Directional Bias For The Day:
- The futures are slightly down
- Moving sideways in a narrow range since 3:30 PM on February 14
- Odds are for a sideways to a down day; watch for the break above 2340.00 or below 2331.25 for change of fortunes
Markets Around The World
- Markets in the East were mixed – Shanghai and Mumbai were down; Tokyo, Hong Kong, Sydney and Seoul closed higher
- European markets are higher
- Dollar index and EUR/USD are up, USD/JPY and GBP/USD are down
- Commodities are mostly higher – only crude oil is down
- 10-yrs yield closed at 2.470% on Tuesday, up from February 14 close of 2.434%; 30-years closed at 3.062%, up from February 14 close of 3.034%
- Critical support levels for S&P 500 are 2333.47, 2322.17 and 2319.23
- Critical resistance levels for S&P 500 are 2342.72, 2347.85 and 2358.13
- Key levels for eMini futures: break above 2340.00, high of 12:00 AM and break below 2332.00, the low of 2:30 PM on February 14
- Pre-NYSE session open, futures price action is mixed – at 8:30 AM, S&P 500 futures were down by -2.75, Dow is up by +9.00 and NASDAQ is down by -3.75
- On Tuesday, at 4:00 PM, S&P future (March contract) closed at 2335.50 and the index closed at 2337.58 – a spread of about 2.00 points; futures closed at 2337.00 for the day; the fair value is -1.50
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 Tuesday February 14. Most major indices made all time highs. Dow Transportation Average did make all time high. Russell 2000 closed at all time high but did not make intraday high.
The intra-day price movement of S&P 500 was still less 1.00%. It continues to drift 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 has narrowed since December 28.
Dow Transportation Average and Russell 2000 are trying to break above their respective horizontal channels. Russell 2000 is just above its upper limit and DJT is just below its. DJT also made a red harami candlestick patterns.