Directional Bias For The Day:

• S&P Futures are lower
• The odds are for a down day to sideways day – watch for a break above 4147.00 for a change in sentiments
• Key economic data report due during the day:
  • CPI ( 0.2% est.; prev. 0.6% ) at 8:30 AM
  • Core CPI ( 0.3% est.; prev. 0.3%) at 8:30 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4137.08, 4130.85, and 4111.53;
• Critical resistance levels for S&P 500 are 4160.01, 4167.75, and 4188.13
• Key levels for E-mini futures: break above 4147.00, the high of 3:45 AM and break below 4125.75, the low of 7:15 AM

Pre-Open

• On Tuesday at 4:00 PM, S&P futures (June 2021) closed at 4146.25 and the index closed at 4152.10 – a spread of about -6.00 points; futures closed at 4146.25 for the day; the fair value is +0.0
• Pre-NYSE session open, futures are lower – at 7:45 AM, S&P 500 futures were down by -13.75; Dow by -98, and NASDAQ by -79.75

Markets Around The World

• Markets in the East closed mostly lower – Shanghai and Hong Kong were up
• European markets are mostly higher – France is down
• Currencies (from two weeks ago):
  

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

• Commodities (from two weeks ago):
  • Energy futures are higher
  • Precious metals are higher
  • Industrial metals are mostly lower
  • Most soft commodities are mostly higher
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.624%, up +0.2 basis points from two weeks ago;
  • 30-years is at 2.351%, up +5.7 basis points;
  • 2-years yield is at 0.161%, down -1.5 basis points;
  • The 10-Year-&-2-Year spread is at 1.463, up from 1.446
• VIX
  • At 22.10 @ 6:45 AM; up from the last close; above 5-day SMA;
  • Recent high =  23.73 on May 11; low =  16.68 on May 7
  • Sentiment: Risk-Off

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

Previous Session

Major U.S. indices closed lower on Tuesday, May 11 in higher volume. Indices gapped down at the open and then traded down in the morning session. They bounced in the afternoon session and recovered some of the loss. All but on S$P sector – Materials – closed lower.

From Briefing.com:

The S&P 500 lost 0.9% on Tuesday in a relatively broad-based decline, although growth stocks benefited from a buy-the-dip mindset following a weak open. The Nasdaq Composite decreased 0.1% after starting with a 2.2% decline, and the Russell 2000 decreased 0.3% after starting with a 2.5% decline. The Dow Jones Industrial Average underperformed and closed lower by 1.4% following yesterday’s record-setting session. For a change of pace this month, selling interest was concentrated in the cyclical/non-technology stocks, including those within the energy (-2.6%), financials (-1.7%), and industrials (-1.4%) sectors. The materials sector (+0.4%) was an exception and was the only sector in the S&P 500 that closed higher today. […] The 10-yr yield increased two basis points to 1.62%, and the 2-yr yield increased one basis point to 0.16%. WTI crude futures increased 0.7%, or $0.45, to $65.25/bbl. Copper futures rose 1.5%, or $0.07, to $4.79/lb. The U.S. Dollar Index was little changed at 90.18. […] Job openings increased to 8.123 million in March from a revised 7.526 million in February (from 7.367 million). The NFIB Small Business Optimism Index for April increased to 99.8 from 98.2 in March. […] Dow Jones Industrial Average +12.0% YTD Russell 2000 +11.8% YTD S&P 500 +10.5% YTD Nasdaq Composite +3.9% YTD Overseas:  Europe: DAX -1.8%, FTSE -2.5%, CAC -1.9% Asia: Nikkei -3.1%, Hang Seng -2.2%, Shanghai +0.4% Commodities:  Crude Oil +0.45 @ 65.25 Nat Gas +0.02 @ 2.95 Gold -2.10 @ 1834.90 Silver +0.17 @ 27.66 Copper +0.07 @ 4.79