Directional Bias For The Day:

• S&P Futures are higher;
• The odds are for an up day – watch for a break below 4501.50 for a change of fortunes
• Key economic data report due during the day:
  • PPI ( 0,7% vs. 0.6% est.; prev. 1.0%) at 8:30 AM
  • Core PPI ( 0.6% vs. 0.5% est.; prev. 1.0%) at 8:30 AM
  • Final Wholesale Inventories ( 0.6% est.; prev. 0.6%) at 10:00 AM

Directional Bias Before Open:

Weekly: Uptrend Daily: Uptrend

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

Key Levels:

• Critical support levels for S&P 500 are 4505.90, 4492.07, and 4479.29
• Critical resistance levels for S&P 500 are 4517.12, 4524.20, and 4529.90
• Key levels for E-mini futures: break above 4514.00, the high of 4:45 PM and break below 4508.50, the low of 5:45 AM

Pre-Open

• On Thursday at 4:00 PM, S&P futures (September 2021) closed at 4493.25 and the index closed at 4493.28 – a spread of about -0.00 points; futures closed at 4492.25 for the day; the fair value is +1.00
• Pre-NYSE session open, futures are higher – at 8:15 AM, S&P 500 futures were up by +9.00; Dow by +57; and NASDAQ by +64.75

Markets Around The World

• Markets in the East closed higher – Mumbai was closed for trading
• European markets are mostly higher – Spain and Italy are lower
• Currencies (from two weeks ago):
  

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

• Commodities (from two weeks ago):
  • Energy futures are higher
  • Precious metals are higher
  • Industrial metals are mostly lower
  • Most soft commodities are mostly lower
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.299%, down -4.3 basis points from two weeks ago;
  • 30-years is at 1.897%, down -4.4 basis points;
  • 2-years yield is at 0.209%, down -2.9 basis points;
  • The 10-Year-&-2-Year spread is at 1.109, up from 1.104
• VIX
  • At 17.52 @ 7:45 AM; down from the last close; below 5-day SMA;
  • Recent high =  24.74 on August 19; low =  15.19 on August 13
  • Sentiment: Risk-On

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

Monthly	Confirmed Uptrend August 2021 was a green candle with small upper and lower shadows; at all-time closing and intra-month highs; Stochastic (9, 1, 3): %K above %D near 100; RSI-9 above 80; 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 red candle with small upper and lower shadows near all-time highs Stochastic (9, 1, 3): %K is below %D below 30; RSI-9 is below 50; below 8-day EMA; At/above 20-day EMA, 50-day EMA, 100-day, and 200-day SMA Uptrend
2-Hour (E-mini futures)	Drifting down since 8:00 Am on September 6 but bouncing up since 8:00 PM; below a downtrend line; uptrend since 4:00 AM on August 19; RSI-21 is near 50 after making a Bullish Divergence at 4:00 PM on Thursday Below EMA20, which is below EMA10 of EMA50 Bias: Up-Side
30-Minute (E-mini futures)	Trending down since 9:30 AM on September 6; bouncing since 7:00 PM to a congestion zone RSI-21 is moving up from near 30 to just above 55 Above EMA10 of EMA50, which is at/above EMA20 Bias: Down
15-Minute (E-mini futures)	The Bollinger Band (20, 2.0) is moving up since 10:15 PM on September 9; The Bollinger Band is slightly contracting since 7:00 AM Stochastic (9, 1, 3): %K crossed below %D at 8:15 AM Bias: Side-Up

Previous Session

Major U.S. indices closed lower on Thursday, September 9 in mostly higher volume. NASDAQ Composite traded in lower volume.

Only three S&P sectors – Energy, Materials, and Industrials – closed up.

From Briefing.com:

The S&P 500 (-0.5%), Dow Jones Industrial Average (-0.4%), and Nasdaq Composite (-0.3%) closed near session lows with modest losses on Thursday, while the small-cap Russell 2000 (-0.03%) closed relatively unchanged. This was the fourth straight decline for the S&P 500. Eight of the 11 S&P 500 sectors finished in negative territory, led lower by the real estate (-2.1%) and health care (-1.2%) sectors with losses over 1.0%. The financials (+0.3%), energy (+0.1%), and materials (+0.1%) sectors bucked the negative trend with modest gains. […] The 10-yr yield settled four basis points lower at 1.30% after trading at 1.33% before the results were released at 1:00 p.m. ET. The 2-yr yield declined one basis point to 0.21%. The U.S. Dollar Index decreased 0.2% to 92.50. […] Initial claims for the week ending September 4 decreased by 35,000 to 310,000 (Briefing.com consensus 345,000) from last week’s revised level of 345,000 (from 340,000). Continuing claims for the week ending August 28 decreased by 22,000 to 2.783 mln from last week’s revised level of 2.805 mln (from 2.748 mln). […] S&P 500 +19.6% YTD Nasdaq Composite +18.3% YTD Dow Jones Industrial Average +14.0% YTD Russell 2000 +13.9% YTD Overseas:  Europe: DAX +0.1%, FTSE -1.0%, CAC +0.2% Asia: Nikkei -0.6%, Hang Seng -2.3%, Shanghai +0.5% Commodities:  Crude Oil -1.14 @ 68.18 Nat Gas +0.08 @ 5.02 Gold +6.90 @ 1800.10 Silver +0.12 @ 24.20 Copper +0.05 @ 4.29