Directional Bias For The Day:
S&P Futures are higher; moving up since 2:30 PM on Monday;- Odds are for an up day – watch for break below 2720.25 for change of fortune
- Key economic data due:
- JOTS Jobs Openings (est. 6.84M; prev. 6.89M) at 10:00 AM
Sentiment & Catalyst
- Risk-on sentiment due to potential avoidance of government shutdown
Markets Around The World
- Markets in the East closed mostly higher – Mumbai and Singapore were down
- European markets are mostly up – U.K. 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 - Crude Oil
- NatGas
- Gold
- Silver
- Platinum
- Palladium
- Sugar
- Coffee
- Cotton
- Cocoa (Unch.)
- Copper
- Bonds
- 10-yrs yield is at 2.684%, up from February 11 close of 2.661%;
- 30-years is at 3.019%, up from 2.999%
- 2-years yield is at 2.496%, unchanged
- The 10-Year-&-2-Year spread is at 0.188, up from 0.165
Key Levels:
- Critical support levels for S&P 500 are 2703.79, 2697.45 and 2681.83
- Critical resistance levels for S&P 500 are 2724.15, 2733.00 and 2738.98
- Key levels for eMini futures: break above 2730.25, the high of 7:30 AM and break below 2720.25, the low of 0:30 AM
Pre-Open
- On Monday, at 4:00 PM, S&P future (January contract) closed at 2708.75 and the index closed at 2709.80 – a spread of about -1.00 points; futures closed at 2708.25 for the day; the fair value is +0.50
- Pre-NYSE session open, futures price action is to the upside – at 8:30 AM, S&P 500 futures were up by +18.50; Dow by +194; and NASDAQ by +53.50
Directional Bias Before Open
- Weekly: Downtrend reversing
- Daily: Up
- 120-Min: Up
- 30-Min: Up
- 15-Min: Up
- 6-Min: Up
The trend and patterns on various time frames for S&P 500:
Monthly |
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Weekly: |
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Daily |
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2-Hour (e-mini future) |
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30-Minute (e-mini future) |
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15-Minute (e-mini future) |
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Previous Session
From Briefing.com:
The S&P 500 increased 0.1% on Monday in a lackluster session. The major averages wavered around their flat lines throughout the day with investors preferring to wait and see for progress on U.S.-China trade talks. The Nasdaq Composite gained 0.1%, and the Dow Jones Industrial Average lost 0.2%. The Russell 2000, meanwhile, outperformed with a gain of 0.8%.
[…]The S&P 500 industrials (+0.6%) and energy (+0.5%) sectors outperformed the broader market. Conversely, the communication services (-0.6%), health care (-0.1%), and utilities (-0.1%) sectors were the lone groups to finish with losses.
Relative strength from the transport stocks underpinned the outperformance of the industrial sector. The Dow Jones Transportation Average increased 1.3%, led by gains from Norfolk Southern (NSC 176.95, +5.49, +3.2%) and Avis Budget (CAR 27.58, +1.90, +7.4%).
[…]U.S. Treasuries finished the day on a lower note, pushing yields higher across the curve. The 2-yr yield increased two basis points to 2.48%, and the 10-yr yield increased three basis points to 2.66%. The U.S. Dollar Index rose 0.4% to 97.05, setting a new high for 2019. WTI crude lost 0.7% to $52.39/bbl.
[…]
- S&P 500 Sectors
Sector | Daily Trend (Visual) | Relative Strength (Last Month – January) | Relative Strength (February) | %K vs. %D (January) |
Consumer Discretionary | Down | XLY | SPY (Cross-Under) | Above |
Consumer Staples | Down | SPY (Cross-Under) | SPY | Cross-Over |
Energy | Down | XLE (Cross-Over) | SPY (Cross-Under) | Above |
Materials | Down | SPY (Cross-Under) | SPY | Above |
Industrials | Down | XLI (Cross-Over) | XLI | Above |
Finance | Down | XLF (Cross-Over) | SPY (Cross-Under) | Above |
Technology | Down | SPY | XLK (Cross-Over) | Above |
Utility | Under Pressure | SPY (X-Under) | SPY | Cross-Over |
Heath Care | Down | SPY (Cross-Under) | SPY | Cross-Over |
Real Estate | Down | XLRE (Cross-Over) | XLRE | Above |
Telecom | Down | XLT (Cross-Over) | XTL | Above |