Directional Bias For The Day:
- The futures are drifting higher since 7:30 AM
- Declined consistently from 1:30 PM on Wednesday till 1:30 AM and then it drifted sideways till 7:30 AM
- Odds are for a down to sideways
Markets Around The World
- Markets in the East were mostly up – only Indian SENSEX was down
- European markets are mixed – DAX, CAC-40, FTSE 100 and Swiss SMI are down; IBEX-35 and FTSE-MIB are up
- Dollar index is down; EUR/USD, USD/JPY and GBP/USD are up
- Commodities are mostly up – only gold is down
- Critical support levels for S&P 500 are 2198.15, 2193.71 and 2188.62
- Critical resistance levels for S&P 500 are 2206.26, 2214.10 and 2219.20
- Key levels for eMini futures: break above 2205.50, high at 3:00 PM on November 30, and break below 2195.50, the low of 7:30 AM
- Pre-NYSE session open, futures price action is to the upside – at 9:00 AM, S&P 500 futures were up by +3.75, Dow down by +35.00 and NASDAQ by +0.75
- On Wednesday, at 4:00 PM, S&P future (Dec contract) closed at 2198.00 and the index closed at 2198.81 – a spread of about 1.00 points; futures closed at 2198.75 for the day
The trend and patterns on various time frames for S&P 500 are:
|2-Hour (e-mini future)||
|30-Minute (e-mini future)||
U.S. indices were mixed on Wednesday, November 30 2016. Dow Jones Industrial Average , Dow Transportation Average and NYSE Composite advanced but S&P 500, NASDAQ Composite, Russell 2000 and Wilshire 5000 Total Market Index declined. They all made different types of candlestick patterns.
S&P 500 was up at the open but then gave that up and then some more. In the process it made a near bearish engulfing candle with long upper shadow. Dow Jones Industrial Average made an almost shooting star candle. NASDAQ Composite made a bearish engulfing pattern with almost no upper and lower shadow. Dow Transportation Average made a bullish engulfing pattern. Wilshire 5000 made a bearish pattern and NYSE Composite gapped up at the open but the closed near the lows, which was still above yesterday’s close.
Bottom line is that no market index is taking a lead and the near term market action would be indecisive in either direction.