Directional Bias For The Day:
- S&P Futures are lower; fresh leg down since 12:00 AM;
- The odds are for a down day with elevated volatility – watch for break above 2860.25 for change of fortune
- No key economic data due:
Directional Bias Before Open:
- Critical support levels for S&P 500 are 2830.88, 2806.51 and 2792.91
- Critical resistance levels for S&P 500 are 2833.43, 2862.16 and 2879.22
- Key levels for eMini futures: break above 2829.75, the high of 7:00 AM and break below 2808.50, the low of 7:45 AM
- On Friday at 4:00 PM, S&P future (June 2020) closed at 2864.50 and the index closed at 2874.56 – a spread of about -10.00 points; futures closed at 2870.00 for the day; the fair value is -5.50
- Pre-NYSE session open, futures are lower – at 8:15 AM, S&P 500 futures were down by -55.75; Dow by -513 and NASDAQ by -87.50
Markets Around The World
- Markets in the East closed mostly down – Shanghai and Mumbai closed up
- European markets are lower
- Dollar index
- Crude Oil
- 10-yrs yield closed at 0.654%, up from April 16 close of 0.609%;
- 30-years is at 1.276%, up from 1.210%
- 2-years yield is at 0.202% down from 0.219%
- The 10-Year-&-2-Year spread is at 0.452 up from 0.390
- Is at 42.42 up +4.47 from April 17 close; above 5-day SMA;
- Down from all time high of 85.47 on March 18
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 higher on Friday, April 17 in mixed volume. Dow Jones Industrial Average and S&P 500 traded in higher volume. NASDAQ Composite is the leader. It has broken above March 10 down gap resistance. S&P 500 is close to this resistance but others are odd it.
For the week, U.S. indices closed mixed. Russell 2000 and Dow Jones Transportation Average closed lower. The volume was mixed. DJIA and NASDAQ Composite traded in higher volume for the week. Asian markets were higher for the week. Most European market were down. Germany, Switzerland and STOXX 600 were up.
The S&P 500 advanced 2.7% on Friday amid hopes for a COVID-19 treatment and optimism about reopening the economy. The Dow Jones Industrial Average (+3.0%) and Russell 2000 (+4.3%) outpaced the benchmark index, while the Nasdaq Composite (+1.4%) had a more modest performance.[…]
All 11 S&P 500 sectors posted gains to end the week with relative strength found in the energy (+10.4%) and financials (+5.6%) sectors.[…]
The information technology sector (+1.4%) underperformed today …
The 2-yr yield increased one basis point to 0.20%, and the 10-yr yield increased four basis points to 0.65%. The U.S. Dollar Index declined 0.2% to 99.78.
Friday’s economic data was limited to the Conference Board’s Leading Economic Index for March, which declined 6.7% (Briefing.com consensus -7.1%) following a revised 0.2% decline in February (from +0.1%).