Directional Bias For The Day:

• S&P Futures are little changed;
• The odds are for a sideways to an up day – watch for a break below 4271.75 or a break above 4283.50 for clarity
• Key economic data report due during the day:
  • HPI ( 1.5% est.; prev. 1.4%) at 9:00 AM
  • S&P/CS Composite-20 HPI ( 14.8% est.; prev. 13.3%) at 9:00 AM

Directional Bias Before Open:

Weekly: Uptrend Daily: Uptrend Resumed

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

Key Levels:

• Critical support levels for S&P 500 are 4283.17, 4274.67, and 4266.27
• Critical resistance levels for S&P 500 are 4296.94, 4303.28, and 4314.41
• Key levels for E-mini futures: break above 4283.25, the high of 6:45 AM and break below 4275.00, the low of 4:45 AM

Pre-Open

• On Monday at 4:00 PM, S&P futures (September 2021) closed at 4280.25 and the index closed at 4290.61 – a spread of about -10.25 points; futures closed at 4280.50 for the day; the fair value is -0.25
• Pre-NYSE session open, futures are mixed – at 8:30 AM, S&P 500 futures were down by -0.50; Dow up by +89, and NASDAQ down by -23.25

Markets Around The World

• Markets in the East closed lower
• European markets are 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 1.478%, down -2.3 basis points from two weeks ago;
  • 30-years is at 2.098%, down -9.2 basis points;
  • 2-years yield is at 0.250%, up +8.9 basis points;
  • The 10-Year-&-2-Year spread is at 1.228, down from 1.340
• VIX
  • At 15.76 @ 8:00 AM; down from the last close; at/below 5-day SMA;
  • Recent high =  21.82 on June 21; low =  14.19 on June 24
  • Sentiment: Risk-On

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 25 was a Bullish Engulfing candle at all-time highs with almost no lower and  upper shadows Stochastic (9,1, 3): %K crossed above %D; RSI (9) is just below 70 The week was up +114.25 or +2.7%; the 5-week ATR is 76.49 An up week; fourth in the last five weeks, and sixth in the last ten weeks The weekly week pivot point=4246.74, R1=4320.08, R2=4359.46; S1=4207.36, S2=4134.02; R1 pivot level was breached Above 10-week EMA, 39-week SMA, and 89-week SMA Uptrend since March 23, 2020
Daily	A small green candle with almost no upper shadow and small lower shadow %K is above %D; above 90 RSI-9 just above 65; above 8-day EMA Above 20-day EMA, 50-day EMA, 100-day, and 200-day SMA Uptrend Resumed
2-Hour (E-mini futures)	Moving up since 10:00 PM on June 20; sideways to up move since 6:00 PM on June 27 RSI-21 is just below 60; Bearish Divergence on Monday Above EMA20; which is above EMA10 of EMA50 Bias: Up
30-Minute (E-mini futures)	Moving sideways to up 4:30 PM on June 25 RSI-21 is rising since 1:00 PM on Monday from near 40; moving around 55 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 7:30 PM on June 25 The Bollinger Band is expanding slightly since 3:00 AM; price bounced up to the upper band Stochastic (9, 1, 3): %K is above since 7:45 AM Bias: Up-Side

Previous Session

Major U.S. indices closed mixed on Monday, June 28 in mixed volume. S&P 500, NASDAQ Composite, and Wilshire 5000 Total Market Index closed higher. NASDAQ Composite and Dow Jones Transportation Average traded in higher volume. S&P 500 and Wilshire 5000 Total Market Index made all-time intraday and closing highs.

From Briefing.com:

The S&P 500 (+0.2%) and Nasdaq Composite (+1.0%) both set intraday and closing record highs on Monday, although it was the Nasdaq that leaped ahead by a sizable margin while the Dow Jones Industrial Average (-0.4%) and Russell 2000 (-0.5%) closed lower. The mega-cap stocks drove the outperformance of the Nasdaq. […] These growth concerns were directly manifested in the underperformance of cyclical energy (-3.3%), financials (-0.8%), and industrials (-0.5%) sectors, a seven-basis-point decline in the 10-yr yield to 1.47%, and lower oil prices ($72.82/bbl, -1.14, -1.5%). […] The 2-yr yield declined two basis points to 0.25%. The U.S. Dollar Index increased 0.1% to 91.90. […] Russell 2000 +17.6% YTD S&P 500 +14.2% YTD Nasdaq Composite +12.5% YTD Dow Jones Industrial Average +12.0% YTD Overseas:  Europe: DAX -0.3%, FTSE -0.9%, CAC -1.0% Asia: Nikkei -0.1%, Hang Seng flat, Shanghai flat Commodities:  Crude Oil -1.14 @ 72.82 Nat Gas +0.07 @ 3.59 Gold +2.30 @ 1779.90 Silver +0.13 @ 26.21 Copper -0.01 @ 4.28