Directional Bias For The Day:

• S&P Futures are higher at 8:30 AM; moving sideways within a range between 4551.25 and 4530.00;
• The odds are for a sideways to down day from pre-open levels around 4540.00 – watch for a break above 4551.25 for a change of sentiments
• Key economic data report due during the day:
  • Factory Orders ( -0.5% est.; prev. 1.4%) at 10:00 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4519.64, 4507.57, and 4501.07
• Critical resistance levels for S&P 500 are 4571.95, 4603.07, and 4617.01
• Key levels for E-mini futures: break above 4551.25, the high of 2:00 AM and break below 4530.00, the low of 3:15 AM

Pre-Open

• On Friday at 4:00 PM, S&P futures (June 2022) closed at 4538.00 and the index closed at 4545.86 – a spread of about -7.75 points; futures closed at 4539.25 for the day; the fair value is -1.25
• Pre-NYSE session open, futures are higher – at 8:30 AM, S&P 500 futures were up by +7.50; Dow by +23; and NASDAQ by +48.25

Markets Around The World

• Markets in the East closed mostly higher – Singapore closed down; Shanghai was closed;
• European markets are mostly higher – Spain and Italy are lower
• Currencies (Compared to two weeks ago):
  

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

• Commodities (Compared to two weeks ago):
  • Energy futures are mixed
  • Precious metals are lower
  • Industrial metals are lower
  • Soft commodities are mixed
• Treasuries (Compared to two weeks ago)
  • 10-years yield closed at 2.381%, up +23.3 basis points from two weeks ago;
  • 30-years is at 2.452%, up +3.4 basis points;
  • 2-years yield is at 2.464%, up +52.0 basis points;
  • The 10-Year-&-2-Year spread is at -0.083, down from 0.204
  • The 30-Year-&-10-Year spread is at 0.017, down from 0.270
• VIX
  • At 20.26 @ 8:15 AM; up from the last close; above the 5-day SMA;
  • Recent high = 33.83 on March 15; low = 18.67 on MArch 29
  • Sentiment: Risk-Off-Neutral

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

Previous Session

Major U.S. indices closed mostly higher on Friday, April 1, in mostly lower volume. Dow Jones Transportation Average closed lower in higher volume. Major indices mostly opened lower and then traded down in the morning before turning around and moving up in the afternoon session. The 2-year/10-year Treasury curve is inverted.

For the week, the major US indices closed mixed in mixed volume. Most Asian and European exchanges closed higher. the dollar index was and most commodities closed down for the week. The US Treasury Yields declined.

From Briefing.com:

The S&P 500 increased 0.3% on Friday, starting the second quarter on a positive note despite a more inverted Treasury yield curve. The Nasdaq Composite (+0.3%) and Dow Jones Industrial Average (+0.4%) also rose modestly while the Russell 2000 outperformed with a 1.0% gain. Eight of the 11 S&P 500 sectors closed higher, led by the real estate (+2.0%), utilities (+1.5%), consumer staples (+1.3%), and materials (+1.1%) sectors. Conversely, the information technology (-0.2%), financials (-0.2%), and industrials (-0.7%) sectors underperformed in negative territory. […] The Employment Situation report for March showed a smaller than expected increase in nonfarm and private payrolls, which masked big upward revisions to readings from the past two months. Average hourly earnings showed an increase that was in-line with expectations, though average workweek decreased slightly. […] The March ISM Manufacturing Index decreased to 57.1% (Briefing.com consensus 58.3%) from 58.6% in February. A number above 50.0% is indicative of expansion. March marked the 22nd consecutive month of expansion in the manufacturing sector. […] Total construction spending increased 0.5% month-over-month in February (Briefing.com consensus 1.0%) while the January reading was revised up to 1.6% (from 1.3%). […] Dow Jones Industrial Average -4.2% YTD S&P 500 -4.6% YTD Russell 2000 -6.9% YTD Nasdaq Composite -8.8% YTD