Directional Bias For The Day:
S&P Futures are lower at 8:30 AM but rising since 6:45 AM- The odds are for a sideways day – watch for a break above 4472.50 and a break below 4448.25 for clarity
- Key economic data report due during the day:
- Prelim UoM Consumer Sentiment ( 71.9 est.; prev. 70.3) at 10:00 AM
- Prelim UoM Inflations Expectations ( prev. 4.6% ) at 10:00 AM
Directional Bias Before Open:
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Key Levels:
- Critical support levels for S&P 500 are 4468.02, 4457.58, and 4443.80
- Critical resistance levels for S&P 500 are 4480.59, 4486.87, and 4492.99
- Key levels for E-mini futures: break above 4472.50, the high of 3:00 AM and break below 4448.25, the high of 6:30 AM
Pre-Open
- On Thursday at 4:00 PM, S&P futures (December 2021) closed at 4464.50 and the index closed at 4473.75 – a spread of about -9.25 points; futures closed at 4464.25 for the day; the fair value is +0.25
- Pre-NYSE session open, futures are lower – at 8:15 AM, S&P 500 futures were down -4.75; Dow by -7; and NASDAQ by -9.50
Markets Around The World
- Markets in the East closed mostly higher – Sydney and Mumbai closed lower
- European markets are mostly higher – Germany and Italy are 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 lower
- Industrial metals are lower
- Most soft commodities are mixed
- Treasuries (from two weeks ago)
- 10-years yield closed at 1.331%, up +3.7 basis points from two weeks ago;
- 30-years is at 1.881%, down -2.6 basis points;
- 2-years yield is at 0.221%, up +1.0 basis points;
- The 10-Year-&-2-Year spread is at 1.110, up from 1.083
- VIX
- At 19.22 @ 7:45 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
The trend and patterns on various time frames for S&P 500:
Monthly |
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Weekly: |
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Daily |
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2-Hour (E-mini futures) |
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30-Minute (E-mini futures) |
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15-Minute (E-mini futures) |
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Previous Session
From Briefing.com:
The Nasdaq Composite (+0.1%) eked out a gain, while the S&P 500 (-0.2%), Dow Jones Industrial Average (-0.2%), and Russell 2000 (-0.1%) closed slightly lower. […] The 2-yr yield increased one basis point to 0.22%, and the 10-yr yield increased three basis points to 1.33%. The U.S. Dollar Index increased 0.3% to 92.86. WTI crude futures ($72.62, +0.10, +0.1%) were little changed.
[…][…]
- Total retail sales increased 0.7% month-over-month (Briefing.com consensus -0.7%) following a downwardly revised 1.8% decline (from -1.1%) in July. Excluding autos, retail sales jumped 1.8% (Briefing.com consensus -0.2%) after declining a downwardly revised 1.0% (from -0.4%) in July.
- […]
- Initial claims for the week ending September 11 increased by 20,000 to 332,000 (Briefing.com consensus 318,000). Continuing claims for the week ending September 4 decreased by 187,000 to 2.665 million.
- […]
- The Philadelphia Fed Index for September increased to 30.7 (Briefing.com consensus 19.6) from 19.4 in August.
- Business inventories increased 0.5% m/m in July (Briefing.com consensus 0.5%) following an upwardly revised 0.9% increase (from 0.8%) in June.
- S&P 500 +19.1% YTD
- Nasdaq Composite +17.8% YTD
- Dow Jones Industrial Average +13.5% YTD
- Russell 2000 +13.1% YTD
Overseas:
- Europe: DAX +0.2%, FTSE +0.2%, CAC +0.6%
- Asia: Nikkei -0.6%, Hang Seng -1.5%, Shanghai -1.3%
Commodities:
- Crude Oil -0.10 @ 72.63
- Nat Gas -0.16 @ 5.30
- Gold -39.10 @ 1755.90
- Silver -0.96 @ 22.85
- Copper -0.15 @ 4.26