Directional Bias For The Day:
S&P Futures are lower- Drifting mostly lower since 4:00 PM on October 10
- Odds are for a sideways to down day – watch for break above 2549.75 and below 2542.75 for change of fortunes
- No key economic data due:
Markets Around The World
- Markets in the East closed mostly higher – Hong Kong and Mumbai were down
- European markets are mostly up – U.K. and France are down
- Currencies:
| Up |
Down |
|
|
- Dollar index
- GBP/USD
- USD/JPY
- USD/CHF
- NZD/USD
- USD/CAD
|
- Commodities are mostly down
| Up |
Down |
- Crude Oil
- NatGas
- Palladium
- Sugar
- Cotton
- Cocoa
|
- Gold
- Silver
- Copper
- Platinum
- Coffee
|
- 10-yrs yield closed at 2.345% on October 10 down from October 9 close of 2.361%; 30-years closed at 2.881% down from 2.894%
Key Levels:
- Critical support levels for S&P 500 are 2544.86, 2540.02 and 2535.37
- Critical resistance levels for S&P 500 are 2555.23, 2560.61 and 2566.00
- Key levels for eMini futures: break above 2547.50, the high of 6:30 AM and break below 2544.25, the low of 7:30 AM
Pre-Open
- On Tuesday, at 4:00 PM, S&P future (December contract) closed at 2549.00 and the index closed at 2550.64 – a spread of about 1.75 points; futures closed at 2548.50 for the day; the fair value is +0.50
- Pre-NYSE session open, futures price action is to the downside – at 8:15 AM, S&P 500 futures were down by -2.00; Dow by -6.00; and NASDAQ by -7.00
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: |
- 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 doji following a bearish engulfing of 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=2550.24; R1=2555.63, R2=2560.61; S1=2545.26, S2=2539.87; R1 were breached
- Confirmed Uptrend
|
| 2-Hour (e-mini future) |
- In the middle of horizontal channel – high 2550.75 and low 2541.50 – after briefly breaching the upper limit following a breach of lower limit on Monday, which followed 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/below rising 20-bar EMA, which is above rising 50-bar EMA
|
| 30-Minute (e-mini future) |
- Drifting mostly sideways to down since 4:00 PM on October 10
- Up trend since the of low of 2485.00 at 11:00 AM on September 25;
- Below a flattening 20-bar EMA, which is at/below a flattening 50-bar EMA
|
Previous Session
Most major U.S. indices advanced on Tuesday October 10. S&P 500, NYSE Composite and Wilshire 5000 Total Market Index made near doji like pattern. S&P 500, Dow Jones Industrial Average and NASAQ Composite made all time high but only DJIA closed at one.
| Up |
Down |
- Consumer Staples
- Energy
- Materials
- Industrials
- Finance
- Technology
- Utility
- Heath Care
- Real Estate
|
- Consumer Discretionary
|
Most major U.S. indices advanced on Tuesday October 10. S&P 500, NYSE Composite and Wilshire 5000 Total Market Index made near doji like pattern. S&P 500, Dow Jones Industrial Average and NASAQ Composite made all time high but only DJIA closed at one.
You must be logged in to post a comment.