Directional Bias For The Day:

• S&P Futures moved higher by more than 20 points after the 8:30 AM economic report;
• The odds have changed to an up day from sideways-to-down – watch for a break below 4451.50 for a change of fortunes
• Key economic data report due during the day:
  • CPI ( 0.3% vs. 0.4% est.; prev. 0.5%) at 8:30 AM
  • Core CPI ( 0.1% vs. 0.3% est.; prev. 0.3% ) at 8:30 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4445.70, 4432.63, and 4425.32
• Critical resistance levels for S&P 500 are 4475.51, 4492.99, and 4497.78
• Key levels for E-mini futures: break above 4468.00, the high of 4:30 AM and break below 4451.50, the low of 7:30 AM

Pre-Open

• On Monday at 4:00 PM, S&P futures (December 2021) closed at 4459.50 and the index closed at 4468.73 – a spread of about -9.25 points; futures closed at 4459.50 for the day; the fair value is +0.00
• Pre-NYSE session open, futures are lower – at 8:00 AM, S&P 500 futures were down by -3.75; Dow by -45; and NASDAQ by -23.75

Markets Around The World

• Markets in the East closed mostly higher – Shanghai and Hong Kong closed down
• European markets are mostly lower – Italy is up
• Currencies (from two weeks ago):
  

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

• Commodities (from two weeks ago):
  • Energy futures are higher
  • Precious metals are lower
  • Industrial metals are mostly lower
  • Most soft commodities are mostly lower
• Treasuries (from two weeks ago)
  • 10-years yield closed at 1.324%, up +3.9 basis points from two weeks ago;
  • 30-years is at 1.905%, up +0.5 basis points;
  • 2-years yield is at 0.217%, up +1.0 basis points;
  • The 10-Year-&-2-Year spread is at 1.107, up from 1.078
• VIX
  • At 19.31 @ 6:45 AM; down from the last close; at/above 5-day SMA;
  • Recent high =  24.74 on August 19; low =  15.19 on August 13
  • Sentiment: Risk-On-Neutral

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

Previous Session

Major U.S. indices closed mostly higher on Monday, September 13 in mostly higher volume. NASDAQ Composite closed lower.  Dow Jones Transportation Average and S&P 500 traded in lower volume. The major indices opened higher but then immediately declined and went negative for the day before recovering and closing a bit higher for the day.

From Briefing.com:

The S&P 500 snapped a five-session losing streak on Monday with a 0.2% gain, although it closed well off session highs. The Nasdaq Composite decreased 0.1%, while the Dow Jones Industrial Average (+0.8%) and Russell 2000 (+0.6%) outperformed amid strength in energy and financial stocks. […] Eight of the 11 S&P 500 sectors ended the session in positive territory, led by energy (+2.9%) and financials (+1.1%) with 3% and 1% gains, respectively. […] The health care sector (-0.6%) was today’s laggard […] The Treasury Budget for August showed a $170.64 bln deficit in August, versus a $200.01 bln deficit in the same period a year ago. The budget data is not seasonally adjusted, so the August deficit cannot be compared to the July deficit of $302.05 bln. August marked the 23rd consecutive month that the Treasury has seen a budget deficit. […] S&P 500 +19.0% YTD Nasdaq Composite +17.2% YTD Dow Jones Industrial Average +13.9% YTD Russell 2000 +13.5% YTD Overseas:  Europe: DAX +0.6%, FTSE +0.6%, CAC +0.2% Asia: Nikkei +0.2%, Hang Seng -1.5%, Shanghai +0.3% Commodities:  Crude Oil +0.72 @ 70.47 Nat Gas +0.30 @ 5.23 Gold +2.30 @ 1794.30 Silver -0.12 @ 23.79 Copper -0.08 @ 4.37