Directional Bias For The Day:

• S&P Futures are little changed;
• The daily bias is sideways to down
• The odds are for a sideways to down day – watch for a break above 3883.25 and below 3865.25 for clarity
• Key economic data report due during the day:
  • CPI ( 0.4% vs. 0.4% est.; prev. 0.3% ) at 8:30 AM;
  • Core CPI ( 0.1% vs. 0.2% est.; prev. 0.0%) at 8:30 AM
  • 10-yr Bond Auction at 1:00 PM

Directional Bias Before Open:

Weekly: Uptrend Daily: In Correction

120-Min: Down-Side 30-Min: Up-Side 15-Min:  Up-Side 6-Min: Side

Key Levels:

• Critical support levels for S&P 500 are 3857.69, 3851.93, and 3846.81
• Critical resistance levels for S&P 500 are 3894.80, 3903.72, 3914.50
• Key levels for E-mini futures: break above 3883.25, the high of 5:15 AM and break below 3865.25, the low of 6:15 AM

Pre-Open

• On Tuesday at 4:00 PM, S&P futures (March 2021) closed at 3873.00 and the index closed at 3875.44 – a spread of about -2.50 points; futures closed at 3873.25 for the day; the fair value is -0.25
• Pre-NYSE session open, futures are mixed – at 7:30 AM, S&P 500 futures were up by +5.00; Dow up by +120, and NASDAQ down by -16.75

Markets Around The World

• Markets in the East closed mixed
• European markets are mixed
• Currencies (from two weeks ago):
  

  Up	Down
  Dollar index USD/JPY USD/CHF USD/CAD	EUR/USD GBP/USD AUD/USD NZD/USD INR/USD

• Commodities (from two weeks ago):
  • Energy futures are mixed
  • Precious metals are lower
  • Industrial metals are lower
  • Most soft commodities are mostly lower
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.546%, up 18.4 basis points from two weeks ago;
  • 30-years is at 2.259%, up 5.9 basis points;
  • 2-years yield is at 0.165%, up 4.8 basis points;
  • The 10-Year-&-2-Year spread is at 1.381, up from 1.245
• VIX
  • At 23.81 @ 6:30 AM; down from the last close; below 5-day SMA;
  • Recent high =  31.90 on March 4; low =  19.69 on February 10
  • Sentiment: Risk-On

The trend and patterns on various time frames for S&P 500:

Monthly	Confirmed Uptrend December 2020 was a green candle with a small gap and with almost no upper and lower shadows; all-time closing and intraday highs; Stochastic %K above %D near 100; RSI-9 above 70; broke above a downtrend line from January 2018 Above the upper band of a 120-month regression channel; The sequence of higher highs and higher lows is resumed
Weekly:	The week ending on March 5 was a Doji Harami candle Stochastic (9,1, 3): %K is below %D but turning up RSI (9) is near 60 The week was up +30.79 or +0.8%; the 5-week ATR is 125.66 An up week; third in the last five weeks, and sixth in the last ten weeks The weekly week pivot point=3826.59, R1=3929.85, R2=4017.75; S1=3738.69, S2=3635.43; S1/R1 pivot levels were breached At/above 10-week EMA, 39-week SMA, and 89-week SMA Uptrend since March 23, 2020
Daily	A green candle with almost no lower shadow and an upper shadow almost equal to the real body; facing resistance at 3914.50, the high of March 1 Broke above a symmetrical triangle at 3550.00 level on November 9; the 100% extension target near 3900.00 is achieved; 161.8% extension target is near 4140.00 levels %K  is above %D moving higher; RSI-9 above 50; At/above 20-day EMA; above 50-day EMA, 100-day, and 200-day SMA In Correction
2-Hour (E-mini futures)	Moving up since 12:00 PM on March 4; broke the sequence of lower highs and lower lows since making the all-time high on February 15; below the downtrend line from the all-time high; RSI-21 declined from near 75; drifting sideways to down below 60 since 2:00 PM Tuesday Above EMA20, which is above EMA10 of EMA50 Bias: Down-Side
30-Minute (E-mini futures)	Moving up since 2:00 PM on Friday in large swings; moving sideways to up since 4:00 PM on Tuesday RSI-21 moving around 50 At/above EMA20, which is at/above EMA10 of EMA50 Bias: Up-Side
15-Minute (E-mini futures)	The Bollinger Band (20, 2.0) is moving sideways to up since 9:45 PM; The Bollinger Band is slightly shrinking but stable Stochastic (9, 1, 3): %K is above %D Bias: Up-Side

Previous Session

Major U.S. indices closed higher on Tuesday, March 9 in lower volume. Indices opened higher and then traded higher fr most of the day before giving some of the gains in the last hour of trading. Indices are near all-time highs and moving sideways to down for the past few days.

From Briefing.com:

The S&P 500 advanced 1.4% on Tuesday in a strong rebound session for the mega-cap/growth stocks, which boosted the Nasdaq Composite to a 3.7% gain. The Russell 2000 (+1.9%) finished in the middle with a 1.9% gain, while the Dow Jones Industrial Average increased just 0.1% after it was up as much as 1.1% intraday and at fresh record highs. […] The red-hot energy (-1.9%) and financials (-0.9%) sectors underperformed in negative territory. Energy stocks were pressured by lower oil prices ($64.02, -1.02, -1.6%), while financial stocks were slowed down by a decline in longer-dated Treasury yields. The 10-yr yield decreased five basis points to 1.55%, while the 2-yr yield increased one basis point to 0.16%. The U.S. Dollar Index decreased 0.4% to 91.97. On a related note, the $58 bln 3-year note auction was a nonevent, which was viewed in a positive light because the results revealed little concern about demand. Long-term interest rates ticked lower in response. […] Russell 2000 +13.7% YTD Dow Jones Industrial Average +4.0% YTD S&P 500 +3.2% YTD Nasdaq Composite +1.4% YTD