Directional Bias For The Day:
- S&P Futures are higher
- The odds are for an up day with elevated volatility; – watch for break below 3120,00 and 3102.00 for change of sentiments
- Key economic data due:
- Current Account ( -104B vs. -101B est.; prev. -104B) at 8:30 AM
Directional Bias Before Open:
- Critical support levels for S&P 500 are 3119.84, 3098.68 and 3093.51
- Critical resistance levels for S&P 500 are 3153.45, 3181.49 and 3213.79
- Key levels for E-mini futures: break above 3147.00, the high of 4:00 AM on June 17 and break below 3102.00, the low of 1:00 AM
- On Thursday at 4:00 PM, S&P futures (September 2020) closed at 3103.00 and the index closed at 3115.34 – a spread of about -12.25 points; futures closed at 3098.00 for the day; the fair value is +5.00
- Pre-NYSE session open, futures are higher – at 8:45 AM, S&P 500 futures were up by +37.50; Dow by +344 and NASDAQ by +103.75
Markets Around The World
- Markets in the East closed mostly higher – Singapore was down
- European markets are higher
- Dollar index
- Crude Oil
- 10-yrs yield is at 0.733%, up from June 18 close of 0.694;
- 30-years is at 1.517%,up from 1.461%
- 2-years yield is at 0.202% up from 0.198%
- The 10-Year-&-2-Year spread is at 0.531 up from 0.496
- Is at 31.05; down -1.89 from June 18 close; below 5-day SMA;
- Recent high 44.44 on June 15; low 23.54 on June 5
- Sentiment: Risk-On
The trend and patterns on various time frames for S&P 500:
|2-Hour (E-mini futures)||
|30-Minute (E-mini futures)||
|15-Minute (E-mini futures)||
Major U.S. indices closed mixed on Thursday, June 18 in lower volume. Dow Jones Industrial Average, Dow Jones Transportation Average and NYSE Composite closed down. S&P 500, NASDAQ Composite, Russell 2000 and Wilshire 5000 Total Market Index closed up. Day’s range was relatively small.
The S&P 500 increased 0.1% on Thursday after trading near its flat line for most of the session amid mixed economic signals. The Dow Jones Industrial Average (-0.2%), Nasdaq Composite (+0.3%), and Russell 2000 (unch) also closed little changed.
U.S. Treasuries finished mixed with longer-dated tenors closing higher. The 2-yr yield was unchanged at 0.19%, while the 10-yr yield declined four basis points to 0.69%. The U.S. Dollar Index increased 0.3% to 97.47 amid relative weakness in the British pound after the Bank of England increased its asset purchase program to GBP745 billion.
- Initial jobless claims for the week ending June 13 were higher than expected (and still high) at 1.508 million (Briefing.com consensus 1.350 million) versus 1.566 million in the prior week. Continuing jobless claims for the week ending June 6 decreased by 62,000 to 20.544 million.
- The Conference Board’s Leading Economic Index (LEI) increased 2.8% in May (Briefing.com consensus 2.5%) following a downwardly revised 6.1% decline (from -4.4%) in April. It was the first increase in the LEI since January.
- The Philadelphia Fed Index for June unexpectedly increased to 27.5 (Briefing.com consensus -25.0) from -43.1 in May.