Directional Bias For The Day:
- The futures are almost unchanged
- In the middle of a horizontal channel since 9:30 AM on February 3
- Rising after touching the lower bound at 6:00 PM on February 7
- Odds are for a sideways day; watch for break above 2295.00 or break below 2284.00 for change of fortunes
Markets Around The World
- Markets in the East were mixed – Mumbai and Seoul were down and others were higher
- European markets are higher
- Dollar index, EUR/USD and GBP/USD are up; USD/JPY is down
- Commodities are mixed – crude oil, NatGas are down; gold, silver and copper are up
- 10-yrs yield is at 2.389%, down from February 6 close of of 2.413%; 30-years is at 3.019%, down from February 6 close of 3.048%
- Critical support levels for S&P 500 are 2290.16, 2283.97 and 2275.14
- Critical resistance levels for S&P 500 are 2299.40, 2300.99 and 2303.45
- Key levels for eMini futures: break above 2295.00, high of 9:30 AM on February 7 and break below 2284.25, the low of 6:00 PM on February 7
- Pre-NYSE session open, futures price action is almost unchanged – at 6:45 AM, S&P 500 futures were up +0.50, Dow is up by +14.00 and NASDAQ by +3.75
- On Tuesday, at 4:00 PM, S&P future (March contract) closed at 2287.75 and the index closed at 2293.08 – a spread of about 5.25 points; futures closed at 2288.50 for the day; the fair value is -1.75
The trend and patterns on various time frames for S&P 500 are:
|2-Hour (e-mini future)||
|30-Minute (e-mini future)||
U.S. indices were mixed on Tuesday February 7. S&P 500, Dow Jones Industrial Average and NASDAQ Composite were positive for the day. Russell 2000, NYSE Composite and Wilshire 5000 Total Market Index declined.
The day’s action was within a narrow range. The S&P 500 has not moved for more than 1.00% intraday since December 29. For the last two days the S&P 500’s real body was within the large green candle of February 3.
The chart pattern on daily timeframe did not change materially for indices. NYSE Composite is trying to fill the gap-up open of February 3.