Directional Bias For The Day:
- S&P Futures are higher;
- The odds are for a sideways to up day – watch for break above 3001.25 and break below 2992.25 for clarity
- No key economic data due:
Directional Bias Before Open:
- Critical support levels for S&P 500 are 2985.98, 2976.31 and 2962.94
- Critical resistance levels for S&P 500 are 3002.57, 3008.29 and 3016.37
- Key levels for eMini futures: break above 3001.25, the high of 7:30 AM on Friday and break below 2992.25, the low of 5:00 AM
- On Friday, at 4:00 PM, S&P future closed at 2985.00 and the index closed at 2986.20 – a spread of about +1.25 points; futures closed at 2988.25 for the day; the fair value is -3.25
- Pre-NYSE session open, futures are higher – at 9:15 AM, S&P 500 futures were up by +12.75; Dow by +39 and NASDAQ by +37.25
Markets Around The World
- Markets in the East closed higher – Mumbai was closed for trading
- European markets are higher
- Dollar index
- Crude Oil
- 10-yrs yield is at 1.784%, up from October 18 close of 1.747%;
- 30-years is at 2.286%, up from 2.246%
- 2-years yield is at 1.598%, up from 1.577%
- The 10-Year-&-2-Year spread is at 0.186 up from 0.170
- Is at 14.40 up from October 18 close of 14.25; above 5-day SMA 13.932
- Recent high was 20.38 on October 8; recent low was 13.31 on October 17
The trend and patterns on various time frames for S&P 500:
|2-Hour (e-mini future)||
|30-Minute (e-mini future)||
|15-Minute (e-mini future)||
For the week, major indices closed mostly higher in mixed volume. Dow Jones Industrial Average was lower during the week. DJIA and DTRAN traded in higher volume other in lower volume for the week.
The stock market closed lower on this options expiration Friday, as investors leaned cautiously following negative corporate headlines and tepid Chinese data. The S&P 500 opened flat, lost as much as 0.7% intraday, and finished lower by 0.4% like the Russell 2000 (-0.4%).
U.S. Treasuries ended the session on a higher note. The 2-yr yield declined four basis points to 1.57%, and the 10-yr yield declined one basis point to 1.75%. The U.S. Dollar Index declined 0.4% to 97.27. WTI crude declined 0.2%, or $0.13, to $53.76/bbl.
• The Conference Board’s Leading Economic Index (LEI) declined 0.1% in September (Briefing.com consensus 0.0%) on the heels of a downwardly revised 0.2% decline (from 0.0%) in August.
o The key takeaway from the report is that it fits the narrative of a growth slowdown unfolding in the U.S. economy.