Directional Bias For The Day:
- S&P Futures are lower
- Moving down from 2477.75, high at 4:00 AM; forming a bearish ABCD pattern
- Odds are for a sideways to down day – watch for break above 2477.75 for a change of fortunes
- Key economic data due:
- JOLTS Job Opening (est. 5.74M) at 10:00 AM
Markets Around The World
- Markets in the East closed mostly lower – Shanghai and Hong Kong were higher
- European markets are mostly down – Spain is up
- Dollar index, USD/JPY and GBP/USD are down; EUR/USD is up
- Commodities are mostly higher – copper is down
- 10-yrs yield closed at 2.257% on August 7 down from August 4 close of 2.267%; 30-years closed at 2.837% down from 2.844%
Key Levels:
- Critical support levels for S&P 500 are 2475.94, 2468.85 and 2459.93
- Critical resistance levels for S&P 500 are 2484.04, 2487.68 and 2496.13
- Key levels for eMini futures: break above 2476.75, the high of 4:00 AM and break below 2474.50, the low of 10:00 PM on August 7
Pre-Open
- On Monday, at 4:00 PM, S&P future (September contract) closed at 2477.75 and the index closed at 2480.91 – a spread of about 3.25 points; futures closed at 2477.50 for the day; the fair value is +0.25
- Pre-NYSE session open, futures price action is to the downside – at 8:00 AM, S&P 500 futures were down by -3.50; Dow by -23.00; and NASDAQ by -6.75
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 |
|
Weekly: |
|
Daily |
|
2-Hour (e-mini future) |
|
30-Minute (e-mini future) |
|
Previous Session
Major U.S. indices closed higher on Monday, August 7. The day’s range was narrow. Dow Jones Industrial Average made another high and advanced for ninth consecutive days.
Only three S&P 500 sectors – Energy, Finance and Real Estate – were down on Monday.
You must be logged in to post a comment.