Directional Bias For The Day:

• S&P Futures are lower;
• The odds are for a down to sideways day – watch for a break above 4513.25 for a change of fortunes
• Key economic data report due during the day:
  • Unemployment Claims ( 310K vs. 343K est.; prev. 345K) at 8:30 AM

Directional Bias Before Open:

Weekly: Uptrend Daily: Uptrend

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

Key Levels:

• Critical support levels for S&P 500 are 4506.11, 4493.95, and 4487.62
• Critical resistance levels for S&P 500 are 4515.98, 4521.65, and 4527.78
• Key levels for E-mini futures: break above 4512.50, the high of 8:00 PM and break below 4497.25, the low of 7:30 AM

Pre-Open

• On Wednesday at 4:00 PM, S&P futures (September 2021) closed at 4513.00 and the index closed at 4514.07 – a spread of about -1.00 points; futures closed at 4512.50 for the day; the fair value is +0.50
• Pre-NYSE session open, futures are lower – at 8:30 AM, S&P 500 futures were down by -6.00; Dow by -40; and NASDAQ by -6.00

Markets Around The World

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

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

• Commodities (from two weeks ago):
  • Energy futures are higher
  • Precious metals are higher
  • Industrial metals are lower
  • Most soft commodities are mostly lower
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.336%, down -0.6 basis points from two weeks ago;
  • 30-years is at 1.950%, down -0.9 basis points;
  • 2-years yield is at 0.220%, down -2.2 basis points;
  • The 10-Year-&-2-Year spread is at 1.116, up from 1.100
• VIX
  • At 18.40 @ 8:00 AM; up from the last close; above 5-day SMA;
  • Recent high =  24.74 on August 19; low =  15.19 on August 13
  • Sentiment: Risk-Off-Neutral

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 September 3 was a green candle that opened higher with a small upper shadow and almost no lower shadow; at all-time highs Stochastic (9,1, 3): %K crossed  above %D; near 100 RSI-9 is above 70 The week was up +26.06 or +0.6%; the 5-week ATR is 66.42 An up week; fourth in the last five weeks, and seventh in the last ten weeks The weekly pivot point=4531.68, R1=4539.60, R2=4563.77; S1=4517.51, S2=4499.59; R1 pivot level was breached Above 10-week EMA, 39-week SMA, and 89-week SMA Uptrend since March 23, 2020
Daily	A small Dragonfly doji near all-time highs %K is below %D below 60; RSI-9 is below 60; below 8-day EMA; Above 20-day EMA, 50-day EMA, 100-day, and 200-day SMA Uptrend
2-Hour (E-mini futures)	Declining since 8:00 Am on September 6; below a downtrend line; broke below within an up-sloping channel; uptrend since 4:00 AM on August 19; RSI-21 is bouncing from 20 to near 45; Bullish Divergence at 2:00  AM on Wednesday Below EMA20, which is below EMA10 of EMA50 Bias: Up-Side
30-Minute (E-mini futures)	Drifting down since 9:30 AM on September 6; bouncing since 3:00 AM to a resistance level created by the downtrend line RSI-21 is moving up from below 40 to just above 50 Above EMA10 of EMA50, which is above EMA20 Bias: Side-Down
15-Minute (E-mini futures)	The Bollinger Band (20, 2.0) is moving down since 7:15 PM on September 6; turning up since 4:30 AM The Bollinger Band is slightly expanded with price near the upper band Stochastic (9, 1, 3): %K crossed below %D at 8:15 AM Bias: Side-Down

Previous Session

Major U.S. indices closed lower on Wednesday, September 8 in mostly higher volume. Dow Jones Industrial Average traded in lower volume.

Only one S&P sector – Technology – closed up. Energy, Health Care, and Telecom closed unchanged and all others closed lower.

From Briefing.com:

The major indices closed lower on Wednesday, as investors digested another negative-sounding news cycle. The S&P 500 (-0.1%) and Dow Jones Industrial Average (-0.2%) finished slightly lower, the Nasdaq Composite lost 0.6%, and the Russell 2000 struggled with a 1.1% decline. […] The 10-yr yield decreased four basis points to 1.33%, while the 2-yr yield increased one basis point to 0.22%. The U.S. Dollar Index increased 0.2% to 92.71. WTI crude futures rose 1.4%, or $0.92, to $69.32/bbl. […] Consumer credit increased by $17.0 bln in July (Briefing.com consensus $28.0B) after increasing an upwardly revised $37.9 bln (from $37.6 bln) in June. […] Job openings increased to a record-high of 10.934 million in July from a revised 10.185 million (from 10.073 million) in June. The weekly MBA Mortgage Applications Index decreased 1.9% following a 2.4% decline in the prior week. […] S&P 500 +20.2% YTD Nasdaq Composite +18.6% YTD Russell 2000 +13.9% YTD Dow Jones Industrial Average +14.5% YTD Overseas:  Europe: DAX -1.5%, FTSE -0.8%, CAC -0.9% Asia: Nikkei +0.9%, Hang Seng -0.1%, Shanghai flat Commodities:  Crude Oil +0.97 @ 69.35 Nat Gas +0.36 @ 4.94 Gold -4.80 @ 1795.00 Silver -0.34 @ 24.08 Copper -0.04 @ 4.24