Directional Bias For The Day:

• S&P Futures are little changed;
• The odds are for a sideways to up day – watch for a break below 4230.75 for a change of sentiments
• Key economic data report due during the day:
  • Current Account ( -205B est.; prev. -188B) at 8:30 AM
  • Flash Manufacturing PMI ( 61.5 est.; prev. 62.1) at 9:45 AM
  • Flash Services PMI ( 70.0 est.; prev. 70.4) at 9:45 AM
  • New Home Sales ( 864K est.; prev. 863K) at 10:00 AM

Directional Bias Before Open:

Weekly: Uptrend Daily: Uptrend Under Pressure

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

Key Levels:

• Critical support levels for S&P 500 are 4236.01, 4217.27, and 4212.77
• Critical resistance levels for S&P 500 are 4255.75, 4262.43, and 4278.42
• Key levels for E-mini futures: break above 4248.25, the high of 2:30 AM and break below 4230.75, the low of 7:15 AM

Pre-Open

• On Tuesday at 4:00 PM, S&P futures (September 2021) closed at 4236.00 and the index closed at 4246.44 – a spread of about -10.50 points; futures closed at 4236.25 for the day; the fair value is -0.25
• Pre-NYSE session open, futures are mixed – at 8:00 AM, S&P 500 futures were down by -0.50; Dow up by +26, and NASDAQ up by +1.75

Markets Around The World

• Markets in the East closed mixed – Shanghai, Hong Kong, Seoul, and Singapore closed higher; Tokyo, Sydney, and Mumbai closed lower
• European markets are mostly lower – the UK is higher
• 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 mixed
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.472%, down -5.6 basis points from two weeks ago;
  • 30-years is at 2.105%, down -10.4 basis points;
  • 2-years yield is at 0.248%, up +9.1 basis points;
  • The 10-Year-&-2-Year spread is at 1.224, down from 1.371
• VIX
  • At 16.70 @ 6:45 AM; down from the last close; below 5-day SMA;
  • Recent high =  21.82 on June 21; low =  15.04 on June 14
  • Sentiment: Risk-Neutral-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 18 was a Bearish Engulfing candle at all-time highs with almost no lower shadow and a small upper shadow Stochastic (9,1, 3): %K crossed below %D; RSI (9) is just below 60 The week was down -80.99 or -1.9%; the 5-week ATR is 78.02 A down week; second in the last five weeks, and fourth in the last ten weeks The weekly week pivot point=4196.00, R1=4227.61, R2=4288.76; S1=4134.85, S2=4103.24; S1/S2/S3 pivot levels were breached Below 10-week EMA; above 39-week SMA, and 89-week SMA Uptrend since March 23, 2020
Daily	A green spinning top candle near all-time highs; essentially moving sideways since April 16 %K crossed above %D; near 90 RSI-9 near 60 from just above 30; above 8-day EMA Above 20-day EMA, 50-day EMA, 100-day, and 200-day SMA Uptrend Under Pressure
2-Hour (E-mini futures)	Moving up since 10:00 PM on June 20; drifting down since 2:00 AM RSI-21 has declined below 60 from 75 Above EMA20; which is at/below EMA10 of EMA50 Bias: Side-Up
30-Minute (E-mini futures)	Moving sideways to down since 3:00 PM on Tuesday RSI-21 declined to below 60 from near 65 Below EMA20 but above EMA10 of EMA50 Bias: Up-Side
15-Minute (E-mini futures)	The Bollinger Band (20, 2.0) is moving sideways to down since 9:00 PM The Bollinger Band is expanding slightly since 4:15 AM; price first walked down the lower band and then bounced up to the middle band Stochastic (9, 1, 3): %K is above %D since 7:15 AM Bias: Up-Side

Previous Session

Major U.S. indices closed higher on Tuesday, June 22 in lower volume. NASDAQ Composite made all-time intraday and closing higher. Wilshire 5000 Total Market Index made the all-time intraday high. S&P 500 is near its highs. The major indices mostly traded higher from the start and closed near the day’s highs. All but two S&P sectors – Utilities and Real Estate – closed higher.

From Briefing.com:

The S&P 500 gained 0.5% on Tuesday in a session that featured leadership from the growth stocks and a congressional testimony from Fed Chair Powell. The Nasdaq Composite (+0.8%) outperformed and set intraday and closing record highs. The Dow Jones Industrial Average increased 0.2%, and the Russell 2000 increased 0.4%. […] The broader market firmed up a little bit, particularly the small-cap stocks as the Russell 2000 was down 0.9% shortly after the open. The consumer discretionary sector (+1.0%) finished atop the S&P 500 sector standings with a 1% gain, while the utilities (-0.7%) and real estate (-0.4%) sectors were the only sectors that closed lower. […] U.S. Treasuries settled slightly higher, pushing yields lower. The 2-yr yield decreased two basis points to 0.23%, and the 10-yr yield decreased one basis point to 1.47%. The U.S. Dollar Index decreased 0.2% to 91.73. WTI crude futures decreased 0.8%, or $0.56, to $73.08/bbl. […] Existing home sales decreased 0.9% m/m in May to a seasonally adjusted annual rate of 5.80 million (Briefing.com consensus 5.71 million) from an unrevised 5.85 million in April. Total sales in May were up 44.6% from a year ago when they were depressed in the early stages of the pandemic. […] Russell 2000 +16.3% YTD S&P 500 +13.1% YTD Dow Jones Industrial Average +10.9% YTD Nasdaq Composite +10.6% YTD Overseas:  Europe: DAX +0.2%, FTSE +0.4%, CAC +0.1% Asia: Nikkei +3.1%, Hang Seng -0.8%, Shanghai +0.8% Commodities:  Crude Oil -0.27 @ 72.85 Nat Gas +0.07 @ 3.26 Gold -4.90 @ 1778.00 Silver -0.15 @ 25.87 Copper +0.04 @ 4.23