Directional Bias For The Day:

• The bias is to the up side, with a strong possibility of a range-bound day
• On 30-minute chart, S&P 500 futures is within a rectangle trading box
• Critical support levels for S&P 500 are 2094.60 and 2090.72
• Critical resistance levels for S&P 500 are 2103.04 and 2108.71;
• Early morning futures price action is indecisive

Before NYSE Session Open

Asian Session

The Asian bourses were mixed overnight.

• Shanghai Composite was down (unchanged) by -0.4457 or -0.01%; after few up days it made a spinning top, more like a doji, indicating indecision; chances of it resolving to the upside are high
• Hang Seng was up +211.63 or +1.03%; it is in the middle of  a symmetric triangle
• Nikkei 225 declined by -102.75 or -0.67% after it broke below an up-sloping flag on Tuesday’s gap-down
• Sydney’s S&P/ASX 200 gained +30.40 or +0.58% and made a bullish engulfing on Thursday
• Sensex was up +34.62 or +0.13% after a close day on Wednesday; it made a red harami (close below open) candle within a larger red candle of Tuesday
• South Korea’s Kospi recovered more than half of Wednesday’s loss by gaining +20.96 or +1.07%; it made a green-harami candle within a large red candle of Wednesday

European Session

In pre-US session, European stock markets are mostly down and also near the lows reached post-Brexit vote.

• DAX is up by +38.90 or +0.42%, however, its making a red harami candle within a larger red candle;
• STOXX 600 is up by +1.19% and making a green harami candle within a red candle
• FTSE-100 is up +77.66 or +1.20% after shedding -81.79 on Wednesday
• CAC-40 is up by +1.00%; Italian FTSE MIB is up by +0.27% and Spanish IBEX-35 is up by +0.67% and they all are making chart pattern similar to that of DAX
• Swiss SMI-SWX is up by +0.53% after a gap-up but the last price is below the open for the day;

Currencies

• U.S. Dollar index is marginally up by +0.054 to 96.185; it fell back again within an up-sloping flag with a high point of 96.86 after a spike of Wednesday
• EUR/USD is down up by -18.5 pips to 1.10760;
• GBP/USD is up by +70 pips to 1.2996;earlier it reached a high of 1.3047
• USD/JPY is down by +24.90 pips (Yen is stronger) to 101.14 in a downtrend
• MSCI Emerging Markets Currency Index is up by +0.4%

Commodities

• WTI Crude is up by +0.52 or +1.12% to 47.95; Natural Gas is up by +1.33%
• Gold is down by -3.7 or -0.27% to 1363.40; Silver is down by -0.223 or -1.10% to 19.980
• Copper is down by -0.39% to 2.145

Yields

• U.S. 30-years is marginally up to 2.155 after a record low on Wednesday
• U.S. 10-years is up by 2 basis points to 1.4025 after an all time low on Wednesday

Pivot Levels:

S&P 500 is above its 10-D EMA, 10-D EMA crossed above 20-D EMA and its 20-D EMA is trending above 50-D EMA since March 9, 2016.

	S&P 500 Cash		eMini Futures
Daily	Level	Break Chance	Level	Break Chance
Pivot	2091.49		2084.75
R1	2108.96	61%	2103.75	57%
R2	2118.19	42%	2113.50	31%
R1	2135.66	44%	2132.50	24%
S1	2082.26	36%	2075.00	36%
S2	2064.79	34%	2056.00	26%
S3	2055.56	23%	2046.25	23%

Note: The probability of a level breaking is shown above is for the current condition when the price is above 20-D EMA, 10-D EMA is above 20-D EMA and 20-D EMA is above 50-D EMA. R2 break probability comes in picture only when R1 is broken. So are the probabilities calculated for R3, S2 and S3