Directional Bias For The Day:

• S&P Futures are lower
• Moving sideways 6:00 PM on October 24 with a slight up bias since 1:00AM
• Odds are for a sideways day – watch for break above 2570.25 and below 2460.50 for change of fortunes
• Key economic data due:
  • Durable Goods (2.2% vs. 1.0% est.) and Core Durable Goods (0.7% vs. 0.5% est.) at 8:30 AM
  • New Home Sales (est. 0.4%) at 10:00 AM

Markets Around The World

• Markets in the East closed mostly higher –  Tokyo was down
• European markets are mostly higher – U.K. and Switzerland are down
• Currencies:
  

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

• Commodities are mostly down
  

  Up	Down
  Coffee Cocoa	Crude Oil NatGas Gold Silver Copper Platinum Palladium Sugar Cotton (unch.)

• 10-yrs yield closed at 2.406% on October 24 up from October 23 close of 2.376%; 30-years closed at 2.922% up from 2.890%

Key Levels:

• Critical support levels for S&P 500 are 2567.37, 2564.33 and 2558.14
• Critical resistance levels for S&P 500 are 2569.84, 2572.23 and 2574.75
• Key levels for eMini futures: break above 2566.25, the high of 7:00 AM and break below 2562.25, the low of 5:00 AM

Pre-Open

• On Tuesday, at 4:00 PM, S&P future (December contract) closed at 2567.50 and the index closed at 2569.13 – a spread of about 2.50 points; futures closed at 2567.25 for the day; the fair value is +0.25
• Pre-NYSE session open, futures price action is to the downside – at 7:30 AM, S&P 500 futures were down by -4.00; Dow by -19.00; and NASDAQ by -10.00

Directional Bias Before Open

• Weekly: Up
• Daily: Up
• 120-Min: Up-to-Side
• 30-Min: Up-to-Side

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

Monthly	Confirmed Uptrend Uptrend resumption since Feb 08, 2016 after a pull back of -15.2%
Weekly:	A large green candle with small lower shadow and no upper shadow; breaking away from previous candle Last week’s pivot point 2566.19; R1=2584.46, R2=2593.71; S1=2556.94, S2=2538.67; R1/R2 were breached An up week – sixth in last five weeks; eight in last ten weeks Broke above a down sloping flag (2378.36) on April 24, which has bullish implications; first target is near 2520.00 and the second target is near 2640.00 Broke above a down-sloping flag on November 14, 2016; first target of 2285.92 is achieved; second target is near 2467.50 Last swing low, 2322.25, was the low on March 27, 2017 Above 10-week EM; above 39-week SMA and 89-week SMA Confirmed uptrend
Daily	A harami doji within Monday’s large red candle engulfing candle Last pattern, a down-sloping flag in June that was broken to the upside on July 13, is re-asserted Above 20-day EMA, which is above 50-day EMA; Above 100-day SMA and 200-day SMA Pivot Point=2568.96; R1=2572.35, R2=2575.56; S1=2565.75, S2=2562.36; No levels were breached Confirmed Uptrend
2-Hour (e-mini future)	Mostly sideways move since 4:00 PM on October between 2570.25 and 2560.50 Rose above the 50-bar EMA on October 19 after closing below it for the first time since 10:00 PM on September 26; five bars closed below it Sequence of higher high and higher low since 12:00 PM September 5 was broken but again reasserted At/below flattening 20-bar EMA, which is at/above flattening 50-bar EMA
30-Minute (e-mini future)	Sideways move since 6:00 PM on October 24 – between 2566.25 and 2560.50 Made a double top at 5:30 AM on October 23; broke below the intermediate low and achieved 200% extension target At/below flat 20-bar EMA, which is below flat 50-bar EMA

Previous Session

Major U.S. indices advanced on Tuesday October 24, however, most made red harami candles within a large red candle. Dow Jones Industrial Average gapped up and made a large green candle and also made all time highs.

• S&P 500 Sectors

Up	Down
Consumer Discretionary Energy Materials Industrials Finance Technology Utility	Consumer Staples Heath Care Real Estate