Directional Bias For The Day:
The futures are higher
- Moving sideways since 6:30 PM on March 22 – between 2349.50 and the 2343.25;
- Daily trend is down; 30-minute chart trend is sideways;
- Odds are for a sideways to down day; watch for break above 2349.50 and below 2343.25 for change of fortunes
Markets Around The World
- Markets in the East closed higher
- European markets are higher
- Dollar index and USD/JPY are higher; GBP/USD and EUR/USD are lower;
- Commodities are mostly higher – gold is down
- 10-yrs yield closed at 2.396% on March 22 down from March 21 close of 2.436%; 30-years closed at 3.011% down from 3.093%
Key Levels:
- Critical support levels for S&P 500 are 2340.51, 2336.45 and 2322.17
- Critical resistance levels for S&P 500 are 2354.54, 2358.18 and 2366.30
- Key levels for eMini futures: break above 2349.25, high of 2:30 PM on March 21 and high of 2356.25, the high of 12:00 PM on March 21; and break below 2343.25, the low of 7:00 AM
Pre-Open
- Pre-NYSE session open, futures price action is to the upside – at 8:15 AM, S&P 500 futures were up by +4.00, Dow by +12.00 and NASDAQ by +5.25
- On Wednesday, at 4:00 PM, S&P future (June contract) closed at 2345.25 and the index closed at 2348.45 – a spread of about +3.25 points; futures closed at 2342.50 for the day; the fair value is +2.75
The trend and patterns on various time frames for S&P 500 are:
Monthly |
|
Weekly: |
|
Daily |
|
2-Hour (e-mini future) |
|
30-Minute (e-mini future) |
|
Previous Session
U.S. indices closed up on Wednesday March 22 after sharp decline on Tuesday. The day’s action was small compared to that on Tuesday. The real body of S&P 500 on Wednesday was a small green one near the lower end of Tuesday’s large red body. The upper and lower shadows were small. Other indices made similar candlestick pattern.