Directional Bias For The Day:

• S&P Futures are lower
• The odds are for a down to sideways day – watch for a break above 4074.50 for a change of sentiments
• Key economic data report due during the day:
  • JOLTS Jobs Opening ( 6.91M est.; prev. 6.92M) at 10:00 AM

Directional Bias Before Open:

Weekly: Uptrend Daily: Uptrend Resumed

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

Key Levels:

• Critical support levels for S&P 500 are 4069.30, 4052.99, and 4034.44
• Critical resistance levels for S&P 500 are 4083.42, 4096.07, and 4114.24
• Key levels for E-mini futures: break above 4074.50, the high of 6:45 PM on Monday and break below 4056.25, the low of 6:15 AM

Pre-Open

• On Monday at 4:00 PM, S&P futures (June 2021) closed at 4067.00 and the index closed at 4077.91 – a spread of about -11.00 points; futures closed at 4067.75 for the day; the fair value is -0.75
• Pre-NYSE session open, futures are lower – at 8:15 AM, S&P 500 futures were down by -5.50; Dow by -39, and NASDAQ by -2.00

Markets Around The World

• Markets in the East closed mixed – Sydney, Mumbai, and Seoul closed higher; Shanghai, Tokyo, and Singapore closed lower; Hong Kong was closed
• European markets are higher
• Currencies (from two weeks ago):
  

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

• Commodities (from two weeks ago):
  • Energy futures are lower
  • Precious metals are higher
  • Industrial metals are higher
  • Most soft commodities are mixed
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.720%, up +3.6 basis points from two weeks ago;
  • 30-years is at 2.363%, down -2.0 basis points;
  • 2-years yield is at 0.156%, up +0.3 basis points;
  • The 10-Year-&-2-Year spread is at 1.564, up from 1.531
• VIX
  • At 18.00 @ 7:45 AM; up from the last close; below 5-day SMA;
  • Recent high =  23.55 on March 25; low =  17.29 on April 1
  • Sentiment: Risk-Neutral-to-On

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

Monthly	Confirmed Uptrend March 2021 was a green candle with a small upper shadow and a lower shadow almost equal to the real body; at all-time closing and intra-month highs; Stochastic %K above %D near 100; RSI-9 near 75; 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 April 2 was a green candle with almost no upper shadow and small lower shadow; at all-time highs Stochastic (9,1, 3): %K is crossing above %D RSI (9) is above 65 The week was up +45.33 or +1.1%; the 5-week ATR is 126.27 An up week; fourth in the last five weeks, and sixth in the last ten weeks The weekly week pivot point=3994.58, R1=4045.92, R2=4071.96; S1=3968.54, S2=3917.20; R1 pivot level was breached Above 10-week EMA, 39-week SMA, and 89-week SMA Uptrend since March 23, 2020
Daily	A green candle with almost no upper and lower shadow that gapped up; at all-time intraday and closing highs 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; above 90 RSI-9 is near 75; above 8-day EMA Above 20-day EMA, 50-day EMA, 100-day, and 200-day SMA Uptrend
2-Hour (E-mini futures)	Trending up since 10:00 AM on March 25; at all-time highs; moving sideways to down since 10:00 AM on Monday Broke above a down-sloping flag on March 26; the  61.8% extension target near 4002.00 is achieved; the 100% extension target is near 4100.00; RSI-21 below 70 after climbing above 90 on Friday; potential Bearish Divergence Above EMA20, which is above EMA10 of EMA50 Bias: Up
30-Minute (E-mini futures)	Moving sideways to down since 10:30 AM on Monday RSI-21 just below 60; potential Bearish Divergence on Monday Above EMA20, which is above EMA10 of EMA50 Bias: Up-Side
15-Minute (E-mini futures)	The Bollinger Band (20, 2.0) is moving sideways since 3:15 PM on Monday The Bollinger Band is stable and narrow Stochastic (9, 1, 3): %K is above %D above 80 Bias: Up-Side

Previous Session

Major U.S. indices closed higher on Monday, April 5, the day after Good Friday Holiday, in mixed volume.  Dow Jones Industrial Average and S&P 500 traded in higher volume. Indices gapped up at the open and then mostly traded higher closing near the highs for the day.

From Briefing.com:

The S&P 500 (+1.4%) and Dow Jones Industrial Average (+1.1%) rallied to fresh record highs on Monday, as the market keyed off strong employment and non-manufacturing data for March and positive momentum. The Nasdaq Composite performed slightly better with a 1.7% gain, while the Russell 2000 increased just 0.5%. […] The S&P 500 information technology (+2.0%), communication services (+2.3%), and consumer discretionary (+2.3%) sectors, which contain the mega-caps, rose about 2%. The energy sector (-2.4%), on the other hand, was a noticeable pocket of weakness and was the only sector that closed lower. Energy stocks ran into profit-taking interest amid a sharp decline in oil prices ($58.69/bbl, -2.72, -4.4%). […] In the Treasury market, activity was more reserved following an abbreviated session on Friday. The 10-yr yield increased one basis point to 1.72% (up four bps from Thursday’s settlement), and the 2-yr yield was unchanged at 0.18% (up three bps from Thursday’s settlement). The U.S. Dollar Index decreased 0.5% to 92.60. […] March nonfarm payrolls increased by 916,000 (Briefing.com consensus 627,000). March private sector payrolls increased by 780,000 (Briefing.com consensus 470,000). March unemployment rate was 6.0% (Briefing.com consensus 6.0%), versus 6.2% in February. […] The ISM Non-Manufacturing Index increased to 63.7% in March (Briefing.com consensus 58.5%) from 55.3% in February. The dividing line between expansion and contraction is 50.0%. The March reading marks the tenth straight month of growth for the services sector, and is the highest reading on record. […] Factory orders for manufactured goods decreased 0.8% m/m in February (Briefing.com consensus -0.5%) after increasing an upwardly revised 2.7% (from 2.6%) in January. This is the first time in ten months that factory orders have not increased. The IHS Markit Services PMI for March was revised higher to 60.4 from 59.8 in the preliminary reading. […] Russell 2000 +14.7% YTD Dow Jones Industrial Average +9.5% YTD S&P 500 +8.6% YTD Nasdaq Composite +6.3% YTD