Directional Bias For The Day:

• S&P Futures are lower
• The odds are for a sideways to  a down day – watch for a break above 4070.00 for a change of sentiments
• Key economic data report due during the day:
  • Trade Balance ( -70.2B est.; prev. -68.2B) at 8:30 AM

Directional Bias Before Open:

Weekly: Uptrend Daily: Uptrend Resumed

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

Key Levels:

• Critical support levels for S&P 500 are 4068.14, 4052.99, and 4034.44
• Critical resistance levels for S&P 500 are 4081.67, 4094.19, and 4102.16
• Key levels for E-mini futures: break above 4070.00, the high of 3:45 AM and break below 4058.25, the low of 3:45 PM

Pre-Open

• On Tuesday at 4:00 PM, S&P futures (June 2021) closed at 4064.50 and the index closed at 4073.94 – a spread of about -9.50 points; futures closed at 4064.00 for the day; the fair value is +0.50
• Pre-NYSE session open, futures are lower – at 8:15 AM, S&P 500 futures were down by -3.25; Dow by -2, and NASDAQ by -2.00

Markets Around The World

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

  Up	Down
  EUR/USD GBP/USD AUD/USD NZD/USD INR/USD	Dollar index USD/JPY 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 mostly higher
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.656%, up +1.8 basis points from two weeks ago;
  • 30-years is at 2.316%, down -3.2 basis points;
  • 2-years yield is at 0.157%, up +1.2 basis points;
  • The 10-Year-&-2-Year spread is at 1.499, up from 1.493
• VIX
  • At 17.89 @ 6:45 AM; down 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 small candle with almost no upper and lower shadow; 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 crossing below %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 moving down in steps after climbing above 90 on Friday and making a Bearish Divergence on Monday At/above EMA20, which is above EMA10 of EMA50 Bias: Up-Side
30-Minute (E-mini futures)	Moving sideways since 10:30 AM on Monday RSI-21 just below 50 after a Bearish Divergence on Monday 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 since 3:15 PM on Monday The Bollinger Band is stable and narrow Stochastic (9, 1, 3): %K is below %D below 20 Bias: Up-Side

Previous Session

Major U.S. indices closed mostly lower on Tuesday, April 6 in lower volume.  NYSE Composite and Wilshire 5000 Total Market Index closed higher. Indices moved within a narrow range during the day.

From Briefing.com:

The S&P 500 eked out an intraday record high on Tuesday, but it closed lower by 0.1% in a lackluster session. The Nasdaq Composite (-0.1%), Dow Jones Industrial Average (-0.3%), and Russell 2000 (-0.3%) accompanied the benchmark index in negative territory with small declines. […] The utilities (+0.5%), consumer discretionary (+0.3%), and consumer staples (+0.3%) sectors outperformed in positive territory. The information technology (-0.4%) and health care (-0.4%) sectors were influential laggards. […] The 10-yr yield decreased six basis points to 1.66%. The 2-yr yield decreased one basis point to 0.16%. The U.S. Dollar Index decreased 0.3% to 92.30. WTI crude futures rebounded 1.1%, or $0.65, to $59.34/bbl after sliding 4% yesterday. […] Russell 2000 +14.4% YTD Dow Jones Industrial Average +9.2% YTD S&P 500 +8.5% YTD Nasdaq Composite +6.3% YTD