Directional Bias For The Day:

• S&P Futures are higher at 8:30 AM
• The odds are for an up day with elevated volatility – watch for a break below 4355.50
• Key economic data report due during the day:
  • Existing Home Sales ( 5.87M est; prev. 5.99M) at 10:00 AM
  • FOMC Statement, Funds Rate, and Economic Projections at 2:00 PM
  • Fed Press Conference at 2:30 PM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4353.40, 4347.96, and 4324.77
• Critical resistance levels for S&P 500 are 4385.92, 4394.87, and 4402.95
• Key levels for E-mini futures: break above 4371.25, the high of 6:30 AM and break below 4360.50, the low of 5:30 AM

Pre-Open

• On Tuesday at 4:00 PM, S&P futures (December 2021) closed at 4342.75 and the index closed at 4354.19 – a spread of about -11.50 points; futures closed at 4343.25 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 +22.00; Dow by +192; and NASDAQ by +42.50

Markets Around The World

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

  Up	Down
  Dollar index USD/CHF USD/CAD INR/USD	EUR/USD GBP/USD USD/JPY 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 1.324%, down -4.6 basis points from two weeks ago;
  • 30-years is at 1.857%, down -12.7 basis points;
  • 2-years yield is at 0.217%, down -1.0 basis points;
  • The 10-Year-&-2-Year spread is at 1.110, down from 1.146
• VIX
  • At 22.85 @ 7:45 AM; down from the last close; above 5-day SMA;
  • Recent high =  28.79 on September 20; low =  17.65 on September 16
  • Sentiment: Risk-On-Neutral

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

Previous Session

Major U.S. indices closed mixed on Tuesday, September 21 in lower volume. S&P 500, Dow Jones Industrial Average, and Dow Jones Transportation Average closed lower. NASDAQ Composite, Russell 2000, NYSE Composite, and Wilshire 5000 Total Market Index closed higher..

From Briefing.com:

The S&P 500 decreased 0.1% on Tuesday in an uneven session, which saw the benchmark index up as much as 0.9% in early action and down as much as 0.2% shortly afterwards. The Dow Jones Industrial Average (-0.2%) also closed slightly lower, while the Nasdaq Composite (+0.2%) and Russell 2000 (+0.2%) closed slightly higher. Sector performances were equally underwhelming with no sector gaining or losing more than 1.0%. The energy sector outperformed with a 0.4% gain, while the industrials sector underperformed with a 0.7% decline. The communication services sector (-0.3%) was pressured by Walt Disney (DIS 171.17, -7.44, -4.2%), which provided cautious-sounding business commentary. […] The 10-yr yield increased two basis point to 1.32% while the 2-yr yield decreased one basis point to 0.21%. The U.S. Dollar Index decreased 0.1% to 93.22. WTI crude futures increased 0.2%, or $0.16, to $70.51/bbl. […] Total housing starts increased 3.9% month-over-month in August to a seasonally adjusted annual rate of 1.615 million (Briefing.com consensus 1.560 million) while permits rose 6.0% to a seasonally adjusted annual rate of 1.728 million (Briefing.com consensus 1.600 million). […] The current account deficit for the second quarter totaled $190.3 billion. The first quarter deficit was downwardly revised to $189.4 billion from $195.7 billion. […] S&P 500 +15.9% YTD Nasdaq Composite +14.4% YTD Dow Jones Industrial Average +10.8% YTD Russell 2000 +10.7% YTD Overseas:  Europe: DAX +1.4%, FTSE +1.1%, CAC +1.5% Asia: Nikkei -2.2%, Hang Seng +0.5%, Shanghai closed for holiday Commodities:  Crude Oil +0.40 @ 70.64 Nat Gas -0.15 @ 4.83 Gold +11.70 @ 1775.70 Silver +0.30 @ 22.52 Copper -0.01 @ 4.11