasdaq Composite +8.9% YTD Dow Jones Industrial Average +8.8% YTD