Directional Bias For The Day:
- S&P Futures are higher; moving up since 5:00 AM after declining from a high of 2819.75 at 6:00 PM
- Odds are for an up day – watch for break below 2809.50 for change of fortune
- No key economic data due:
Markets Around The World
- Markets in the East closed mostly higher – Seoul was down; Mumbai was closed
- European markets are mostly higher – Spain is down
- Dollar index
- Crude Oil
- 10-yrs yield is at 2.738%, down from March 1 close of 2.755%;
- 30-years is at 3.105%, down from 3.124%
- 2-years yield is at 2.549%, down from 2.520%
- The 10-Year-&-2-Year spread is at 0.189, down from 0.194
- Critical support levels for S&P 500 are 2808.02, 2799.79 and 2795.76
- Critical resistance levels for S&P 500 are 2816.94, 2829.17 and 2843.89
- Key levels for eMini futures: break above 2815.75, the high of 4:00 AM and break below 2809.50, the low of 5:00 AM
- On Friday, at 4:00 PM, S&P future (January contract) closed at 2804.50 and the index closed at 2803.69 – a spread of about +0.75 points; futures closed at 2805.00 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 +9.75; Dow by +94; and NASDAQ by +40.00
Directional Bias Before Open
- Weekly: Uptrend
- Daily: Up
- 120-Min: Side-Up
- 30-Min: Up-Side
- 15-Min: Up-Side
- 6-Min: Down-Up
The trend and patterns on various time frames for S&P 500:
|2-Hour (e-mini future)||
|30-Minute (e-mini future)||
|15-Minute (e-mini future)||
Major U.S. indices closed mostly higher on Friday March 1 in mostly higher volume. Dow Jones Transportation Average closed down in lower volume. Dow Jones Industrial Average also traded in lower volume. Most indices made a small doji like candle. Russell 200 and Wilshire 5000 Total Market Index made relatively large green candle.
For the week, U.S. indices closed mixed in higher volume. S&P 500, NASDAQ Composite, NYSE Composite and Wilshire 5000 Total Market Index closed up. DJIA, DJT and Russell 2000 closed down for the week.
Week in Review: Financials, Information Technology Lead Broader Market Higher
The S&P 500 increased 0.4% this week, extending its yearly gain to 11.8%, as shares of financial and technology companies outperformed. There was a lot of news for the market to digest, which included economic data, U.S-China trade updates, and geopolitics.
The Nasdaq Composite rose 0.9%. The Dow Jones Industrial Average and the Russell 2000, meanwhile, finished flat.
The S&P 500 financials (+0.8%), information technology (+1.0%), and energy (+1.1%) sectors outperformed the broader market. Conversely, the materials (-1.6%), real estate (-1.2%), and consumer staples (-0.4%) sectors underperformed.
- S&P 500 Sectors
|Sector||Daily Trend (Visual)||Relative Strength (Last Month – February)||Relative Strength (March)||%K vs. %D (March)|
|Consumer Discretionary||Down||SPY (Cross-Under)||SPY||Above|
|Real Estate||Down||SPY (Cross-Under)||SPY||Below (Cross-Under)|