Directional Bias For The Day:
 S&P 500 futures are drifting lower after making day’s high at 3:00 AM
 Odds are high for a sideways or a down day – break above 2182.75 will be a powerbuy setup and bullish for the day
 On the 2hour chart, S&P future broke above a shortterm trend line on Wednesday but is retracing;Critical support levels for S&P 500 are 2172.39, 2169.35, and 2158.21
 Critical resistance levels for S&P 500 are 2186.24, 2192.51 and 2201.95
 PreNYSE session open, futures price action is to the mixed; at 8:45 AM, S&P 500 future was up by +0.25, Dow was down by 9 and NASDAQ was up by +5.00
 U.S. Job Less Claims came at 262K, better than the estimates of 269K
The trend and patterns on various time frames are:
Weekly: 

Daily 

2Hour (emini future) 

30Minute (emini future) 

Before NYSE Session Open
Major US indices staged a lateday rally on Wednesday after the release of minutes of July meeting of FOMC. The NYSE session started with S&P 500 future unchanged from the previous day. Market quickly declined and by 11:30 AM, S&P 500 was almost ten points below its Tuesday close. Then the turnaround started, which gained speed after the Fed minutes were release at 2:00 PM and after a quick swoon down immediately after the release.
All major indices formed hammer pattern for the day after testing a support, the low reached on August 10th. All except, the small cap, were positive for the day after being down more than 0.4% at day’s lows.
 S&P 500 gained +4.07 or +0.2% to close at 2182.22;
 Dow Jones Industrial Average was up by +21.92 or +0.1% to 18573.94;
 NASDAQ Composite gained +1.55 or +0.03% to close at 5228.66;
 Russell 2000 was down 3.45 or 0.3% to 1227.68;.
Asian Session
Asian bourses were mixed on Thursday.
 Shanghai Composite was down by 5.44 or 0.17% to close at 3104.14;
 Hang Seng closed up by +223.38 or +0.98% to 23023.16; it gapped up at the open but still closed at the lows of the day
 Nikkei 225 closed down by 259.63 or 1.55% to 16486.01; it lost more than it had gained on Wednesday;
 Sydney’s S&P/ASX 200 was down by 27.20 or 0.49% to 5507.80;
 Sensex was up +118.07 or +0.42% to close at 28123.44;
 South Korea’s KOSPI was up +11.72 or +0.57% to close at 2055.47;
European Session
In preUS session, the European stock markets are mostly mixed at 8:00 AM and are fading from the highs.
 DAX is up by +15.44 or +0.15% at 10553.11; the day is shaping up to be a red harami candle within a large redcandle of Wednesday;
 FTSE100 is down by 1.61 or 0.02% to 6857.54; it is completed an evening star pattern on daily charts; next support is at 6812.73 and resistance is at 7122.74
 CAC40 is down by 3.66 or 0.08% to 4414.02; it has closed down for the past three days;
 Spanish IBEX is almost unchanged at 0.60 or 0.01% to 8486.40; it is below the open;
 Italian FTSE MIB is down by 4.09 or 0.02% to 16524.27;
 Swiss SMISWX is up by +5.71 or +0.07% to 8159.51;
 STOXX600 is up by +1.27 or +0.37% to 341.74
Currencies
 U.S. Dollar index is down by 0.255 to 94.425; it is back at the uptrend line, which is in progress on daily timeframe since May 3rd;
 EUR/USD is up by +32.3 pips to 1.13206; on August 16th, it broke above a shorttern down trend line since May 3rd and the next resistance is 1.14242;
 GBP/USD is up by +108.0 pips to 1.3151; it is at a resistance level; the next resistance is ay 1.3341;
 USD/JPY is up by +15.3 pips (Yen is weaker) to 100.211; it is struggling at the support – a congestion area that lasted for more than six months in 2013
Commodities
 WTI Crude is up by +0.31 or +0.66% to 47.10; it has just cleared a resistance and broken above a down trend line since June 9th; the next resistance is at 48.25;
 Natural Gas is up by +0.009 or +0.34% to 2.628;
 Gold is up by +6.9 or +0.51% to 1355.70;
 Silver is up by +0.102 or +01.52% to 19.750;
 Copper is up by 0.0345 or +1.60% to 2.1865;
Yields
 U.S. Treasury yields are down for the day so far
 30year yield is down by 0.12 basis points to 2.2611% and 10year is down by 0.14 basis points to 1.547%
Pivot Levels:
S&P 500 is above its 10D EMA, 10D EMA is above 20D EMA and its 20D EMA is trending above 50D EMA since March 9, 2016.
S&P 500 Cash  eMini Futures  
Daily  Level  Break Chance 
Level  Break Chance 
Pivot  2177.93  2175.75  
R1  2187.37  60%  2186.00  56% 
R2  2192.51  43%  2192.25  32% 
R3  2201.95  47%  2202.50  27% 
S1  2172.79  36%  2169.50  36% 
S2  2163.35  34%  2159.25  26% 
S3  2158.21  21%  2153.00  20% 
Note: The probability of a level breaking is shown above is for the current condition when the price is above 20D EMA, 10D EMA is above 20D EMA and 20D EMA is above 50D EMA. R2 break probability comes in picture only when R1 is broken. So are the probabilities calculated for R3, S2 and S3
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