Directional Bias For The Day:

• S&P Futures are higher;
• The odds are for an up day – watch for a break below 4336.25 for a change of fortunes
• Key economic data report due during the day:
  • JOLTS Job Openings ( 9.30M est.; prev. 9.29M) at 10:00 AM
  • FOMC Meeting Minutes at 2:00 PM

Directional Bias Before Open:

Weekly: Uptrend Daily: Uptrend

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

Key Levels:

• Critical support levels for S&P 500 are 4333.32, 4314.37, and 4303.92
• Critical resistance levels for S&P 500 are 4356.46, 4361.88, and 4380.21
• Key levels for E-mini futures: break above 4345.75, the high of 9:30 AM on Tuesday and break below 4336.25, the low of 4:45 AM

Pre-Open

• On Tuesday at 4:00 PM, S&P futures (September 2021) closed at 4334.50 and the index closed at 4343.54 – a spread of about -9.00 points; futures closed at 4334.00 for the day; the fair value is +0.50
• Pre-NYSE session open, futures are higher – at 7:45 AM, S&P 500 futures were up by +8.25; Dow by +41, and NASDAQ by +81.75

Markets Around The World

• Markets in the East closed mixed – Shanghai, Sydney, and Mumbai closed up; Hong Kong, Tokyo, Seoul, and Singapore closed down
• European markets are mostly higher – France is lower
• Currencies (from two weeks ago):
  

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

• Commodities (from two weeks ago):
  • Energy futures are higher
  • Precious metals are higher
  • Industrial metals are higher
  • Most soft commodities are mostly lower
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.370%, down -10.2 basis points from two weeks ago;
  • 30-years is at 2.004%, down -10.1 basis points;
  • 2-years yield is at 0.220%, down -1.4 basis points;
  • The 10-Year-&-2-Year spread is at 1.150, down from 1.238
• VIX
  • At 16.18 @ 6:45 AM; down from the last close; above 5-day SMA;
  • Recent high =  21.82 on June 21; low =  14.10 on June 29
  • 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 July 2 was a green candle that gapped up at the open and made all-time highs with almost no lower and  upper shadows Stochastic (9,1, 3): %K is above %D; near 100 RSI (9) is just above 70 The week was up +71.64 or +1.7%; the 5-week ATR is 80.14 An up week; fourth in the last five weeks, and seventh in the last ten weeks The weekly pivot point=4327.48, R1=4380.29, R2=4408.24; S1=4299.53, S2=4246.72; R1 pivot level was breached Above 10-week EMA, 39-week SMA, and 89-week SMA Uptrend since March 23, 2020
Daily	A red long-legged candle with small real-body and almost no upper shadow; %K is below %D; above 90 RSI-9 is turned down to 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)	Moving up since 10:00 PM on June 20; sideways move  – with large swings – since 2:00 PM on July 2 RSI-21 rising since 10:00 AM on Tuesday from near 20 to just above 60 Above EMA20; which is above EMA10 of EMA50 Bias: Up-Side
30-Minute (E-mini futures)	Moving sideways to up since 3:00 PM on July 6 after a brief 40-points decline from the all-time high; RSI-21 moving along just below 60 Above EMA20, which is above EMA10 of EMA50 Bias: Up-Side
15-Minute (E-mini futures)	The Bollinger Band (20, 2.0) is moving up since 2:45 AM The Bollinger Band is slightly expanded; Stochastic (9, 1, 3): %K is above %D Bias: Up

Previous Session

Major U.S. indices closed mostly lower on Tuesday, July 6 in higher volume.  NASDAQ Composite closed higher. The major indices opened almost unchanged but then declined during the morning session before turning around midday and recovering most of the early losses.

From Briefing.com:

The S&P 500 declined 0.2% on Tuesday in an uneven session, snapping a streak of seven straight record closes. The benchmark index opened at a marginal all-time high, then dipped as much as 0.9% into negative territory before cutting its losses in the afternoon. The Nasdaq Composite (+0.2%) set intraday and closing record highs with a modest gain, while the Dow Jones Industrial Average (-0.6%) and Russell 2000 (-1.4%) underperformed but closed off their lows. Declining issues outpaced advancing issues by roughly a 2:1 margin at the NYSE and Nasdaq. […] These growth concerns were manifested in some rotation out of value and into growth stocks; the sharp declines in the cyclical S&P 500 energy (-3.2%), financials (-1.6%), materials (-1.4%), and industrials (-0.9%) sectors; weaker oil ($73.42, -1.83, -2.4%) and copper ($4.25/lb, -0.03, -0.5%) prices; and a six-basis-point decline in the 10-yr yield to 1.37%. […] The 2-yr yield decreased three basis points to 0.21%. The U.S. Dollar Index increased 0.4% to 92.54. […] The ISM Non-Manufacturing Index for June decreased to 60.1% (Briefing.com consensus 63.0%) from a record-high 64.0% in May. The dividing line between expansion and contraction is 50.0%. The June reading marks the thirteenth straight month of growth for the services sector. […] The final reading for the June IHS Markit Services PMI checked in at 64.6, which was slightly lower from the preliminary reading of 64.8. […] S&P 500 +15.6% YTD Russell 2000 +15.2% YTD Nasdaq Composite +13.8% YTD Dow Jones Industrial Average +13.0% YTD Overseas:  Europe: DAX -1.0%, FTSE -0.9%, CAC -0.9% Asia: Nikkei +0.2%, Hang Seng -0.3%, Shanghai -0.1% Commodities:  Crude Oil -1.85 @ 73.52 Nat Gas -0.06 @ 3.64 Gold +8.30 @ 1795.00 Silver -0.38 @ 26.23 Copper -0.03 @ 4.25