Directional Bias For The Day:
S&P Futures are lower; in the middle of an ascending triangle between 2822.00 and 2812.00 since 1:00 PM on July 24- Odds are for a sideways day – watch for break above 2822.00 and below 2812.00 for clarity
- No key economic data due:
Markets Around The World
- Markets in the East closed mostly higher – Sydney and Seoul closed down
- European markets are lower
- Currencies:
| Up |
Down |
|
|
- Dollar index
- USD/JPY
- USD/CHF
- AUD/USD
- USD/CAD
- USD/INR
|
- Commodities:
| Up |
Down |
- Crude Oil (unch.)
- NatGas
- Gold
- Silver
- Copper
- Platinum
- Palladium
- Sugar
- Coffee
- Cotton
- Cocoa
|
|
- Bonds
- 10-yrs yield is at 2.947%, down from July 24 close of 2.949%;
- 30-years is at 3.065%, down from 3.076%
- 2-years yield is at 2.633%, unchanged
- The 10-Year-&-2-Year spread is at 0.298, down from 0.300
Key Levels:
- Critical support levels for S&P 500 are 2811.12, 2804.26 and 2795.14
- Critical resistance levels for S&P 500 are 2829.99, 2835.96 and 2839.26
- Key levels for eMini futures: break above 2821.75, the high of 6:00 AM and break below 2814.00, the low of 7:30 AM
Pre-Open
- On Tuesday, at 4:00 PM, S&P future (September contract) closed at 2821.00 and the index closed at 2820.40 – a spread of about +0.50 points; futures closed at 2821.00 for the day; the fair value is +0.00
- Pre-NYSE session open, futures price action is to the downside – at 8:00 AM, S&P 500 futures were down -5.25; Dow by -100.00; and NASDAQ by -7.00
Directional Bias Before Open
- Weekly: Uptrend Under Pressure
- Daily: Uptrend resumed
- 120-Min: Up-Side
- 30-Min: Up-Side
- 15-Min: Side
- 6-Min: Side
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 July 20 was a small doji candle
- Last week’s pivot point=2802.61, R1=2815.98, R2=2830.13; S1=2788.46, S2=2775.09; R1 pivot level was breached;
- A third up week in a row; third in last five weeks and seventh in last ten weeks
- Breaking above an ascending triangle but still within an upsloping flag; a 100% extension target would be near 3070.00 level
- 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 resumed
|
Daily
|
- A doji candle that gapped up at the open with almost equal upper and lower shadow
- %K is above %D just below 90;
- Above 20-day EMA, 50-day EMA, 100-day SMA and 200-day SMA
- Uptrend resumed
|
| 2-Hour (e-mini future) |
- Broke above a downtrend line from a high of 2818.25 on July 18; declining from a high of 2831.25 at 10:00 AM on July 24
- RSI-9 declining from the high of 78.48 at 8:00 AM on July 24 after making a bearish divergence
- At 20-bar EMA; which is above EMA10 of EMA50
- Bias: Up-Side
|
| 30-Minute (e-mini future) |
- Forming a symmetric/ascending triangle after a spike on July 24; Break above a descending triangle achieved the 100% extension target near 2830.00; break above a triple bottom also achieved the 100% extension target near 2828.00
- RSI-9 is declining since 10:00 AM on July 24; near 40
- Below 50-bar EMA, which is below 20-bar EMA
- Bias: Up-Side
|
| 15-Minute (e-mini future) |
- Bollinger Band (20, 2.0) is moving sideways since 7:00 PM on July 24
- The band contracted during Asian session; expanding since 2:30 AM; price first moved along the upper band and is moving along the lower band since 7:00 AM
- RSI made a bearish divergence at 6:00 with a high of 66.47; now below 40
- The Stochastic (9, 1, 3): %K crossed below %D at 6:15 AM just below 80 after making a bearish divergence
- Bias: Side
|
Previous Session
Major U.S. indices closed mixed on Tuesday July 24. S&P 500, Dow Jones Industrial Average, NYSE Composite and Wilshire 5000 Total Market Index closed higher. NASDAQ Composite, Russell 2000 and Dow Jones Transportation Average closed lower. The indices gapped up at the open then gradually declined for most of the day before rising a bit in the last half-hour of trading. The volume was higher across the board.
| Up |
Down |
- Consumer Staples
- Energy
- Materials
- Industrials
- Finance
- Technology
- Utility
- Heath Care
|
- Consumer Discretionary
- Real Estate
- Telecom
|
Major U.S. indices closed mixed on Tuesday July 24. S&P 500, Dow Jones Industrial Average, NYSE Composite and Wilshire 5000 Total Market Index closed higher. NASDAQ Composite, Russell 2000 and Dow Jones Transportation Average closed lower. The indices gapped up at the open then gradually declined for most of the day before rising a bit in the last half-hour of trading. The volume was higher across the board.
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