Directional Bias For The Day:
S&P Futures are lower at 8:30 AM; moving sideways to down since 2:30 PM on Tuesday between 4164.00 and 4135.00- The odds are for a down to sideways day within a narrow range – watch for a break above 4153.50 for a change of sentiments
- The key economic data report due during the day:
- Final Wholesale Inventories ( 2.1% est.; prev. 2.1%) at 10:00 AM
Directional Bias Before Open:
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Key Levels:
- Critical support levels for S&P 500 are 4137.66, 4110.22, and 4093.53
- Critical resistance levels for S&P 500 are 4164.86, 4177.51, and 4200.10
- Key levels for E-mini futures: break above 4153.50, the high at 7:30 AM and a break below 4135.00, the low at 3:00 AM
Pre-Open
- On Tuesday at 4:00 PM, S&P futures (June 2022) closed at 4158.75 and the index closed at 4160.68 – a spread of about -2.00 points; futures closed at 4158.75 for the day; the fair value is 0.00
- Pre-NYSE session open, futures are lower – at 8:15 AM, S&P 500 futures were down by -14.00; Dow by -130; and NASDAQ by -34.00
Markets Around The World
- Markets in the East closed mixed – Shanghai, Hong Kong, Tokyo, and Sydney closed higher; Mumbai, Seoul, and Singapore closed lower
- European markets are lower
- Currencies (Compared to two weeks ago):
Up Down - Dollar index
- GBP/USD
- USD/JPY
- USD/CHF
- AUD/USD
- NZD/USD
- INR/USD
- EUR/USD
- USD/CAD
- Commodities (Compared to two weeks ago):
- Energy futures are higher
- Precious metals are mixed
- Industrial metals are mostly higher
- Soft commodities are mostly lower
- Treasuries (Compared to two weeks ago)
- 10-years yield closed at 2.972%, up +21.2 basis points from two weeks ago;
- 30-years is at 3.123%, up +15.0 basis points;
- 2-years yield is at 2.741%, up +24.1 basis points;
- The 10-Year-&-2-Year spread is at 0.231, up from 0.260
- The 30-Year-&-10-Year spread is at 0.151, up from 0.213
- VIX
- At 24.47 @ 7:00 AM; up from the last close; below the 5-day SMA;
- Recent high = 35.48 on May 9; low = 23.88 on June 7
- Sentiment: Risk-Neutral-On
- Broke below a symmetrical triangle
The trend and patterns in various time frames for S&P 500:
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:
[…] Soon after the opening bell, the Dow, Nasdaq, and S&P 500 were down 0.8%, 1.4%, and 1.0%, respectively. Just as quickly, though, they started to rebound as the CBOE Volatility Index rolled over and investors stepped in to buy on the initial weakness.
[…]Today’s best-performing sector was the energy sector (+3.1%), which is now up 65.0% for the year. It enjoyed a 1.2% gain in WTI crude futures to $119.60/bbl
[…]The industrials (+1.4%), health care (+1.3%), information technology (+1.2%), and real estate (+1.2%) sectors all ended with gains in excess of 1.0%.
The only sector that didn’t finish higher was the consumer discretionary sector (-0.4%),
[…]Advancing issues led declining issues by an 11-to-5 margin at the NYSE and by nearly a 2-to-1 margin at the Nasdaq.
[..][…]
- The April trade deficit narrowed nicely to $87.1 billion (Briefing.com consensus -$89.6 billion) from an upwardly revised $107.7 billion (from -$109.8 billion), but it wasn’t for the best of reasons.
- […]
- Consumer credit increased by $38.0 billion in April (Briefing.com consensus $34.0 billion). The prior month saw a downward revision to $47.4 bln from $52.4 bln.
- Dow Jones industrial Average: -8.6% YTD
- S&P 400: -9.7% YTD
- S&P 500: -12.7% YTD
- Russell 2000: -14.5% YTD
- Nasdaq Composite: -22.2% YTD
Overseas:
- Europe: DAX -0.7%, FTSE -0.1%, CAC -0.7%
- Asia: Nikkei +0.1%, Hang Seng -0.6%, Shanghai +0.2%
Commodities:
- Crude Oil +1.39 @ 119.60
- Nat Gas flat @ 9.34
- Gold +8.80 @ 1853.20
- Silver +0.07 @ 22.18
- Copper flat @ 4.43