Directional Bias For The Day:
S&P Futures are higher- Drifting higher since 8:30 PM on October 12
- Odds are for an up to sideways day – watch for break above 2553.25 and below 2548.00 for change of fortunes
- Key economic data due:
- CPI (est. 0.6%) and Core CPI (est. 0.2%) at 8:30 AM
- Retail Sales (est. 1.7%) and Core Retail Sales (est. 0.9%) at 8:30 AM
Markets Around The World
- Markets in the East closed mostly higher – Seoul was down
- European markets are mixed – Germany, France, Italy and STOXX 600 are up; U.K., Spain and Switzerland are down
- Currencies:
| Up |
Down |
- Dollar index
- GBP/USD
- USD/CHF
- AUD/USD
- NZD/USD
|
|
- Commodities are mostly down
| Up |
Down |
- Crude Oil
- NatGas
- Copper
- Palladium
- Coffee
- Cotton
|
- Gold
- Silver
- Platinum
- Sugar
- Cocoa
|
- 10-yrs yield closed at 2.323% on October 12 down from October 11 close of 2.345%; 30-years closed at 2.853% down from 2.875%
Key Levels:
- Critical support levels for S&P 500 are 2548.31, 2544.86 and 2540.02
- Critical resistance levels for S&P 500 are 2555.26, 2558.54 and 2561.76
- Key levels for eMini futures: break above 2553.25, the high of 12:00 PM on October 12 and break below 2548.00, the low of 4:00 AM
Pre-Open
- On Thursday, at 4:00 PM, S&P future (December contract) closed at 2548.75 and the index closed at 2550.93 – a spread of about 2.25 points; futures closed at 2549.50 for the day; the fair value is -0.75
- Pre-NYSE session open, futures price action is to the upside – at 7:30 AM, S&P 500 futures were up by +1.50; Dow by +22.00; and NASDAQ by +3.50
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: |
- 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 near doji candle following a bullish engulfing 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=2551.52; R1=2554.74, R2=2558.54; S1=2547.72, S2=2544.50; S1 was breached
- Confirmed Uptrend
|
| 2-Hour (e-mini future) |
- At the upper limit of a horizontal channel – high 2550.75/2553.75 and low 2541.50 – after retreating from it on October 12
- 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) |
- Moving up since 8:30 PM on October 12
- Sideways since 11:00 AM on October 5 following an up trend since the of low of 2485.00 at 11:00 AM on September 25;
- Above flattening 20-bar EMA, which is above a flattening 50-bar EMA
|
Previous Session
Most major U.S. indices mostly declined on Thursday October 12. Dow Jones Transportation Average was the only on to go up. Russell 2000 declined.
| Up |
Down |
- Consumer Staples
- Materials
- Industrials
- Utility
- Real Estate
|
- Consumer Discretionary
- Energy
- Finance
- Technology
- Heath Care
|
Most major U.S. indices mostly declined on Thursday October 12. Dow Jones Transportation Average was the only on to go up. Russell 2000 declined.
You must be logged in to post a comment.