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:
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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):
Up | Down |
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- 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:
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
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