Directional Bias For The Day:
- The futures are lower
- Trending down after making a high near the gap-down at 9:30 AM on February 1
- Lower highs, lower lows on 30-minute timeframe
- Odds are for a down day; watch for break above 2277.75 for change of fortunes
Markets Around The World
- Markets in the East were mostly down; Mumbai was up; Shanghai was closed
- European markets are mixed – Germany, Switzerland and STOXX 600 are down; France, U.K. Spain and Italy are up
- Dollar index, GBP/USD and USD/JPY are down; EUR/USD is up
- Commodities are mixed: Crude oil, gold and silver are up; NatGAs and copper are down
- 10-yrs yield is at 2.448%, down from February 1 close of of 2.474%; 30-years is at 3.057%, up from February 1 close of 3.081%
Key Levels:
- Critical support levels for S&P 500 are 2272.44, 2267.21 and 2257.02
- Critical resistance levels for S&P 500 are 2289.14, 2300.99 and 2304.16
- Key levels for eMini futures: break above 2277.75, high of 2:00 PM on February 1 and break below 2265.25, the low of 5:00 AM
Pre-Open
- Pre-NYSE session open, futures price action is to the downside – at 9:00 AM, S&P 500 futures were down by -4.75, Dow is down by -52.00 and NASDAQ is down by -10.50
- On Wednesday, at 4:00 PM, S&P future (March contract) closed at 2275.00 and the index closed at 2279.55 – a spread of about 4.50 points; futures closed at 2274.50 for the day; the fair value is +0.50
The trend and patterns on various time frames for S&P 500 are:
Monthly |
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Weekly: |
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Daily |
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2-Hour (e-mini future) |
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30-Minute (e-mini future) |
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Previous Session
U.S. indices were mixed on Wednesday February 1. Major indices turned back in the early morning session near the lower limit o0f the gap-down open of January 30. Russell 2000, Dow Transportation Average and NYSE Composite were down.
Dow Jones Industrial Average is near the middle of its horizontal channel. Dow Transportation Average is nearing the lows of January 3. Russell 200 is near the lower limit of its horizontal channel.
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