Directional Bias For The Day:

• S&P Futures are a bit higher; declined from the Asian session high of 4258.25 to near 4250.00;
• The odds are for a sideways to an up day – watch for a break below 4245.75 for a change of sentiments
• Key economic data report due during the day:
  • PPI  (0.8% vs. 0.5% est.; prev. 0.6%) at 8:30 AM
  • Core PPI ( -0.7% vs. 0.4% est.; prev. -0.8%) at 8:30 AM
  • Retail Sales ( -1.3% vs. -0.6% est.; prev. 0.9%) at 8:30 AM
  • Empire State Manufacturing Index ( 17.4 vs. 22.2 est. ; prev. 24.3) at 8:30 AM
  • Industrial Production ( 0.6% est.; prev. 0.7%) at 9:15 AM
  • Capacity Utilization ( 75.2% est.; prev. 74.9%) at 9:15 AM
  • Business Inventories ( -0.1% est.; prev. 0.3%) at 10:00 AM
  • NAHB Housing Market Index (83 est.; prev. 83) at 10:00 AM

Directional Bias Before Open:

Weekly: Uptrend Daily: Uptrend

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

Key Levels:

• Critical support levels for S&P 500 are 4239.96, 4232.25, and 4220.34;
• Critical resistance levels for S&P 500 are 4249.74, 4253.13, and 4258.82
• Key levels for E-mini futures: break above 4258.25, the high of 2:45 AM and break below 4245.75, the low of 6:00 AM

Pre-Open

• On Monday at 4:00 PM, S&P futures (September 2021) closed at 4247.25 and the index closed at 4255.15 – a spread of about -8.00 points; futures closed at 4245.75 for the day; the fair value is +1.50
• Pre-NYSE session open, futures are higher – at 8:00 AM, S&P 500 futures were up by +4.00; Dow by +3, and NASDAQ by +15.25

Markets Around The World

• Markets in the East closed mostly higher – Shanghai and Hong Kong closed lower
• European markets are mostly higher – Italy and Switzerland are lower
• Currencies (from two weeks ago):
  

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

• Commodities (from two weeks ago):
  • Energy futures are higher
  • Precious metals are lower
  • Industrial metals are lower
  • Most soft commodities are mostly lower
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.501%, down -11.4 basis points from two weeks ago;
  • 30-years is at 2.190%, down -10.6 basis points;
  • 2-years yield is at 0.157%, up +0.9 basis points;
  • The 10-Year-&-2-Year spread is at 1.344, down from 1.467
• VIX
  • At 16.53 @ 6:45 AM; up from the last close; at/above 5-day SMA;
  • Recent high =  25.96 on May 19; low =  15.15 on June 8
  • Sentiment: Risk-Neutral-to-Off

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

Monthly	Confirmed Uptrend May 2021 was a Doji with a small upper shadow and a long lower shadow; at all-time closing and intra-month highs; Stochastic %K above %D near 100; RSI-9 near 80; 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
Weekly:	The week ending on June 11 was a small green candle at all-time highs with almost no upper shadow and a small lower shadow Stochastic (9,1, 3): %K is above %D; RSI (9) is just above 70 The week was up +17.55 or +0.4%; the 5-week ATR is 95.37 An up week; third in the last five weeks, and seventh in the last ten weeks The weekly week pivot point=4235.20, R1=4261.98, R2=4276.53; S1=4220.65, S2=4193.87; No pivot levels were breached Above 10-week EMA, 39-week SMA, and 89-week SMA Uptrend since March 23, 2020
Daily	A small green candle at all-times highs; driving sideways to up for the past few days %K is above %D above 90 RSI-9 is near 70; above 8-day EMA Above 20-day EMA, 50-day EMA, 100-day, and 200-day SMA Uptrend
2-Hour (E-mini futures)	Drifting higher; Moving up since 8:00 AM on June 3 after breaking above a sideways move from 12:00 PM on May 24 RSI-21 declined to just above 60 after making Bearish Divergence Above EMA20, which is above EMA10 of EMA50 Bias: Up
30-Minute (E-mini futures)	Moving sideways since 8:00 PM on Monday; RSI-21 is declined to near 55 from near 70; At/above EMA20, which is above EMA10 of EMA50 Bias: Up-Side
15-Minute (E-mini futures)	The Bollinger Band (20, 2.0) is moving sideways to up since 10:00 PM The Bollinger Band is contracting after a brief expansion; price drifting to the middle band from the lower band Stochastic (9, 1, 3): %K is above %D; near 70 Bias: Up-Side

Previous Session

Major U.S. indices closed mixed on Monday, June 14 in mixed volume. S&P 500, NASDAQ Composite. and Wilshire 5000 Total Market Index closed up. S&P 500 and Wilshire 5000 Total Market Index made all-times closing and intraday highs. NASDAQ Composite closed at its all-time high. Dow Jones Transportation Average and S&P 500 traded in lower volume. Major indices traded lower for most of the day but turned around in the last hour of trading.

From Briefing.com:

The S&P 500 (+0.2%) eked out intraday and closing record highs on Monday, helped by an unprovoked wave of buyers in the last 30 minutes of action. The Nasdaq Composite (+0.7%) outperformed and closed at its first record high since April amid increased demand for large-cap technology stocks. The Dow Jones Industrial Average (-0.3%) and Russell 2000 (-0.4%) underperformed in negative territory. The information technology (+1.0%) and communication services (+0.7%) sectors were steady leaders for most of the day, while the materials (-1.3%), financials (-1.0%), and industrials (-0.5%) struggled throughout the day. […] This was interesting because the 10-yr yield increased four basis points to 1.50%, […] The 2-yr yield was unchanged at 0.15%. The U.S. Dollar Index decreased 0.1% to 90.50. WTI crude futures decreased 0.1%, or $0.09, to $70.91/bbl. […] Russell 2000 +17.8% YTD S&P 500 +13.3% YTD Dow Jones Industrial Average +12.4% YTD Nasdaq Composite +10.0% YTD Overseas:  Europe: DAX -0.1%, FTSE +0.2%, CAC +0.2% Asia: Nikkei +0.7%, Hang Seng CLOSED, Shanghai CLOSED Commodities:  Crude Oil -0.09 @ 70.91 Nat Gas +0.07 @ 3.36 Gold -13.50 @ 1865.90 Silver +0.01 @ 28.04 Copper -0.01 @ 4.53