Directional Bias For The Day:
S&P Futures are higher; moving mostly sideways since midnight;- Odds are for an up day – watch for break below 2753.75 for change of fortune
- No key economic data due:
Markets Around The World
- Markets in the East were up – Seoul was closed
- European markets are mostly up – Italy is down
- Currencies:
| Up |
Down |
- EUR/USD
- GBP/USD
- USD/JPY
- USD/CHF
- AUD/USD
- NZD/USD
|
- Dollar index
- USD/CAD
- USD/INR
|
- Commodities:
| Up |
Down |
- NatGas
- Silver
- Copper
- Platinum
- Palladium
- Sugar
- Cotton
- Cocoa
|
|
- Bonds
- 10-yrs yield closed at 2.919% on June 5, down from June 4 close of 2.937%;
- 30-years is at 3.075%, down from 3.084%
- 2-years yield is at 2.516%, up from 2.452%
- The 10-Year-&-2-Year spread is at 0.423, down from 0.485
Key Levels:
- Critical support levels for S&P 500 are 2739.51, 2728.74 and 2718.70
- Critical resistance levels for S&P 500 are 2761.85, 2777.11 and 2801.90
- Key levels for eMini futures: break above 2758.00, the high of 2:30 AM and break below 2753.75, the low of 3:30 AM
Pre-Open
- On Tuesday, at 4:00 PM, S&P future (June contract) closed at 2749.50 and the index closed at 2748.80 – a spread of about +0.75 points; futures closed at 2751.50 for the day; the fair value is -2.00
- Pre-NYSE session open, futures price action is to the upside – at 7:45 AM, S&P 500 futures were up by +5.50; Dow by +120.00; and NASDAQ by +7.50
Directional Bias Before Open
- Weekly: Uptrend Under Pressure
- Daily: Uptrend resumed
- 120-Min: Side-Up
- 30-Min: Up
- 15-Min: Up
- 6-Min: Up
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 June 1 was a bullish engulfing
- Last week’s pivot point=2716.12, R1=2755.43, R2=2776.24; S1=2695.31, S2=2656.00; S1/S2 pivot levels were breached;
- An up week; third in last five weeks and sixth 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; Last swing high, 2872.87, was during the week of January 22, 2-018; the low since the last swing high is 2532.69 during the week if February 5, 2018
- Above 10-week EMA; above 39-week SMA and above 89-week SMA
- Uptrend under pressure
|
Daily
|
- A small green spinning top candle with a real body just above the real body of previous day
- Above 20-day EMA; above 50-day EMA and 100-day SMA; above 200-day SMA
- Uptrend resumes
|
| 2-Hour (e-mini future) |
- Continues the break above the upper limit of a horizontal channel that it broke below on May 29; nearing the upper limit of a long term resistance zone between 2745.00 and 2765.00
- Higher highs and higher lows since 2:00 PM on May 29
- RSI-9 dropped to just below 50 after staying above 65 for few days at 10:00 AM on June 5; above 65
- Above 20-bar EMA, which is above EMA10 of EMA50
- Bias: Up
|
| 30-Minute (e-mini future) |
- Above an uptrend line since 3:00 PM on May 29; moving higher in an upsloping channel
- RSI-9 is mostly above 40 since 3:30 PM on May 29; dropped to 40 at 11:00 AM on June 5 from above 65; bounced up above 65 midnight, dropped below it and again is above it
- Above 20-bar EMA, which is above 50-bar EMA
- Bias: Up
|
| 15-Minute (e-mini future) |
- Bollinger Band (20, 2.0) is drifting up since 3:45 PM on June 5
- The band narrowing slightly since 4:30 AM
- RSI mostly between 40 and 65 since 4:30 PM on May 31 bouncing off 50 at 4:45 AM
- The Stochastic (9, 1, 3): %K crossed above %D at 4:00 AM from below 20 and made slight bullish divergence; above 70
- Bias: Up
|
Previous Session
Major U.S. indices closed mixed on Tuesday June 5. Dow Jones Industrial Average, Dow Jones Transportation Average and NYSE Composite declined. S&P 500, NASDAQ Composite, Russell 2000 and Wilshire 5000 Total Market Index advanced. The volume was mixed too. It was lower for DJIA, DJT and Russell 2000 but higher for S&P 500 and NASDAQ Composite. The indices decline in the early session and then mostly turned around mid-day.
| Up |
Down |
- Consumer Discretionary
- Materials
- Industrials
- Technology
- Telecom
|
- Consumer Staples
- Energy
- Finance
- Utility
- Heath Care
- Real Estate
|
Major U.S. indices closed mixed on Tuesday June 5. Dow Jones Industrial Average, Dow Jones Transportation Average and NYSE Composite declined. S&P 500, NASDAQ Composite, Russell 2000 and Wilshire 5000 Total Market Index advanced. The volume was mixed too. It was lower for DJIA, DJT and Russell 2000 but higher for S&P 500 and NASDAQ Composite. The indices decline in the early session and then mostly turned around mid-day.
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