Directional Bias For The Day:

• S&P Futures are higher
• The odds are for an up day with a good chance of sideways move from pre-open levels around 4080.00- watch for a break below 4072.50 for a change of sentiments
• Key economic data report due during the day:
  • Unemployment Claims ( 744K vs. 682K est.; prev. 719K) at 8:30 AM

Directional Bias Before Open:

Weekly: Uptrend Daily: Uptrend Resumed

120-Min: Up 30-Min: Side-Up 15-Min: Up-Side 6-Min: Down-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 4091.95, 4100.77, and  4118.66
• Key levels for E-mini futures: break above 4092.75, the high of 1:45 AM and break below 4078.75, the low of 5:30 AM and break below 4072.50, the low of 7:00 PM

Pre-Open

• On Wednesday at 4:00 PM, S&P futures (June 2021) closed at 4069.50 and the index closed at 4079.95 – a spread of about -10.50 points; futures closed at 4070.00 for the day; the fair value is -0.50
• Pre-NYSE session open, futures are higher – at 8:15 AM, S&P 500 futures were up by +13.00; Dow by +6, and NASDAQ by +108.50

Markets Around The World

• Markets in the East closed mostly higher – Tokyo and Singapore closed lower;
• European markets are mostly higher – Spain and Italy are down
• Currencies (from two weeks ago):
  

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

• Commodities (from two weeks ago):
  • Energy futures are mixed
  • Precious metals are higher
  • Industrial metals are higher
  • Most soft commodities are mixed
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.653%, up +2.9 basis points from two weeks ago;
  • 30-years is at 2.335%, up +2.1 basis points;
  • 2-years yield is at 0.165%, up +1.3 basis points;
  • The 10-Year-&-2-Year spread is at 1.488, up from 1.462
• VIX
  • At 17.00 @ 7:45 AM; down from the last close; below 5-day SMA;
  • Recent high =  23.55 on March 25; low =  16.87 on April 7
  • Sentiment: Risk-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 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;  broke above a short trading range at 12:00 PM on Wednesday 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 rose to above 80 from below 50; another Bearish Divergence Above EMA20, which is above EMA10 of EMA50 Bias: Up
30-Minute (E-mini futures)	Moving up since 4:00 PM on Wednesday after moving sideways since 10:30 AM on Monday RSI-21 declined to around 55 from above 70 and making a BEarish Divergence At/above EMA20, which is above EMA10 of EMA50 Bias: Side-Up
15-Minute (E-mini futures)	The Bollinger Band (20, 2.0) is moving sideways to down since 1:30 AM The Bollinger Band is narrowing since 7:30 AM Stochastic (9, 1, 3): %K is below %D below 20 Bias: Up-Side

Previous Session

Major U.S. indices closed mostly lower on Wednesday, April 7 in mostly lower volume.  S&P 500 and DOw Jones Industrial Average closed higher and Russell 2000 traded in higher volume. Indices moved within a narrow range during the day.

From Briefing.com:

The S&P 500 (+0.2%) eked out a closing record high on Wednesday in another narrow trading session that reflected consolidation activity. The Nasdaq Composite (-0.1%) and Dow Jones Industrial Average (+0.1%) finished within 0.1% of their flat lines, while the Russell 2000 underperformed with a 1.6% decline. […] The cyclical materials (-1.8%) and industrials (-0.4%) sectors finished as laggards, and the 10-yr Treasury note yield was unchanged at 1.65%. Declining issues also outnumbered advancing issues at the NYSE and Nasdaq, […] The 2-yr yield was unchanged at 0.16%. The U.S. Dollar Index increased 0.1% to 92.41. WTI crude futures increased 0.6%, or $0.37, to $59.71/bbl. […] The February Trade Balance report showed a widening in the deficit to $71.1 billion (Briefing.com consensus -$70.5 billion) from an upwardly revised -$67.8 billion (from -$68.2 billion) in January. The widening was the result of exports being $5.0 billion less than January exports, and imports being $1.7 billion less than January imports. […] Consumer credit increased by $27.6 bln in February after increasing by an upwardly revised $0.1 bln (from -$1.3 bln) in January. This was the largest monthly increase in consumer credit since November 2017. […] The weekly MBA Mortgage Applications Index fell 5.1% following a 2.2% decline in the prior week. […] Russell 2000 +12.6% YTD Dow Jones Industrial Average +9.3% YTD S&P 500 +8.6% YTD Nasdaq Composite +6.2% YTD