Directional Bias For The Day:
- S&P Futures are essentially moving sideways for the past couple of days
- The odds are for a sideways day; watch for break above 3097.00 and below 3072.50 for clarity
- No key economic data due:
Directional Bias Before Open:
- Critical support levels for S&P 500 are 3075.82, 3065.89 and 3050.72
- Critical resistance levels for S&P 500 are 3088.33, 3097.70 and 3104.13
- Key levels for eMini futures: break above 3094.00, the high of 1:00 AM and break below 3081.25, the low of 10:00 PM
- On Monday, at 4:00 PM, S&P future closed at 3085.75 and the index closed at 3087.01 – a spread of about -1.25 points; futures closed at 3087.50 for the day; the fair value is -1.75
- Pre-NYSE session open, futures are little changed – at 8:30 AM, S&P 500 futures were down by -0.25; Dow up by +11 and NASDAQ up by +4.75
Markets Around The World
- Markets in the East closed mostly higher – Sydney was down; Mumbai was closed
- European markets are higher
- Dollar index
- Crude Oil
- 10-yrs yield closed at 1.943%, up from November 7 close of 1.926%;
- 30-years is at 2.427%, up from 2.403%
- 2-years yield is at 1.670%, down from 1.673%
- The 10-Year-&-2-Year spread is at 0.273 down from 0.253
- Is at 12.69 unchanged from November 11 close above 5-day SMA
- Recent high was 13.95 on October 31; recent low was 12.07 on November 8
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)||
Major U.S. indices closed mostly lower on Monday, November 11 in lower volume. Dow Jones Industrial Average closed higher. Most indices made a green candle, which means the close was higher than the open. Indices opened up lower and then for most of the day moved sideways to up.
The S&P 500 declined just 0.2% on Monday, while the Dow Jones Industrial Average (+0.04%) eked out a record close amid strength in Boeing (BA 366.96, +15.96, +4.6%) and Walgreens Boots Alliance (WBA 62.25, +3.01, +5.1%). The Nasdaq Composite lost 0.1%, and the Russell 2000 lost 0.3%.
Eight of the other 11 S&P 500 sectors finished in negative territory, with utilities (-0.7%), energy (-0.6%), and health care (-0.4%) underperforming the broader market.
Despite those losses, today proved to be another resilient session considering the S&P 500 declined as much as 0.6% shortly after the open in a profit-taking trade. Some trade uncertainty and another bout of violence in the democratic protests in Hong Kong may have restrained risk sentiment.
The U.S. Treasury market was closed for Veterans Day and investors did not receive any economic data. The U.S. Dollar Index declined 0.1% to 98.22. WTI crude declined 0.6% to $56.88/bbl.