Directional Bias For The Day:

• S&P Futures are higher at 9:00 AM; up more than 15 points since 4:45 AM and more than 27 since 9:30 PM
• The odds are for an up day – watch for a break below 4526.75 and 4522.75 for a change of sentiments
• No major economic data report is due during the day:

Directional Bias Before Open:

Key Levels:

• Critical support levels for the S&P 500 are 4473.53, 4448.54, and 4444.38
• Critical resistance levels for the S&P 500 are 4490.354496.01, and 4510.07
• The key levels for E-mini futures are 4545.50, the high at 6:00 AM on September 6 and 4526.75, the low at 8:00 AM

Pre-Open

• On Friday at 4:00 PM, S&P futures (September 2023) closed at 4511.25, and the index closed at 4457.49 – a spread of about +53.75 points; the futures closed at 4511.25; the fair value is +0.0
• Pre-NYSE session open, futures were higher – at 9:00 AM, S&P 500 futures were up by +24.00, Dow by +82, and NASDAQ by +126.50

Markets Around The World

• Markets in the East closed mostly higher – Hong Kong and Tokyo closed down
• European markets are higher
• Currencies (Compared to two weeks ago):

• Commodities (Compared to two weeks ago):
  • Energy futures are higher
  • Precious metals are mixed
  • Industrial metals are lower
  • Soft commodities are mixed
• Treasuries (Compared to two weeks ago)
  • The 10-year yield closed at 4.292, up +5.3 basis points from two weeks ago;
  • The 30-year is at 4.378%, up +8.4 basis points
  • The 2-year yield is at 4.953%, down -13.1 basis points;
  • The 10-Year-&-2-Year spread is at -0.661, up from -0.845
  • The 30-Year-&-10-Year spread is at 0.086, up from +0.055
• VIX
  • At 14.16 @ 7:45 AM; up from the last close; at/below the 5-day SMA;
  • Recent high = 18.88 on August 18; low = 13.02 on September 1
  • Sentiment: Risk-On

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

Previous Session

Major U.S. indices closed mostly higher on Friday, September 8, in mostly lower volume. The Dow Jones Transportation Average and the Russell 2000 closed down. The Transports traded in higher volume.

The major indices opened flat and rose for the first hour of trading. The indices drifted lower for the rest of the day.

For the week, the major indices closed down in lower volume. The markets in Asia and Europe mostly closed lower. The dollar index was up, energy futures were mixed, the metals were down, and the soft commodities were mixed. The US Treasury yields closed up.