Directional Bias For The Day:

• S&P Futures are lower at 9:00 AM; moving sideways since 9:15 PM on Sunday;
• The odds are for a down day with elevated volatility – watch for a break above 4218.75
• No key economic data report due during the day

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4217.54, 4187.0, and 4161.72
• Critical resistance levels for S&P 500 are 4251.99, 4267.62, and 4284.24
• Key levels for E-mini futures: break above 4254.25, the high at 9:15 AM and a break below 4218.75, the low at 5:15 AM

Pre-Open

• On Friday at 4:00 PM, S&P futures (June 2022) closed at 4269.25 and the index closed at 4271.78 – a spread of about -2.50 points; futures closed at 4267.25 for the day; the fair value is +2.00
• Pre-NYSE session open, futures are lower – at 9:00 AM, S&P 500 futures were down by -15.50; Dow by -91; and NASDAQ by -48.75

Markets Around The World

• Markets in the East closed lower – Sydney was closed for trading
• European markets are lower
• Currencies (Compared to two weeks ago):
  

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

• Commodities (Compared to two weeks ago):
  • Energy futures are higher
  • Precious metals are lower
  • Industrial metals are lower
  • Soft commodities are mixed
• Treasuries (Compared to two weeks ago)
  • 10-years yield closed at 2.906%, up +19.3 basis points from two weeks ago;
  • 30-years is at 2.944%, up +19.8 basis points;
  • 2-years yield is at 2.586%, up +10.0 basis points;
  • The 10-Year-&-2-Year spread is at 0.207, down from 0.247
  • The 30-Year-&-10-Year spread is at 0.038, up from 0.033
• VIX
  • At 29.16 @ 8:45 AM; up from the last close; above the 5-day SMA;
  • Recent high = 25.38 on April 12; low = 19.75 on April 20
  • Sentiment: Risk-Off

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

Previous Session

Major U.S. indices closed lower on Friday, April 22, in mostly the higher volume. Dow Jones Transportation Average traded in lower volume. The major indices opened lower and then moved down for the rest of the day.

For the week, the major US indices closed lower in higher volume. Markets in Asia mostly closed lower. The European markets were down. The dollar index was up for the week. The energy and most hard commodities closed lower. The soft commodities were mixed. The US Treasury yields closed up. All but two S&P sectors – Consumer Staples and Real Estate – closed down for the week.

From Briefing.com:

The major indices dropped more than 2.5% on Friday in what was largely a continuation of yesterday’s broad-based selling. The S&P 500 fell 2.8%, the Dow Jones Industrial Average fell 2.8%, the Nasdaq Composite fell 2.6%, and the Russell 2000 fell 2.6%. All 11 S&P 500 sectors closed lower with losses ranging from 1.6% (consumer staples) to 3.7% (materials), and all 30 Dow components closed lower. Growth and value stocks fell together, as did mega-caps with micro-caps. […] The fed-funds-sensitive 2-yr yield increased three basis points to 2.72% while the growth-sensitive 10-yr yield decreased one basis point to 2.91% after hitting 2.97% Thursday evening. The U.S. Dollar Index rose 0.6% to 101.16. WTI crude futures fell 1.7%, or $1.79, to $102.00/bbl. […] Dow Jones Industrial Average -7.0% YTD S&P 500 -10.4% YTD Russell 2000 -13.6% YTD Nasdaq Composite -17.9% YTD