Directional Bias For The Day:

• S&P Futures are higher at 8:15 AM, drifting lower since 6:00 AM – declined by more than 15 points to around 4155.00
• The odds are for an up day with elevated volatility – watch for a break below 4146.00 for a change of sentiments
• The major economic data report is due during the day
  • Unemployment Claims ( 191K est.; prev. 183K) at 8:30 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4137.27, 4111.67, and 4088.39
• Critical resistance levels for S&P 500 are 4156.85, 4176.54, and 4195.44
• The key levels for E-mini futures are a break above 4170.25, the high at 5:45 AM, and a break below 4148.25, the high at 1:00 PM on Wednesday

Pre-Open

• On Wednesday at 4:00 PM, S&P futures (March 2023) closed at 4129.25, and the index closed at 4117.86 – a spread of about +11.50 points; the futures closed at 4130.50; the fair value is -1.25
• Pre-NYSE session open, futures were higher – at 7:00 AM, S&P 500 futures were up by +32.50, Dow by +217, and NASDAQ by +142.50

Markets Around The World

• Markets in the East closed mixed – Shanghai, Hong Kong, and Mumbai closed up; Tokyo, Sydney, Seoul, and Singapore closed down
• 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 lower
  • Soft commodities are mostly higher
• Treasuries (Compared to two weeks ago)
  • The 10-year yield closed at 3.653, up +19.1 basis points from two weeks ago;
  • The 30-year is at 3.710%, up +8.7 basis points;
  • The 2-year yield is at 4.429%, up +30.0 basis points;
  • The 10-Year-&-2-Year spread is at -0.776, down from -0.667
  • The 30-Year-&-10-Year spread is at 0.057, down from 0.161
• VIX
  • At 19.160 @ 6:30 AM; down from the last close; at/above the 5-day SMA;
  • Recent high = 23.76 on January 3; low = 17.06 on February 2
  • Sentiment: Risk-On

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

Previous Session

Major U.S. indices closed lower on Wednesday, February 8, in lower volume. The major indices opened lower and traded a bit lower until late-morning. they then traded sideways until the close. Most indices had an inside day, and they made red Harami candles.

All three S&P sectors closed lower.

From Briefing.com:

[…] All 11 S&P 500 sectors registered losses today with the real estate (-0.3%) and health care (-0.3%) sectors enjoying the slimmest declines. […] The 10-yr note yield settled at 3.65% and the 2-yr note yield settled at 4.45%. Nasdaq Composite: +13.8% YTD Russell 2000: +10.3% YTD S&P Midcap 400: +9.7% YTD S&P 500: +7.3% YTD Dow Jones Industrial Average: +2.4% YTD […] Weekly MBA Mortgage Applications Index 7.4%; Prior -9.0% December Wholesale Inventories 0.1% (Briefing.com consensus 0.5%); Prior was revised to 0.9% from 1.0% […] Overseas:  Europe: DAX +0.6%, FTSE +0.3%, CAC -0.2% Asia: Nikkei -0.3%, Hang Seng -0.1%, Shanghai -0.5% Commodities:  Crude Oil +1.27 @ 78.48 Nat Gas -0.17 @ 2.40 Gold +9.70 @ 1891.50 Silver +0.29 @ 22.41 Copper +0.00 @ 4.05