Directional Bias For The Day:
S&P Futures are lower- The odds are for a sideways to down day with elevated volatility; – watch for break above 3052.25 for change of sentiments
- Key economic data due:
- Core Durable Goods Orders ( 2.1% est.; prev. -7.7%) at 8:30 AM
- Durable Goods Orders ( 10.3% est.; prev. -17.7%) at 8:30 AM
- Final GDP ( -5.0% est.; prev. -5.0%) at 8:30 AM
- Unemployment Claims ( 1320K est.; prev. 1508K) at 8:30 AM
- Final GDP Price Index ( 1.4% est.; prev. 1.4%) at 8:30 AM
- Goods Trade Balance ( -68.8B est.; prev. -69.7B) at 8:30 AM
- Prelim Wholesale Inventories ( 0.4% est.; prev. 0.3%) at 8:30 AM
Directional Bias Before Open:
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Key Levels:
- Critical support levels for S&P 500 are 3038.83, 3032.13 and 3008.79
- Critical resistance levels for S&P 500 are 3067.28, 3079.39 and 3093.60
- Key levels for E-mini futures: break above 3052.25, the high of 5:30 AM and break below 3020.25, the low of 10:00 PM
Pre-Open
- On Wednesday at 4:00 PM, S&P futures (September 2020) closed at 3040.25 and the index closed at 3050.33 – a spread of about -10.00 points; futures closed at 3049.00 for the day; the fair value is -8.75
- Pre-NYSE session open, futures are lower – at 8:00 AM, S&P 500 futures were down by -23.00; Dow by -238 and NASDAQ by -32.25
Markets Around The World
- Markets in East closed lower – Shanghai and Hong Kong were closed
- European markets are higher
- Currencies:
Up Down - Dollar index
- GBP/USD
- USD/JPY
- USD/CHF
- AUD/USD
- NZD/USD
- INR/USD
- EUR/USD
- USD/CAD
- Commodities:
Up Down - Coffee
- Cocoa
- Crude Oil
- NatGas
- Gold
- Silver
- Copper
- Platinum
- Palladium
- Sugar
- Cotton
- Bond
- 10-yrs yield closed at 0.684%, down from June 23 close of 0.709;
- 30-years is at 1.445% down from 1.489%
- 2-years yield is at 0.187% down from 0.193%
- The 10-Year-&-2-Year spread is at 0.497 down from 0.516
- VIX
- Is at 34.48; up +0.67 from June 24 close; above 5-day SMA;
- Recent high 44.44 on June 15; low 29.26 on June 23
- Sentiment: Risk-Off
The trend and patterns on various time frames for S&P 500:
Monthly |
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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:
The major indices fell more than 2% on Wednesday amid renewed concerns about the coronavirus and its potential impact on reopening activity. The S&P 500 lost 2.6%, the Dow Jones Industrial Average lost 2.7%, the Nasdaq Composite lost 2.2%, and the Russell 2000 lost 3.5%. All 11 S&P 500 sectors closed lower, and all 30 Dow components closed lower. The energy (-5.5%), industrials (-3.5%), and financials (-3.5%) sectors were hit the hardest, while the utilities sector (-0.9%) was the lone sector that declined less than 1.0%.
[…]U.S. Treasuries finished with modest gains amid the weakness in equities. The 2-yr yield declined one basis point to 0.18%, and the 10-yr yield declined two basis points to 0.69%. The U.S. Dollar Index rose 0.6% to 97.21. WTI crude fell 6.2%, or $2.50, to $37.88/bbl.
[…]
- The FHFA Housing Price Index for April increased 0.2% following a 0.1% increase in March.
- The weekly MBA Mortgage Applications Index fell 8.7% following an 8.0% spike in the prior week.