Here is the weekend look at the S&P 500 futures going into the shortened trading week of May 31st - Jun 3rd. I have switched it to a point form format to speed up the posting process. The overnight session has shown some weakness going into the cash session. Potential pull back to the bottom of the Neutral and 21 ema. Use last week's close as the bull/bear line. Above expect bullish price action. Below expect bearish.
SUMMARY
• Positive 2.47% move last week
• 1st Weekly close above the previous week’s high in 8 weeks
• Move made on relatively low volume.
• Move made up form 1.618 Fib extension after completion of compound correction.
• PCE data pointed toward possible weakening of inflation
• Price now above ema cloud and within the Neutral box
• Bias has changed to Neutral
• Non Farm Payrolls this week
• BOC rate decision this week
• Meeting between Biden and Powell scheduled for Tuesday
• To start the week Oil has surged towards 120 as EU completes deal to ban Russian imports.
WEEKLY EVENTS
Monday US Markets Closed
Tuesday Eurozone CPI, Canadian GDP, US CB Consumer confidence & Powell/Biden Meeting
Wednesday BOC rate decision & US ISM Manufacturing
Thursday US Jobless Claims & US EIA Crude Inventories
Friday US Non Farm Payrolls, US Average earnings ;& US Unemployment rate.
NOTABLE EARNINGS
Monday
Tuesday APPS, HPQ, CRM, TCOM, VSCOq
Wednesday WB, CHWY, ESTC, GME, HPE, MDB, PSTG, VEEV
Thursday HRL, CRWD, LULU, PD, RH
Friday CHPT
BULLISH NOTES
1st Weekly close above previous week’s close
Potential bullish momentum
Potential positive payroll data
Potential drop in 10 year yields
Any dovish commentary from Fed
Dovish results from Biden/Powell meeting
BEARISH NOTES
Price at overhead resistance (bottom of Neutral box)
10 year yields resume uptrend
Continued upward pressure on Oil
Any data that point to increased inflation
Any hawkish commentary from Fed or from Biden/Powell Meeting.
Potential for aggressive action by China on Taiwan
LEVEL PRICE ID
Resistance 4 4448 200 sma
Resistance 3 4441 786 Fib Retracement
Resistance 2 4297 Top of Neutral box
Resistance 1 4204 55 ema
Current Price 4155.75
Support 1 4103 Bottom of Neutral box
Support 2 4062 21 ema
Support 3 4031 9 ema
Support 4 3806 May 20th low
SUMMARY
• Positive 2.47% move last week
• 1st Weekly close above the previous week’s high in 8 weeks
• Move made on relatively low volume.
• Move made up form 1.618 Fib extension after completion of compound correction.
• PCE data pointed toward possible weakening of inflation
• Price now above ema cloud and within the Neutral box
• Bias has changed to Neutral
• Non Farm Payrolls this week
• BOC rate decision this week
• Meeting between Biden and Powell scheduled for Tuesday
• To start the week Oil has surged towards 120 as EU completes deal to ban Russian imports.
WEEKLY EVENTS
Monday US Markets Closed
Tuesday Eurozone CPI, Canadian GDP, US CB Consumer confidence & Powell/Biden Meeting
Wednesday BOC rate decision & US ISM Manufacturing
Thursday US Jobless Claims & US EIA Crude Inventories
Friday US Non Farm Payrolls, US Average earnings ;& US Unemployment rate.
NOTABLE EARNINGS
Monday
Tuesday APPS, HPQ, CRM, TCOM, VSCOq
Wednesday WB, CHWY, ESTC, GME, HPE, MDB, PSTG, VEEV
Thursday HRL, CRWD, LULU, PD, RH
Friday CHPT
BULLISH NOTES
1st Weekly close above previous week’s close
Potential bullish momentum
Potential positive payroll data
Potential drop in 10 year yields
Any dovish commentary from Fed
Dovish results from Biden/Powell meeting
BEARISH NOTES
Price at overhead resistance (bottom of Neutral box)
10 year yields resume uptrend
Continued upward pressure on Oil
Any data that point to increased inflation
Any hawkish commentary from Fed or from Biden/Powell Meeting.
Potential for aggressive action by China on Taiwan
LEVEL PRICE ID
Resistance 4 4448 200 sma
Resistance 3 4441 786 Fib Retracement
Resistance 2 4297 Top of Neutral box
Resistance 1 4204 55 ema
Current Price 4155.75
Support 1 4103 Bottom of Neutral box
Support 2 4062 21 ema
Support 3 4031 9 ema
Support 4 3806 May 20th low
Comment:
Falling from the middle of the Neutral box in the overnight sesssion. Targets to the downside are bottom of the neutral box and 21 ema.
Comment:
Reversed at the 55 ema yesterday. Note that this resistance level was posted in the Weekend Look. Now testing the bottom of the Neutral and potentially the 21 ema. I would expect some support at the 21 ema if it gets there. Red arrows are the key pivot on the lower time frame.
