Directional Bias For The Day:
S&P Futures are higher; moving sideways, in a rounding top formation, since 6:30 PM on Sunday- Odds are for a sideway day – watch for break above 2800.00 and below 2781.75 for change of fortunes
- No Key economic data due
Markets Around The World
- Markets in the East were up
- European markets are higher
- Currencies:
| Up |
Down |
- EUR/USD
- GBP/USD
- AUD/USD
- NZD/USD
- USD/CAD
|
- Dollar index
- USD/JPY
- USD/CHF
|
- Commodities:
| Up |
Down |
|
|
- Crude Oil
- Gold
- Silver
- Copper
- Platinum
- Palladium
- Coffee
- Cotton
|
- Bonds
- 10-yrs yield is at 2.888% down from March 9 close of 2.894%;
- 30-years is at 3.149%, down from 3.159%
- 2-years yield is at 2.266%, up from 2.262%
- The 10-Year-&-2-Year spread is at 0.622, up from 0.632
Key Levels:
- Critical support levels for S&P 500 are 2772.42, 2751.54 and 2728.05
- Critical resistance levels for S&P 500 are 2808.92, 2835.96 and 2851.48
- Key levels for eMini futures: break above 2800.50, the high at 3:30 AM and break below 2790.00, the low of 9:30 PM on Marchh 11
Pre-Open
- On Friday, at 4:00 PM, S&P future (March contract) closed at 2786.50 and the index closed at 2786.57 – a spread of about -0.0 points; futures closed at 2788.75 for the day; the fair value is -2.25
- Pre-NYSE session open, futures price action is to the upside – at 8:30 AM, S&P 500 futures were up by +6.00; Dow by +52.00; and NASDAQ by +28.75
Directional Bias Before Open
- Weekly: Uptrend Under Pressure
- Daily: Uptrend Under Pressure
- 120-Min: Up
- 30-Min: Up-Side
- 15-Min: Side-Down
- 6-Min: Down
The trend and patterns on various time frames for S&P 500 are:
| Monthly |
- Confirmed Uptrend
- December 2017 closed higher; index has been higher for the nine straight months; it has only one down month, March 2017, since October 2016
- Uptrend resumption since Feb 08, 2016 after a pull back of -15.2%
|
| Weekly: |
- The week ending on March 9 was a large bullish engulfing candle, over a bearish engulfing candles, with almost no upper and lower shadows
- Last week’s pivot point=2749.63, R1=2823.51, R2=2860.45; S1=2712.69, S2=2638.81; R1 pivot levels was breached;
- An up week following a down week; third in last five weeks and seventh in last ten weeks
- Broke above a down sloping flag on April 24 2017;
- flag-low was 2322.25 during 27-Mar-17 week; shorter flag-pole length is 317.19 and longer flag-pole length is 590.88;
- 100% extension target of shorter flag-pole near 2639.41 is achieved; and the 161.8% extension target is near 2835.46
- 61.8% extension target of longer flag-pole near 2687.41 is achieved; the 100% extension target is near 2913.13
- Broke above a down-sloping flag on November 14, 2016;
- the flag low was 2083.79 during 31-Oct-16 week; the shorter flag-pole length is 202.13 and the longer flag-pole length is 383.71;
- 261.8% extension target of shorter flag-pole near 2612.97 is achieved
- the 161.8% extension target of longer flag-pole near 2704.63 is achieved; the 261.8% extension target is near 3088.34
- Last swing low, 2322.25, was the low on March 27, 2017
- Below 10-week EMA; at 39-week SMA and above 89-week SMA
- Uptrend under pressure
|
Daily
|
- A large green body candle that gapped at the open and with almost no upper shadow and small lower shadow;
- Breaking above a symmetrical triangle or pennant
- Last big pattern, a down-sloping flag in June 2017, was broken to the upside on July 13, 2017; in August the index declined and tested the broken upper limit of the flag; since then the index has made three very small flags; it broke to the upside of the last flag on January 2
- Bounced off 200-day SMA on February 9
- Above 20-day EMA; above 50-day EMA; above 100-day SMA and 200-day SMA
- Uptrend under pressure
|
| 2-Hour (e-mini future) |
- Rising since making a low of 2681.25 at 6:00 PM on March 6; pulling back since 2:00 AM on march 12 from 2805.00, which is just above a resistance level; above an uptrend line; sequence of higher highs and higher lows
- RSI-9 rising since making a low of 30.24 at 6:00 PM on March 6; moving between 65 and 75 since 2:00 PM on March 8
- Above 20-bar EMA, which is above EMA10 of EMA50
- Bias: Up
|
| 30-Minute (e-mini future) |
- Broke above an ascending triangle and achieved 100% extension target near 2789.00; making a rounding top pattern since 6:00 PM on March 11
- RSI stayed above 75 from 10:30 AM on March 9 to 3:a0 AM on March 12; it is not nearing 50
- At 50-bar EMA, which is above 20-bar EMA
- Bias: Up-Side
|
| 15-Minute (e-mini future) |
- Bollinger Band (20, 2.0) is moving sideways in a rounding top fashion since 6:00 PM on March 11
- The band narrowed at midnight and staying small
- RSI is trending down from above 75 since 6:45 PM on March 11; fallen below 40
- The Stochastic (9, 1, 3): %K reached 5.4 at 5:00 AM and then the bounce turned down from 68 and is again below 20
- Bias: Side-Down
|
Previous Session
Major U.S. indices closed higher on Friday March 9. The volume was higher from most indices too. Dow Jones Transportation Average traded at lesser volume. The market gapped higher at the open due to better than expected NFP report and then rose higher for rest for the day.
For the week, the major indices advanced, albeit on lower volume than previous week. All S&P 500 sectors closed higher for the week.
| Up |
Down |
- Consumer Discretionary
- Consumer Staples
- Energy
- Materials
- Industrials
- Finance
- Technology
- Utility
- Heath Care
- Real Estate
- Telecom
|
|
Major U.S. indices closed higher on Friday March 9. The volume was higher from most indices too. Dow Jones Transportation Average traded at lesser volume. The market gapped higher at the open due to better than expected NFP report and then rose higher for rest for the day.
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