Drifting mostly down since 2:30 AM after bouncing off the lows of 2579.75 reached at 6:30 PM on Tuesday
Odds are for a down to sideways day – watch for break above 2587.50 and below 2582.25 for change of fortunes
No key economic data due:
Markets Around The World
Markets in the East closed mixed – Shanghai, Sydney and Seoul closed up; Hong Kong, Tokyo and Mumbai were down
European markets are mostly lower – U.K. and Switzerland are up
Currencies:
Up
Down
EUR/USD
USD/CHF
AUD/USD
NZD/USD
Dollar index
USD/JPY
GBP/USD
USD/CAD
Commodities:
Up
Down
Gold
Silver
Copper
Palladium
Coffee
Cotton
Cocoa
Crude Oil
NatGas
Platinum
Sugar
10-yrs yield closed at 2.307% on November 7 down from November 6 close of 2.320%; 30-years closed at 2.769% down from 2.797%
Key Levels:
Critical support levels for S&P 500 are 2584.35, 2581.98 and 2574.29
Critical resistance levels for S&P 500 are 2597.02, 2603.34 and 2609.66
Key levels for eMini futures: break above 2587.50, the high of 3:00 AM and break below 2583.00, the low of 1:30 AM
Pre-Open
On Tuesday, at 4:00 PM, S&P future (December contract) closed at 2587.25 and the index closed at 2590.64 – a spread of about 3.50 points; futures closed at 2586.75 for the day; the fair value is +0.50
Pre-NYSE session open, futures price action is o the down side – at 7:30 AM, S&P 500 futures were down by -3.25; Dow by -21.00; and NASDAQ by -1.00
Directional Bias Before Open
Weekly: Up
Daily: Up
120-Min: Up
30-Min: Up-to-Side
The trend and patterns on various time frames for S&P 500 are:
A shaved top doji candle with lower shadow almost equal to real body
Last week’s pivot point 2580.81; R1=2595.45, R2=2603.06; S1=2573.20, S2=2558.56; No levels were breached weeks
An up week – eighth in last five weeks; ninth 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 small red doji candle that made all time high
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
Drifting up since the lows of 2579.75 made at 6:00 PM on Tuesday; at 10:00 AM on November 7, broke below the upper limit of a channel which was acting as a resistance till November 6, it is again acting as a resistance
Above an uptrend line since the low of 2541.50 at 12:00 PM on October 25; two touches
Sequence of higher highs and higher lows since 10:00 AM on November 2 and since August 29 with few exceptions
At/above flattening 20-bar EMA, which is above flattening 50-bar EMA
30-Minute (e-mini future)
During NYSE session on November 7, tried to test the high made during the Asian session but failed; after a decline to 2579.75, which was a congestion zone pre-open on November 6, at 6:30 PM the futures are rising
At/below flattening 20-bar EMA, which is at/below a flattening 50-bar EMA
Previous Session
Major U.S. indices closed down on Tuesday November 7. Dow Jones Industrial Average closed up. S&P 500 and DJIA made doji patterns. NASDAQ Composite, NYSE Composite and Wilshire 5000 Total Market Index made spinning top candles. Russell 2000 and Dow Jones Transportation Average are breaking down.
