Directional Bias For The Day:

• S&P Futures are higher at 9:00 AM; moving up since 12:45 AM – up more than 26 points
• The odds are for an up day – watch for a break above 4177.25 for a change of sentiments
• The major economic data report due during the day:
  • Building Permits ( 1.41M vs. 1.40M est.; prev. 1.55M) at 8:30 AM
  • Housing Starts ( 1.42M vs. 1.40M est.; prev. 1.43M) at 8:30 AM

Directional Bias Before Open:

Weekly: Uptrend Resumed Daily: Uptrend 120-Min: Side-Up

30-Min: Side-Up 15-Min: Up 6-Min:  Up

Key Levels:

• Critical support levels for S&P 500 are 4163.19, 4151.40, and 4123.18
• Critical resistance levels for S&P 500 are 4176.54, 4182.36, and 4195.44
• The key levels for E-mini futures are a break above 4198.00, the high at 8:30 AM, and a break below 4177.25, the low at 3:30 AM

Pre-Open

• On Monday at 4:00 PM, S&P futures (June 2023) closed at 4177.25, and the index closed at 4151.32 – a spread of about +26.00 points; the futures closed at 4176.75; the fair value is +0.50
• Pre-NYSE session open, futures were higher – at 8:30 AM, S&P 500 futures were up by +19.00, Dow by +37, and NASDAQ by +104.00

Markets Around The World

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

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

• Commodities (Compared to two weeks ago):
  • Energy futures are higher
  • Precious metals are higher
  • Industrial metals are higher
  • Soft commodities are mostly higher
• Treasuries (Compared to two weeks ago)
  • The 10-year yield closed at 3.589, up +15.9 basis points from two weeks ago;
  • The 30-year is at 3.804%, up +16.0 basis points;
  • The 2-year yield is at 4.203%, up +23.3 basis points;
  • The 10-Year-&-2-Year spread is at -0.614, down from -0.540
  • The 30-Year-&-10-Year spread is at 0.215, up from +0.214
• VIX
  • At 16.81 @ 6:45 AM; down from the last close; below the 5-day SMA;
  • Recent high = 25.21 on March 24; low = 16.34 on January 4, 2022
  • Sentiment: Risk-On

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

Weekly:	The week ending on April 14 was a small Bullish Engulfing candle. Stochastic (9,1, 3): %K is above the %D; RSI-9 is just above 60 The week was up +32.62 or +0.8%; the 5-week ATR  is 90.64 An up week, fourth in the last five weeks, and fifth in the previous ten weeks; The weekly pivot point=4124.46, R1=4176.37, R2=4215.10; S1=4085.73, S2=4033.82; R1 pivot level was breached Above 10-week EMA and 39-week SMA; below 89-week SMA Uptrend Resumed
Daily	A small green candle with almost no upper shadow and a small lower shadow, completely within the upper and lower bound of the previous day’s Doji candle, below a resistance level of 4195.00 Stochastic (9, 1, 3): %K crossed above the %D RSI-9 turned up to just below 70; above 8-DMA Above 20-day EMA, 50-day EMA, 100-day SMA, and 200-day SMA; Uptrend
2-Hour (E-mini futures)	Moving up within an up-sloping flag, which is in effect since 2:00 PM on March 9, bounced up from the lower bound of the flag to its middle. RSI-21 has bounced up to above 70 from below 50 Above EMA20, which is above EMA10 of EMA50 Bias:  Side-Up
30-Minute (E-mini futures)	Moving up since 12:30 AM, breaking above a congestion zone RSI-21 is moving just above 70 Above EMA 20, 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 1:45 AM. The Bollinger Band has been expanding since 1:45 AM, with the price walking up the upper band. Bias: Up

Previous Session

Major U.S. indices closed higher on Monday, April 17, in lower volume.

The major indices opened lower and moved lower until 2:00 PM when they turned around and traded higher for the rest of the day.

From Briefing.com:

[…] The market was able to log modest gains, though, thanks to a late afternoon rebound effort. […] Most of the S&P 500 sectors were able to close with a gain led by real estate (+2.2%) and financials (+1.1%). Meanwhile, the energy (-1.3%) and communication services (-1.3%) sectors were the worst performers by a wide margin. […] The 2-yr note yield rose eight basis points to 4.18% and the 10-yr note yield rose seven basis points to 3.59%, […] Nasdaq Composite: +16.2% YTD S&P 500: +8.1% YTD Russell 2000: +3.2% YTD Dow Jones Industrial Average: +2.5% YTD S&P Midcap 400: +2.4% YTD […] April Empire State Manufacturing 10.8 (Briefing.com consensus -19.0); Prior -24.6 April NAHB Housing Market Index 45 (Briefing.com consensus 45); Prior 44 […] Overseas:  Europe: DAX -0.1%, FTSE +0.1%, CAC -0.3% Asia: Nikkei +0.1%, Hang Seng +1.7%, Shanghai +1.4% Commodities:  Crude Oil -1.54 @ 81.01 Nat Gas +0.15 @ 2.28 Gold -9.30 @ 2007.90 Silver -0.34 @ 25.11 Copper -0.04 @ 4.07