Directional Bias For The Day:

• S&P Futures are higher;
• The odds are for an up-to-sideways day with elevated volatility – watch for a break below 4205.75 for a change of sentiments
• Key economic data report due during the day:
  • Fed Chair Powell’s Testimony at 2:00 PM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4219.64, 4212.77, and 4206.86
• Critical resistance levels for S&P 500 are 4232.29, 4238.86, and 4248.15
• Key levels for E-mini futures: break above 4226.25, the high of 12:45 AM and break below 4205.75, the low of 4:45 AM

Pre-Open

• On Monday at 4:00 PM, S&P futures (September 2021) closed at 4214.00 and the index closed at 4224.79 – a spread of about -10.75 points; futures closed at 4213.75 for the day; the fair value is +0.25
• Pre-NYSE session open, futures are higher – at 8:15 AM, S&P 500 futures were up by +5.25; Dow by +26, and NASDAQ by +36.50

Markets Around The World

• Markets in the East closed mostly higher – Hong Kong and Singapore closed lower
• European markets are mixed – Germany, the UK, France, and STOXX 600 are higher; Spain, Itlay, and Switzerland are lower
• 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 1.484%, down -8.5 basis points from two weeks ago;
  • 30-years is at 2.104%, down -14.7 basis points;
  • 2-years yield is at 0.247%, up +8.6 basis points;
  • The 10-Year-&-2-Year spread is at 1.237, down from 1.408
• VIX
  • At 17.70 @ 6:45 AM; down from the last close; below 5-day SMA;
  • Recent high =  21.82 on June 21; low =  15.04 on June 14
  • Sentiment: Risk-Neutral-On

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

Previous Session

Major U.S. indices closed higher on Monday, June 21 in lower volume. Most indices made Bullish Engulfing candles. The indices opened higher and then traded higher for the rest of the day.

From Briefing.com:

The S&P 500 rose 1.4% on Monday in a rebound rally led by the value/cyclical stocks. The Dow Jones Industrial Average (+1.8%) and Russell 2000 (+2.2%) outpaced the benchmark index following poor performances last week, while the Nasdaq Composite (+0.8%) gained 0.8%. […] All 11 S&P 500 sectors and all 30 Dow components finished in positive territory, with the biggest gains scored in the cyclical sectors that sold off last week — energy (+4.3%), financials (+2.4%), industrials (+2.2%), and materials (+2.1%). The consumer discretionary sector (+0.5%) increased the least with a modest gain. […] The 10-yr yield increased three basis points to 1.48%, while the 2-yr yield decreased one basis point to 0.25%. The U.S. Dollar Index declined 0.4% to 91.86, providing some relief for commodities like WTI crude ($73.64/bbl, +1.97, +2.8%) and copper ($4.184/lb, +0.03, +0.6%). […] Russell 2000 +15.8% YTD S&P 500 +12.5% YTD Dow Jones Industrial Average +10.7% YTD Nasdaq Composite +9.7% YTD Overseas:  Europe: DAX +1.0%, FTSE +0.6%, CAC +0.5% Asia: Nikkei -3.3%, Hang Seng -1.0%, Shanghai +0.1% Commodities:  Crude Oil +1.97 @ 73.64 Nat Gas -0.01 @ 3.20 Gold +14.30 @ 1783.00 Silver +0.05 @ 26.02 Copper +0.03 @ 4.18