Directional Bias For The Day:

• S&P Futures are higher at 8:45 AM – up more than 60 points since the low of 3981.00 at 2:00 PM on Tuesday; drifting lower since 5:45 AM
• The odds are for an up day with a good chance of a sideways to down move from the pre-open levels around 4035.00 – watch for a break below 4024.00 for a change of sentiments
• The major economic data report is due during the day.
  • Pending Home Sales( -2.9% est.; prev. 8.1%) at 10:00 AM

Directional Bias Before Open:

Weekly: Uptrend Under Pressure Daily: In Correction 120-Min: Side-Up

30-Min: Side-Up 15-Min: Up 6-Min:  Up-Side

Key Levels:

• Critical support levels for S&P 500 are 3979.20, 3971.93, and 3951.53
• Critical resistance levels for S&P 500 are 3997.24, 4007.66, and 4039.49
• The key levels for E-mini futures are a break above 4040.25, a high at 5:45 AM,  and a break below 4024.00, a low at 2:15 AM

Pre-Open

• On Tuesday at 4:00 PM, S&P futures (June 2023) closed at 4001.25, and the index closed at 3971.27 – a spread of about +30.00 points; the futures closed at 4001.50; the fair value is -0.25
• Pre-NYSE session open, futures were higher – at 8:30 AM, S&P 500 futures were up by +31.25, Dow by +223, and NASDAQ by +103.75

Markets Around The World

• Markets in the East closed mostly higher – Shanghai closed lower
• European markets are higher
• Currencies (Compared to two weeks ago):

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

• Commodities (Compared to two weeks ago):
  • Energy futures are mixed
  • Precious metals are higher
  • Industrial metals are mostly lower
  • Soft commodities are mixed
• Treasuries (Compared to two weeks ago)
  • The 10-year yield closed at 3.581, down -5.7 basis points from two weeks ago;
  • The 30-year is at 3.790%, up +2.9 basis points;
  • The 2-year yield is at 4.072%, down -17.8 basis points;
  • The 10-Year-&-2-Year spread is at -0.491, up from -0.612
  • The 30-Year-&-10-Year spread is at 0.209, up from +0.123
• VIX
  • At 19.34 @ 6:15 AM; down from the last close; below the 5-day SMA;
  • Recent high = 30.81 on March 13; low = 18.16 on March 2
  • Sentiment: Risk-On

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

Weekly:	The week ending on March 24 was a small green candle with a long upper shadow and a small lower shadow Stochastic (9,1, 3): %K is above the %D; RSI-9 is just above 50 The week was up +54.35 or +1.4%; the 5-week ATR  is 154.85 An up week, third in the last five weeks, and fifth in the previous ten weeks; The weekly pivot point=3973.21, R1=4037.27, R2=4103.54; S1=3906.94, S2=3842.88; R1 pivot level was breached Below 10-week EMA; above 39-week SMA; below 89-week SMA Uptrend Under Pressure
Daily	A relatively small red-bodied candle that looked like a Doji, with a larger lower shadow than the upper shadow Stochastic (9, 1, 3): %K crossed below the %D. RSI-9 is just above 50; above 8-DMA Above 20-day EMA; below 50-day EMA; above 100-day SMA and 200-day SMA; In Correction
2-Hour (E-mini futures)	Moving up within an up-sloping flag, which is in effect since 2:00 PM on March 9, from near its lower bound RSI-21 has bounced up to above 65 from near 30 Above EMA20, which is above EMA10 of EMA50 Bias:  Side-Up
30-Minute (E-mini futures)	Near a resistance level around 4040.00 from a low of 3881.00 on Tuesday RSI-21 is moving around 60 Above EMA20, which is above EMA10 of EMA50 Bias: Side-Up
15-Minute (E-mini futures)	The Bollinger Band (20, 2.0) has been moving up since 3:15 PM on Tuesday – drooping a bit since 6:00 AM. The Bollinger Band has been contracting a little since 6:00 AM Bias: Up

Previous Session

Major U.S. indices closed mostly lower on Tuesday, March 28, in lower volume. Dow Jones Transportation Average and NYSE Composite closed higher.

The major indices opened flat with a down bias. The day’s range was small, and the price action was muted.

From Briefing.com:

Today’s price action occurred in a relatively tight trading range on below average volume. The main indices closed with modest declines after climbing off their worst levels in the afternoon trade. […] Roughly half of the 11 S&P 500 sectors closed in the green, but energy (+1.5%) was the only sector to gain more than 1.0%. On the flip side, the communication services sector (-1.0%) was the worst performer by a decent margin, […] Advancers led decliners by a roughly 4-to-3 margin at the NYSE while decliners led advancers by the same margin at the Nasdaq. […] The 2-yr note yield rose six basis points to 4.06% and the 10-yr note yield rose four basis points to 3.56%. Nasdaq Composite: +11.9% YTD S&P 500: +3.4% YTD S&P Midcap 400: +0.1% YTD Russell 2000: -0.5% YTD Dow Jones Industrial Average: -2.3% YTD […] The advanced report for international trade in goods showed a $91.6 billion deficit in February versus the prior revised $91.1 billion deficit in January (-$91.5billion). The advanced report for retail inventories reflected a 0.8% build in February following a 0.1% increase in January. The advanced report for wholesale inventories showed a 0.2% build in February after a revised 0.5% decline in January (from -0.4%). The FHFA Housing Price Index rose 0.2% in January following a 0.1% decline in December. The S&P Case-Shiller Home Price Index rose 2.5% in January (Briefing.com consensus 2.5%) following a 4.6% increase in December. The Conference Board’s Consumer Confidence Index for March hit 104.2 (Briefing.com consensus 101.5) versus an upwardly revised 103.4 (from 102.9) for February. In the same period a year ago, the index stood at 107.6. […] Overseas:  Europe: DAX +0.1%, FTSE +0.2%, CAC +0.1% Asia: Nikkei +0.2%, Hang Seng +1.1%, Shanghai -0.2% Commodities:  Crude Oil +0.04 @ 73.09 Nat Gas -0.08 @ 2.15 Gold +20.30 @ 1973.30 Silver +0.30 @ 23.41 Copper flat @ 4.08