Directional Bias For The Day:

• S&P Futures are higher;
• The odds are for an up day with a good chance of sideways move from pre-open levels around 3570.00 – watch for the break below 3543.25 for change of sentiments
• Key economic data report:
  • Veterans Day Bank Holiday

Directional Bias Before Open:

Key Levels:

• Critical support levels for S&P 500 are 3557.22, 3528.23, and 3511.91
• Critical resistance levels for S&P 500 are 3583.04, 3596.13, and 3609.45
• Key levels for E-mini futures: break above 3573.75, the high of 6:30 AM and break below 3543.25, the low of 3:00 AM

Pre-Open

• On Tuesday at 4:00 PM, S&P futures (December 2020) closed at 3541.75 and the index closed at 3545.53 – a spread of about -3.75 points; futures closed at 3541.00 for the day; the fair value is +0.75
• Pre-NYSE session open, futures are higher – at 7:45 AM, S&P 500 futures were up by +29.50; Dow by +221, and NASDAQ by +132.00

Markets Around The World

• Markets in the East closed mostly higher – Shanghai and Hong Kong closed down
• European markets are higher
• Currencies:
  

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

• Commodities:
  

  Up	Down
  Crude Oil NatGas Coffee Cotton Cocoa	Gold Silver Copper Platinum Palladium Sugar

• Bond
  • 10-years yield closed at 0.972%, up from November 9 close of 0.958%;
  • 30-years is at 1.760% up from 1.751%
  • 2-years yield is at 0.189% up from 0.157%
  • The 10-Year-&-2-Year spread is at 0.783 up from 0.801
• VIX
  • At 24.03 @ 7:15 AM; down -0.77 from the last close; below 5-day SMA;
  • Recent high =  41.16 on October 16; low =  22.41 on November 9
  • Sentiment: Risk-On

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

Previous Session

Major U.S. indices closed mostly higher on Tuesday, November 10 in lower volume. S&P 500 and NASDAQ Composite closed down. Indices stayed in a mostly holding pattern with the past few day’s bullish move still intact. Russell 2000 and Dow Jones Transportation Average are leading but NASDAQ is lagging. All but three S&P sectors – Consumer Discretionary, Technology, and Telecom – closed higher.

From Briefing.com:

The S&P 500 declined 0.1% on Tuesday, as another rotation out of growth stocks and into value stocks contributed to a lackluster performance in the benchmark index. The Nasdaq Composite fell 1.4%, while the Dow Jones Industrial Average (+0.9%) and Russell 2000 (+1.9%) posted solid gains in catch-up trades. […] As such, investors felt inclined to increase exposure to economically-sensitive companies and other value-oriented stocks within the energy (+2.5%), consumer staples (+2.0%), industrials (+1.8%), materials (+1.1%), and financials (+0.7%) sectors. Conversely, many of the mega-cap stocks relinquished their leadership roles for the second straight day. Aside from the Nasdaq, these losses were manifested in the lagging positions of the information technology (-1.9%), consumer discretionary (-1.1%), and communication services (-0.3%) sectors. […] U.S. Treasuries finished near their flat lines in a quiet session, leaving longer-dated yields at recent highs. The 2-yr yield was flat at 0.18%, and the 10-yr yield was flat at 0.96%. The U.S. Dollar Index increased 0.1% to 92.81. WTI crude futures rose 2.6%, or $1.06, to $41.37/bbl. […] The NFIB Small Business Optimism Index for October was unchanged at 104.0. September job openings increased to 6.436 mln from a revised 6.352 mln in August (from 6.493 mln).   […] Nasdaq Composite +28.8% YTD S&P 500 +9.7% YTD Dow Jones Industrial Average +3.1% YTD Russell 2000 +4.1% YTD