Directional Bias For The Day:

• S&P Futures are lower
• The odds are for a down day with a good chance of sideways move from pre-open levels around 4150.00 – watch for a break above 4164.00 and a break below 4147.25 for clarity
• No key economic data report due during the day:

Directional Bias Before Open:

Weekly: Uptrend Daily: Uptrend Under Pressure

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

Key Levels:

• Critical support levels for S&P 500 are 4149. 64, 4129.58, and 4111.53
• Critical resistance levels for S&P 500 are 4175.90, 4188.13, and 4207.94
• Key levels for E-mini futures: break above 4164.25, the high of 4:45 AM and break below 4147.25, the low of 8:15 AM

Pre-Open

• On Friday at 4:00 PM, S&P futures (June 2021) closed at 4169.00 and the index closed at 4173.85 – a spread of about -5.00 points; futures closed at 4169.00 for the day; the fair value is +0.00
• Pre-NYSE session open, futures are lower – at 8:30 AM, S&P 500 futures were down by -16.00; Dow by -134, and NASDAQ by -66.25

Markets Around The World

• Markets in the East closed mostly higher – Tokyo and Seoul closed lower
• European markets are mostly lower – Itlay and Switzerland are up
• 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 mixed
  • Most soft commodities are mixed
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.634%, up +0.3 basis points from two weeks ago;
  • 30-years is at 2.347%, up +5.0 basis points;
  • 2-years yield is at 0.153%, down -0.7 basis points;
  • The 10-Year-&-2-Year spread is at 1.479, up from 1.471
• VIX
  • At 20.75 @ 8:00 AM; higher from the last close; below 5-day SMA;
  • Recent high =  28.93 on May 13; low =  16.68 on May 7
  • Sentiment: Risk-Off

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 14 was a red candle resembling Bearish Engulfing with almost no upper shadow and a lower shadow almost twice the size of the real body Stochastic (9,1, 3): %K has crossed above %D; RSI (9) is above 75 The week was down -58.75 or -1.4%; the 5-week ATR is 97.03 A down week; second in the last five weeks, and third in the last ten weeks The weekly week pivot point=4155.71, R1=4254.53, R2=4335.22; S1=4075.02, S2=3976.20; R1/R2 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 open; small upper and lower shadows %K is above %D RSI-9 is above 50; below 8-day EMA Above 20-day EMA; above 50-day EMA, 100-day, and 200-day SMA Uptrend under Pressure
2-Hour (E-mini futures)	Moving up since 4:00 AM on May 13; just below a down-trending line from the all-time high Drifting down since 6:00 PM on Sunday RSI-21 declined from above 75 to just above 50 Above EMA20, which is above EMA10 of EMA50 Bias: Down-Side
30-Minute (E-mini futures)	Moving up since 4:30 AM on May 13 from 4029.25 to a congestion area around 4130-4150; RSI-21 drifted down from above 75 to below 50 At/below EMA10 of EMA50, which is below EMA20 Bias: Up-Side
15-Minute (E-mini futures)	The Bollinger Band (20, 2.0) is moving down since 10:15 PM on Sunday; The Bollinger Band is slightly expanding since 3:15 AM with  the price walking down the lower band Stochastic (9, 1, 3): %K is above %D from below 20 Bias: Up-Side

Previous Session

Major U.S. indices closed higher on Friday, May 14 in mostly lower volume. Dow Jones Transportation Average traded in higher volume. Major indices opened up and then mostly traded higher for the day.

For the week, major US indices closed lower in higher volume. Most Asian markets were down and European markets were mixed. The dollar index was up, energy futures were down, precious metals were mixed, industrial metals and most soft commodities were down for the week. The US Treasury yields closed up.

From Briefing.com:

The S&P 500 rose 1.5% on Friday in a steady and broad-based advance, as investors followed through on yesterday’s dip-buying efforts. The Nasdaq Composite (+2.3%) and Russell 2000 (+2.5%) rose more than 2.0% while the Dow Jones Industrial Average increased 1.1%. […] Every sector in the S&P 500 closed higher, advancing issues outpaced declining issues by noticeable margins at the NYSE and Nasdaq, and the speculative growth stocks joined in on the action after sitting out of yesterday’s advance. The energy sector (+3.2%) was the top-performing sector in the S&P 500 while the information technology sector (+2.1%) was the most influential. […] The 2-yr yield decreased one basis point to 0.14%. The U.S. Dollar Index decreased 0.5% to 90.32. WTI crude futures increased 2.4%, or $1.51, to $65.33/bbl. The CBOE Volatility Index (18.81, -4.32, -18.7%) fell below 20.00. […] Reviewing Friday’s economic data: Total retail sales were flat month-over-month in April (Briefing.com consensus +1.8%) following an upwardly revised 10.7% increase (from 9.8%) in March. Excluding autos, retail sales declined 0.8% (Briefing.com consensus +1.2%) following an upwardly revised 9.0% increase (from 8.4%) in March. […] The preliminary May reading for the University of Michigan Index of Consumer Sentiment dropped to 82.8 (Briefing.com consensus 90.2) from the final reading of 88.3 for April. […] Total industrial production increased 0.7% m/m in April (Briefing.com consensus 0.7%) following an upwardly revised 2.4% increase (from 1.4%) in March. The capacity utilization rate increased to 74.9% (Briefing.com consensus 75.1%) from an unchanged 74.4% in March. […] Import prices were up 0.7% month-over-month in April and up 0.7% as well, excluding fuel. Export prices increased 0.8% month-over-month in April and were up 0.9%, excluding agricultural exports Business inventories increased 0.3% m/m in March (Briefing.com consensus 0.3%) following an upwardly revised 0.6% increase (from +0.5%) in February. […] Russell 2000 +12.7% YTD Dow Jones Industrial Average +12.3% YTD S&P 500 +11.1% YTD Nasdaq Composite +4.2% YTD