Directional Bias For The Day:
- The futures are slightly higher
- In the middle of a horizontal channel – upper limit of 2309.50; lower limit of 2303.00
- Odds are for a sideways to an up day; watch for the break of channel in either direction for change of fortunes
Markets Around The World
- Markets in the East closed higher
- European markets mostly lower – Germany is the sole exception
- Dollar index and USD/JPY are higher; EUR/USD and GBP/USD are down
- Commodities are mixed – crude oil and copper are higher; NatGas, gold and silver are down
- 10-yrs yield is closed at 2.395%, up from February 8 close of of 2.351%; 30-years closed at 3.011%, up from February 8 close of 2.961%
- Critical support levels for S&P 500 are 2306.13, 2300.99 and 2296.61
- Critical resistance levels for S&P 500 are 2313.76, 2319.60 and 2328.23
- Key levels for eMini futures: break above 2309.50, high of 2:00 AM and break below 2303.00, the low of 7:00 PM on February 9
- Pre-NYSE session open, futures price action is slightly to the upside – at 7:00 AM, S&P 500 futures were up +1.75, Dow is up by +21.00 and NASDAQ by +5.00
- On Thursday, at 4:00 PM, S&P future (March contract) closed at 2304.00 and the index closed at 2307.87 – a spread of about 4.00 points; futures closed at 2304.25 for the day; the fair value is -0.25
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 closed higher on Thursday February 9. S&P 500, Dow Jones Industrial Average, NASDAQ Composite and Wilshire 5000 Total Market Index made all time highs but Dow Jones Transportation Average, Russell 2000 and NYSE Composite did not.
The day’s action was still less 1.00% for the S&P 500. It is drifting up in a narrow up-sloping channel since December 27. NASDAQ Composite is also moving up in a up-sloping channel since October 28. The height of the slop narrowed since December 28.
Dow Jones Industrial Average broke above a horizontal channel. The 100% extension target of the pattern is near 20240.00. Dow Transportation Average and Russell 200 are in the middle of their respective horizontal channels.