Directional Bias For The Day:

• S&P Futures are higher at 8:45 AM. Futures are at the upper bound of a trading range between 4296.75 and 4281.50
• The odds are for a sideways day to an up day – watch for a break above 4296.75 or a break below 4281.50 for clarity
• The major economic data report due during the day:
  • Trade Balance ( -74.6B vs. -75.8B est.; prev. -60.6B) at 8:30 AM

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 4278.26, 4268.54, and 4263.09
• Critical resistance levels for S&P 500 are 4299.28, 4302.18, and 4312.23
• The key levels for E-mini futures are 4296.75, the high at 7:45 AM, and 4281.50, the low at 4:00 AM

Pre-Open

• On Tuesday at 4:00 PM, S&P futures (June 2023) closed at 4289.75, and the index closed at 4283.85 – a spread of about +6.00 points; the futures closed at 4289.75; the fair value is +0.0
• Pre-NYSE session open, futures were a little higher – at 8:30 AM, S&P 500 futures were up by +3.00, Dow by +2, and NASDAQ by +11.25

Markets Around The World

• Markets in the East closed mixed – Shanghai, Hong Kong, Mumbai, and Seoul closed higher; Tokyo, Sydney, and Singapore closed lower
• European markets are mostly higher – Italy and Switzerland are down
• Currencies (Compared to two weeks ago):

• Commodities (Compared to two weeks ago):
  • Energy futures are lower
  • 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 3.699, down -0.1 basis points from two weeks ago;
  • The 30-year is at 3.867%, down -8.4 basis points;
  • The 2-year yield is at 4.496%, up +17.6 basis points;
  • The 10-Year-&-2-Year spread is at -0.799, down from -0.622
  • The 30-Year-&-10-Year spread is at 0.170, down from +0.253
• VIX
  • At 14.12 @ 6:45 AM; up from the last close; below the 5-day SMA;
  • Recent high = 20.81 on May 24; low = 13.95 on June 6
  • Sentiment: Risk-Neutral-Off

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

Previous Session

Major U.S. indices closed higher on Tuesday, June 6, in mixed volume. Dow Jones Transportation Average and Russell 2000 traded in higher volume.

Most of the indices traded within a narrow range. Russell 2000 led the field with a +2.7% gain.

All but four S&P sectors – Technology, Utilities, Healthcare, and Consumer Staples – closed higher.

From Briefing.com:

[…] The three major indices were all in negative territory around midday, but rebounded and ended near their best levels by the close. […] The strength in the broader market was reflected in the 0.7% gain recorded by the Invesco S&P 500 Equal Weight ETF (RSP). The market-cap weighted S&P 500 rose 0.2%. […] The S&P 500 financials sector was the top performer today, advancing 1.3%. Other outperformers included the consumer discretionary (+1.0%), energy (+0.7%), materials (+0.7%), and industrials (+0.6%) sectors. On the flip side, the health care (-0.9%) and consumer staples (-0.5%) sectors were the worst performers among the 11 sectors. The information technology sector (-0.1%) was another notable […] The 2-yr Treasury note yield rose four basis points to 4.52% and the 10-yr note yield settled unchanged at 3.69%. Nasdaq Composite: +26.9% YTD S&P 500: +11.6% YTD Russell 2000: +5.4% YTD Dow Jones Industrial Average: +1.3% YTD S&P Midcap 400: +4.1% YTD […] Overseas: Europe: DAX +0.2%, FTSE +0.4%, CAC +0.1% Asia: Nikkei +0.9%, Hang Seng -0.1%, Shanghai -1.2% Commodities:  Crude Oil -0.26 @ 71.72 Nat Gas +0.03 @ 2.26 Gold +6.70 @ 1981.50 Silver +0.05 @ 23.69 Copper flat @ 3.77