Directional Bias For The Day:
The futures are moving sideways- Trending down after the high of 2299.50 at 1:00 AM
- Wednesday was gap up open
- Odds are for a sideways to down day; watch for break above 2299.50 for change of fortunes
Markets Around The World
- Markets in the East were higher; Sydney and Mumbai were closed
- European markets are higher
- Dollar index and GBP/USD are up; EUR/USD and USD/JPY are down
- Commodities are mixed: Crude oil and NatGas are up; gold, silver and copper are down
- 10-yrs yield is at 2.525%, up from Jan 25 close of 2.523%; 30-years is at 3.103%, down from 3.108% on Jan 25
Key Levels:
- Critical support levels for S&P 500 are 2288.88, 2284.83 and 2280.98
- Critical resistance levels for S&P 500 are 2302.32, 2306.27 and 2312.99
- Key levels for eMini futures: break above 2296.75, high of 6:00 AM and break below 2292.50, the low of 8:00 AM
Pre-Open
- Pre-NYSE session open, futures price action is to the upside – at 8:30 AM, S&P 500 futures were up by +0.50, Dow is by +23.00 and NASDAQ by +9.00
- On Wednesday, at 4:00 PM, S&P future (March contract) closed at 2294.50 and the index closed at 2298.37 – a spread of about 4.00 points; futures closed at 2294.00 for the day; the fair value is +0.50
The trend and patterns on various time frames for S&P 500 are:
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Weekly: |
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Daily |
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2-Hour (e-mini future) |
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30-Minute (e-mini future) |
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Previous Session
Dow Jones Industrial Average is breaking above its horizontal trading range with target near 20165. Dow Transportation Average is following through on its break of a down trend line and is now closer to all time high. Russell 2000 is also closer to the upper limit of its horizontal trading range. . NASDAQ Composite gapped up and made another new high. S&P 500 also gapped up is breaking above the upper limit of its emerging broadening pattern, which is in danger of being nullified. All are above their respective 20-day EMA.