Directional Bias For The Day:

• S&P Futures are higher
• Moving sideways to down since 1:00 AM
• Odds are for an up to sideways day – watch for break below 2500.50 for a change of fortunes
• No Key economic data due:

Markets Around The World

• Markets in the East closed higher – Tokyo was closed; the intra-day trend up in the early session followed by a consolidation and little pullback
• European markets are higher; markets opened at the high and have been pulling back since then
• Currencies:
  

  Up	Down
  EUR/USD GBP/USD USD/CAD	Dollar index USD/JPY USD/CHF AUD/USD NZD/USD

• Commodities are mostly down
  

  Up	Down
  NatGas Copper Palladium Cotton	Crude Oil Gold Silver Platinum Coffee Cocoa

• 10-yrs yield is at 2.215% up from September 15 close of 2.202%; 30-years is at 2.770% up from 2.771%

Key Levels:

• Critical support levels for S&P 500 are 2496.20, 2491.35 and 2486.17
• Critical resistance levels for S&P 500 are 2502.59, 2504.94 and 2509.66
• Key levels for eMini futures: break above 2504.50, the high of 3:00 AM and break below 2500.50, the low of 9:00 PM on September 17

Pre-Open

• On Friday, at 4:00 PM, S&P future (December contract) closed at 2497.50 and the index closed at 2500.23 – a spread of about 2.75 points; futures closed at 2497.25 for the day; the fair value is +0.25
• Pre-NYSE session open, futures price action is to the upside – at 9:00 AM, S&P 500 futures were up by +4.25; Dow by +46.00; and NASDAQ by +4.75

Directional Bias Before Open

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

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:	A green shaven top and shaven bottom candle that gapped up from previous red harami candle; all time highs after a brief – seven week pullback Last week’s pivot point 2491.66; R1=2508.80, R2=2517.37; S1=2483.09, S2=2465.95; R1/R2/R3 were breached; support levels not breached for four weeks An up week – third in last five weeks; sixth in last ten weeks Broke above a down sloping flag (2378.36) on April 24, which has bullish implications; first target is near 2520.00 and the second target is near 2640.00 Broke above a down-sloping flag on November 14, 2016; first target of 2285.92 is achieved; second target is near 2467.50 Last swing low, 2322.25, was the low on March 27, 2017 Above 10-week EM; above 39-week SMA and 89-week SMA Confirmed uptrend, though pulling back and moving sideways since June 5
Daily	A small green candle that broke above a trading range in the afternoon session; new high Last pattern, a down-sloping flag in June that was broken to the upside on July 13, is re-asserted Above 20-day EMA, which is above 50-day EMA; Above 100-day SMA and 200-day SMA Pivot Point=2497.87; R1=2502.59, R2=2504.94; S1=2495.52, S2=2490.80; R1 was breached Uptrend resumed
2-Hour (e-mini future)	Futures moving higher since 12:00 PM on September 11; between high near 2495.00 and low near 2487.00 Sequence of higher high and higher low since 12:00 PM September 5 Above rising 20-bar EMA, which is above rising 50-bar EMA
30-Minute (e-mini future)	Drifting down since 2:30 AM; broke above a congestion zone at 10:a0 AM on September 15 High highs and higher lows, with couple of exceptions, since 5:00 AM on August 29 Below a flattening 20-bar EMA, which is above rising 50-bar EMA

Previous Session

Major U.S. indices closed higher on Friday September 15. The market was moving sideways till 10:00 AM before breaking away a range that was being formed since 9:30 AM on Tuesday. Most indices made all time highs. Russell 2000 and Dow Jones Transportation Average did not but they are also breaking above a recent congestion area.

• S&P 500 Sectors

Up	Down
Technology	Consumer Discretionary Consumer Staples Energy Materials Industrials Finance Utility Heath Care Real Estate

For the week; all major indices were up. All but two S&P 500 sectors were up. Utility and Real Estate were down for the week.