Directional Bias For The Day:
- S&P Futures are higher; moving up since 3:00 AM
- Odds are for an up day with choppiness and elevated volatility
- Key economic data due:
- CPI (0.0% vs. 0.0% est. and 0.0% prev.) at 8:30 AM
- Core CPI (0.2% vs. 0.2% est. and 0.2% prev.) at 8:30 AM
Markets Around The World
- Markets in the East closed up
- European markets are higher
- Currencies:
Up Down - EUR/USD
- GBP/USD
- USD/JPY
- USD/CHF
- AUD/USD
- Dollar index
- NZD/USD
- USD/CAD
- USD/INR
- Commodities:
Up Down - Crude Oil
- Gold
- Silver
- Copper
- Platinum
- Palladium
- Cocoa
- NatGas
- Sugar
- Coffee
- Cotton
- Bonds
- 10-yrs yield is at 2.908%, up from December 11 close of 2.879%;
- 30-years is at 3.149%, up from 3.129%
- 2-years yield is at 2.779%, up from 2.767%
- The 10-Year-&-2-Year spread is at 0.129, up from 0.112
Key Levels:
- Critical support levels for S&P 500 are 2636.19, 2621.3 and 2614.86
- Critical resistance levels for S&P 500 are 2673.31, 2681.36 and 2703.22
- Key levels for eMini futures: break above 2678.00 the high of 8:30 AM on December 11 and break below 2662.50, the low of 8:00 AM
Pre-Open
- On Tuesday, at 4:00 PM, S&P future (December contract) closed at 2637.75 and the index closed at 2636.78 – a spread of about +1.00 points; futures closed at 2641.25 for the day; the fair value is -3.50
- Pre-NYSE session open, futures price action is to the upside – at 8:45 AM, S&P 500 futures were up by +31.75; Dow by +309; and NASDAQ by +97.75
Directional Bias Before Open
- Weekly: Uptrend Under Pressure
- Daily: In Correction
- 120-Min: Side-Up
- 30-Min: Side-Up
- 15-Min: Side-Up
- 6-Min: Up
The trend and patterns on various time frames for S&P 500 are:
Monthly |
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Weekly: |
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Daily |
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2-Hour (e-mini future) |
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30-Minute (e-mini future) |
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15-Minute (e-mini future) |
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Previous Session
Major U.S. indices closed mostly lower on Tuesday December 11. The volume was lower. NASDAQ Composite closed up. The indices gapped up at the open but then turned down at 10:30 AM and reached negative territory by mid-day. The indices recovered most of the loss by the close.
From Briefing.com:
The S&P 500 finished flat on Tuesday, squandering two intraday rally efforts, as headline volatility surrounding politics and trade contributed to another day of whipsaw trading action.
The benchmark index traded as high as 1.4% shortly after the start of trading, but surrendered the entirety of that gain and was down as much as 0.6% in the afternoon. It mounted a late recovery charge, trading up as much as 0.8%, but then rolled over in the last 30 minutes. Fittingly, the S&P 500 closed just about where it began, underscoring the lack of conviction on the part of buyers and sellers.
The Dow Jones Industrial Average (-0.2%), Nasdaq Composite (+0.2%), and Russell 2000 (-0.2%) also took similar paths, but the Nasdaq was able to hold onto a slim gain.
[…]Reviewing Tuesday’s economic data, which included the Producer Price Index for November and the NFIB Small Business Optimism Index for November:
[…]The key takeaway from the report is that it didn’t inflame inflation concerns to an alarming degree, like the October report did, so market participants have not been bothered by the idea that it will drive the Federal Reserve to be overly aggressive with future rate hikes.
[…]
- S&P 500 Sectors
Sector | Daily Trend (Visual) | Relative Strength (Last Month – November) | Relative Strength (Current) | %K vs. %D |
Consumer Discretionary | Down | SPY | XLY | Below |
Consumer Staples | Under Pressure | XLP | XLP | Cross-Under |
Energy | Down | SPY | SPY | Below |
Materials | Side | XLB | XLB | Cross-Under |
Industrials | Down | XLI (Cross – Over) | XLI | Below |
Finance | Down | XLF | XLF | Cross-Under |
Technology | Down | SPY | SPY | Below |
Utility | Under Pressure | XLU | XLU | Above |
Heath Care | Under Pressure | XLV (Cross – Over) | XLV | Cross-Under |
Real Estate | Up | XLRE | XLRE | Above |
Telecom | Down | SPY | SPY | Below |
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