Directional Bias For The Day:
S&P Futures are higher- Drifting higher since 3:00 PM on October 9
- Odds are for an up to sideways day – watch for break below 2543.75 and below 2539.25 for change of fortunes
- No key economic data due:
Markets Around The World
- Markets in the East closed mostly higher – Sydney was down; Seoul was closed
- European markets are mostly down – Switzerland is up
- and STOXX 600 are up; U.K. and France are donw
- Currencies:
| Up |
Down |
- EUR/USD
- GBP/USD
- AUD/USD
- NZD/USD
|
- Dollar index
- USD/JPY
- USD/CHF
- USD/CAD
|
- Commodities are mostly down
| Up |
Down |
- Crude Oil
- NatGas
- Gold
- Silver
- Copper
- Palladium
- Sugar
- Coffee
- Cotton
- Cocoa
|
|
- 10-yrs yield closed at 2.361% down from October 6 close of 2.370%; 30-years closed at 2.894% down from 2.906%
Key Levels:
- Critical support levels for S&P 500 are 2540.02, 2535.37 and 2528.85
- Critical resistance levels for S&P 500 are 2551.82, 2556.27 and 2560.72
- Key levels for eMini futures: break above 2548.75, the high of 6:30 AM and break below 2543.75, the low of 4:30 AM
Pre-Open
- On Monday, at 4:00 PM, S&P future (December contract) closed at 2542.50 and the index closed at 2544.73 – a spread of about 2.25 points; futures closed at 2543.75 for the day; the fair value is -1.25
- Pre-NYSE session open, futures price action is to the upside – at 7:30 AM, S&P 500 futures were up by +3.75; Dow by +38.00; and NASDAQ by +10.75
Directional Bias Before Open
- Weekly: Up
- Daily: Up
- 120-Min: Up
- 30-Min: 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 candle hat is breaking away from previous one
- Last week’s pivot point 2540.75; R1=2561.09, R2=2572.86; S1=2528.98, S2=2508.64; R1/R2 ere breached; R1 has been breached for four weeks and R2 for two; support levels were breached only once in seven weeks, which was during the week ending on September 29
- An up week – fourth in last five weeks; seventh 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
|
Daily
|
- A bearish engulfing candle over a small harami doji candle
- 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=2546.05; R1=2550.50, R2=2556.27; S1=2540.28, S2=2535.83; R1/S1/S2 were breached
- Confirmed Uptrend
|
| 2-Hour (e-mini future) |
- Nearing the upper limit of a horizontal channel – high 2550.75 and low 2541.50 – after briefly breaching the lower limit on Monday following a touch with the upper limit
- At 10:00 AM on September 29, broke above a horizontal channel – high 2506.00 and low 2487.50 – 100% extension target near 2524.50 is achieved; 161.8% extension target, near 2536.00, is also achieved; 200% extension, near 2544.00, is also achieved; 261.8% extension is near 2555.00
- Sequence of higher high and higher low since 12:00 PM September 5
- At/above rising 20-bar EMA, which is above rising 50-bar EMA
|
| 30-Minute (e-mini future) |
- Drifting mostly sideways since 11:00 AM on October 5
- Broke above a symmetrical triangle or a pennant; achieved the triangle target near 2540.75 and 2545.00; achieved the pennant targets near 2544.00 and 2549.25
- Up trend since the of low of 2485.00 at 11:00 AM on September 25;
- Above flattening 20-bar EMA, which is above rising 50-bar EMA
|
Previous Session
Most major U.S. indices declined on Monday October 9. S&P 500, NYSE Composite and Wilshire 5000 Total Market Index made bearish engulfing over a doji candle. Dow Jones Industrial Average made a near doji pattern.
| Up |
Down |
- Energy
- Technology
- Utility
- Real Estate
|
- Consumer Discretionary
- Consumer Staples
- Materials
- Industrials
- Finance
- Heath Care
|
Most major U.S. indices declined on Monday October 9. S&P 500, NYSE Composite and Wilshire 5000 Total Market Index made bearish engulfing over a doji candle. Dow Jones Industrial Average made a near doji pattern.
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