Directional Bias For The Day:

• Futures are higher
• Moving higher since 1:00 PM on June 12
• Odds are for an up day; watch for break below 2435.00 for change of fortunes
• Key economic data:
  • CPI (-0.1% vs. est. 0.2%) at 8:30 AM
  • Core CPI (0.1% vs. 0.2%) at 8:30 AM
  • Core Retail Sales (-0.3% vs. 0.2% est.) at 8:30 AM
  • Retail Sales (-0.3% vs. 0.1%)
  • FOMC Statement, Funds Rate and Economic Projections at 2:00 PM

Markets Around The World

• Markets in the East closed mixed – Hong Kong, Sydney and Mumbai closed up; Shanghai, Tokyo and Seoul closed down
• European markets are higher
• Dollar index and USD/JPY are down; GBP/USD and EUR/USD are up
• Commodities are mixed – crude oil, NatGas and copper are down; gold and silver are up
• 10-yrs yield is at 2.139% down from June 13 close of 2.207%; 30-years is at 2.811% down from 2.863%

Key Levels:

• Critical support levels for S&P 500 are 2431.28, 2420.45 and 2415.70
• Critical resistance levels for S&P 500 are 2444.13, 2447.92 and 2454.34
• Key levels for eMini futures: break above 2443.50, the high of 10:30 AM on June 9 and break below 2435.00, the low of 00:00 AM on June 12

Pre-Open

• Pre-NYSE session open, futures price action is to the upside – at 9:00 AM, S&P 500 futures were up by +4.00; Dow by +31.00; and NASDAQ by +21.75
• On Tuesday, at 4:00 PM, S&P future (September contract) closed at 2438.50 and the index closed at 2440.35 – a spread of about 2.50 points; futures closed at 2438.00 for the day; the fair value is +0.50

Directional Bias Before Open

• Weekly: Up
• Daily: Up
• 120-Min: Side
• 30-Min: Side

The trend and patterns on various time frames for S&P 500 are:

Monthly	Confirmed Uptrend Uptrend resumption since Feb 08, 2016 after a pull back of -15.2%
Weekly:	Candlestick for the last week, Friday June 9 was an almost doji with smaller upper shadow Last week’s pivot point 2429.90; R1=2444.10, R2=2460.40; S1=2413.60, S2=2399.40 A down week – third in last five weeks; fifth in last ten weeks Broke above a down sloping flag (2378.36), which has bullish implications; Broke above a down-sloping flag on November 14, 2016; first target of 2285.92 and second target of 2363.14 are achieved Last swing low, 2083.79, was the low on November 4, 2016 Above 39-week SMA and 89-week SMA Confirmed uptrend, though pulling back
Daily	A green candle that gapped up at the open and did not fill the gap; closed at all time high Above a horizontal channel – high 2400.58 and low 2322.25 – 100% extension target near 2480.00 Above 20-day and 50-day EMA; above 100-day and 200-day Last swing low 2263.62 Mostly sideways move since February 17 – high near 2400 and the lo near 2330 Uptrend resumed
2-Hour (e-mini future)	Moving to the upper limit of the emerging broadening pattern that has two touches each to both limits Broken the sequence of higher highs and higher lows since 4:00 AM on May 18; Above 20-bar EMA and 50-bar EMA
30-Minute (e-mini future)	Rising since 1:00 PM on June 12 Down trend since June 2; within a down sloping flag, which is breaking to the downside Above rising 50-bar EMA and 20-bar EMA

Previous Session

Major U.S. indices closed higher on Tuesday June 13. They gapped up at the open and after a brief retracement moved higher. The gaps were not filled.

S&P 500, Russell 2000, NYSE Composite and Wilshire 500 Total Market Index closed at all time highs.