Directional Bias For The Day:

• S&P Futures are higher
• The odds are for an up day – watch for a break below 4222.25 for a change of fortunes
• No key economic data report due during the day:

Directional Bias Before Open:

Weekly: Uptrend Daily: Uptrend Resumed

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

Key Levels:

• Critical support levels for S&P 500 are 4222.69, 4201.64, and 4180.65
• Critical resistance levels for S&P 500 are 4246.55, 4260.49, and 4282.95
• Key levels for E-mini futures: break above 4238.25, the high of 8:00 PM on Sunday and break below 4222.25, the low of 3:30 AM

Pre-Open

• On Friday at 4:00 PM, S&P futures (June 2021) closed at 4224.50 and the index closed at 4232.60 – a spread of about -6.00 points; futures closed at 4225.25 for the day; the fair value is -0.75
• Pre-NYSE session open, futures are mixed – at 8:30 AM, S&P 500 futures were up by +5.25; Dow by +124, and NASDAQ by -38.75

Markets Around The World

• Markets in the East closed mostly higher – Hing Kong and Singapore were down
• European markets are higher
• Currencies (from two weeks ago):
  

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

• Commodities (from two weeks ago):
  • Energy futures are higher
  • Precious metals are higher
  • Industrial metals are higher
  • Most soft commodities are higher
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.574%, up +0.7 basis points from two weeks ago;
  • 30-years is at 2.288%, up +3.7 basis points;
  • 2-years yield is at 0.149%, down -0.9 basis points;
  • The 10-Year-&-2-Year spread is at 1.425, up from 1.409
• VIX
  • At 17.43 @ 6:45 AM; higher from the last close; below 5-day SMA;
  • Recent high =  21.85 on May 4; low =  15.38 on April 14
  • Sentiment: Risk-On-Neutral

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 May 7 was a green candle with a small upper shadow and a lower shadow equal to one and half the size of the real body Stochastic (9,1, 3): %K has crossed above %D; RSI (9) is above 75 The week was up +51.43 or +1.2%; the 5-week ATR is 83.05 An up week; fourth in the last five weeks, and eight in the last ten weeks The weekly week pivot point=4199.74, R1=4270.90, R2=4309.19; S1=4161.45, S2=4090.29; R1/R2/S1/S2 pivot levels were breached Above 10-week EMA, 39-week SMA, and 89-week SMA Uptrend since March 23, 2020
Daily	A green candle that gapped up at the all-time highs; the gap was not closed %K crossed above %D above 90 from near 40 RSI-9 is above 65; above 8-day EMA Above 20-day EMA, 50-day EMA, 100-day, and 200-day SMA Uptrend
2-Hour (E-mini futures)	Moving up since 11:30 AM on May 4; broke above a downtrend line; Uptrend since 10:00 AM on March 25; Broke above a down-sloping flag on March 26; the 100% extension target near 4100.00 is achieved; the 161.8% extension target is near 4260.00 RSI-21 is turning up from just above 50 at 3:30 AM At/above EMA20, which is above EMA10 of EMA50 Bias: Side-Up
30-Minute (E-mini futures)	Broke above a down-sloping flag at 3:00 PM on Thursday; An ABCD pattern since 11:30 AM; 100% extension target is near 4200.00 and 161.8% extension target is near 4235.00; RSI-21 is moving around 65 Above EMA20, which is above EMA10 of EMA50 Bias: Up
15-Minute (E-mini futures)	The Bollinger Band (20, 2.0) is moving sideways to down since 10:15 PM The Bollinger Band is relatively small and stable Stochastic (9, 1, 3): %K is crisscrossing %D Bias: Up-Side

Previous Session

Major U.S. indices closed higher on Friday, May 7 in mixed volume. Dow Jones Transportation Average and NASDAQ Composite traded in higher volume. Dow Jones Industrial Average, S&P 500, Dow Transports, Willshire 5000 Total Market Index, and NYSE Composite made all-time closing and intraday highs.

For the week, US indices closed mostly higher in mixed volume. NASDAQ Composite closed lower. DJIA and D-Tran traded in lower volume. Markets in Asia were mixed but Europe was up. The dollar index traded down, energy and most metals and soft commodities closed higher.

From Briefing.com:

The S&P 500 (+0.7%) and Dow Jones Industrial Average (+0.7%) set intraday and closing record highs on Friday, as investors found reasons to look past the huge payrolls miss in the April employment report. The Nasdaq Composite (+0.9%) and Russell 2000 (+1.4%) outperformed. […] Every sector in the S&P 500 closed higher, paced by the energy (+1.9%), real estate (+1.2%), industrials (+1.1%), materials (+0.9%), and information technology (+0.8%) sectors. The consumer staples sector (+0.01%) underperformed and closed a hair above its flat line. […] The 2-yr yield decreased one basis point to 0.14%. The U.S. Dollar Index decreased 0.8% to 90.22. WTI crude futures increased 0.4%, or $0.25, to $64.94/bbl. […] The April employment report was surprisingly weak, with just 266,000 jobs added to nonfarm payrolls (Briefing.com consensus 1,000,000) and downward revisions to March. April unemployment rate was 6.1% (Briefing.com consensus 5.8%), versus 6.0% in March. April average hourly earnings increased 0.7% (Briefing.com consensus -0.1%) versus a 0.1% decrease in March. […] Consumer credit increased by $25.8 bln in March after increasing a downwardly revised $26.2 bln (from $27.6 bln) in February. […] Wholesale inventories increased 1.3% m/m in March (Briefing.com consensus 1.4%) following an upwardly revised 1.0% increase (from +0.6%) in February. […] Russell 2000 +15.0% YTD Dow Jones Industrial Average +13.6% YTD S&P 500 +12.7% YTD Nasdaq Composite +6.7% YTD