Directional Bias For The Day:

• S&P Futures are higher at 9:00 AM; moving sideways to up since 4:15 AM between 4061.75 and 4048.50
• The odds are for an up day with elevated volatility – watch for a break below 4040.75 for a change of sentiments
• The key economic data report due during the day:
  • Final Wholesale Inventories ( 0.8% est.; prev. 0.8%) at 10:00 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4018.43, 4010.50, and 3985.81
• Critical resistance levels for S&P 500 are 4057.77, 4062.99, and 4077.03
• Key levels for E-mini futures: break above 4061.75, the high at 6:45 AM and a break below 4040.75, the low at 3:45 AM

Pre-Open

• On Wednesday at 4:00 PM, S&P futures (September 2022) closed at 3980.50, and the index closed at 3979.87 – a spread of about +0.75 points; the futures closed at 3980.00; the fair value is +0.50
• Pre-NYSE session open, futures are mixed – at 8:15 AM, S&P 500 futures were down by -5.00, Dow up by +45, and NASDAQ up by +13.25

Markets Around The World

• Markets in the East closed higher – Seoul was closed
• European markets are higher
• Currencies (Compared to two weeks ago):

• Commodities (Compared to two weeks ago):
  • Energy futures are lower
  • Precious metals are lower
  • Industrial metals are mostly lower
  • Soft commodities are mostly lower
• Treasuries (Compared to two weeks ago)
  • The 10-year yield closed at 3.266%, up +24.0 basis points from two weeks ago;
  • The 30-year is at 3.440%, up +20.6 basis points;
  • The 2-year yield is at 3.522%, up +13.0 basis points;
  • The 10-Year-&-2-Year spread is at -0.256, up from -0.366
  • The 30-Year-&-10-Year spread is at 0.174, down from 0.208
• VIX
  • At 23.15 @ 8:00 AM; down from the last close; below the 5-day SMA;
  • Recent high = 27.69 on August 30; low = 21.67 on August 26
  • Sentiment: Risk-On

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

Previous Session

Major U.S. indices closed mostly higher on Thursday, September 8, in mixed volume. Dow Jones Transportation Average closed down. S&P 500, NASDAQ Composite, and Russell 2000 traded in higher volume. The major indices opened lower but then rose to day’s high by late morning. They then decline only to rise again in the afternoon.

From Briefing.com:

[…] The market opened on a softer note before reaching session highs midmorning. Selling efforts ramped up and sent the indices toward session lows after the S&P 500 tested, and found resistance at, the 4,000 level. The market climbed off those levels throughout the afternoon with the S&P 500 closing just a hair over the 4,000 mark. […] Rising market rates piled on to these factors as the 2-yr note yield rose above 3.50% today before settling at 3.49%. The 10-yr note yield rose three basis points to 3.29%. […] Only three S&P 500 sectors closed with losses on the day, utilities (-0.1%), consumer staples (-0.2%), and communication services (-0.4%). Health care (+1.8%) and financials (+1.7%) sat atop the leaderboard.  Semiconductor stocks were notably strong today with the PHLX Semiconductor Index closing up 1.8%. Energy (+0.5%) closed near the middle of the pack as oil prices climbed. WTI crude oil futures rose 1.7% to $83.26/bbl while natural gas rose 1.2% to $7.92/mmbtu. […] For the week ending September 3, initial jobless claims decreased by 6,000 to 222,000 (Briefing.com consensus 246,000). That is the lowest levels of initial claims since late May. Continuing jobless claims for the week ending August 27 increased by 36,000 to 1.473 million. […] Weekly EIA Natural Gas Inventories showed a build of 54 bcf versus a build of 61 bcf last week. Weekly EIA Crude Oil Inventories showed a build of 8.84 million barrels after last week’s draw of 3.33 million barrels Dow Jones Industrial Average: -12.6% YTD S&P 400: -13.6% YTD S&P 500: -16.0% YTD Russell 2000: -17.7% YTD Nasdaq Composite: -24.2% YTD Overseas:  Europe: DAX -0.1%, FTSE +0.3%, CAC +0.3% Asia: Nikkei +2.3%, Hang Seng -1.0%, Shanghai -0.3% Commodities:  Crude Oil +1.42 @ 83.26 Nat Gas +0.09 @ 7.92 Gold -7.60 @ 1721.10 Silver +0.12 @ 18.45 Copper +0.11 @ 3.54