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:

Weekly: Uptrend Under Pressure Daily: Uptrend Resumed

120-Min: Up 30-Min: Up-Side 15-Min: Up-Side 6-Min: Side-Up

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:

Monthly	Uptrend under pressure October 2020 was a red candle with long upper shadow and smaller lower shadows; Stochastic %K is below %D from above 90; potential %D Bearish Divergence RSI-9 below 60 from near 70; below a downtrend line that it broke above briefly in August Retreating from the upper band of a 120-month regression channel; The sequence of higher highs and higher lows is resumed
Weekly:	The week ending on November 6 was a large green candle with small upper and lower shadows; the index opened above the previous week’s close and then traded higher for the rest of the week closing above its high Stochastic (9,1, 3): %K crossed above %D; above 80 RSI (9) turned up from 50; above 60 The week was up +239.48 or +7.3%; the 5-week ATR is 164.10 An up week; third in the last five weeks and fourth in the last ten weeks The weekly week pivot point=3439.41, R1=3599.08, R2=3688.72; S1=3349.77, S2=3190.10; R1 pivot level was breached Above 10-week EMA, 39-week SMA, and 89-week SMA Uptrend since March 23 Under Pressure
Daily	A small Doji candle just below Monday’s low, indicating indecision; just above the upper bound of a symmetrical triangle – 50% extension target is near 3710.00; 61.8% extension target is near 3750.00; and 100% extension target is near 3900.00 %K is below %D, from above 90; potential Bearish Divergence RSI-9 retreating from near 70 Above 20-day EMA, 50-day EMA, 100-day, and 200-day SMA Uptrend Resumed
2-Hour (E-mini futures)	Bouncing up from a support area after moving down from the all-time high of 3668.00 at 8:00 AM on November 9; 38.2% Fibonacci Retracement achieved; trending up since 2:00 PM on October 30; RSI-21 moved up from below 40 at 10:00 PM to above 60 Above EMA20, which is above EMA10 of EMA50 Bias: Up
30-Minute (E-mini futures)	Moving sideways since 4:00 PM on Monday; breaking above a Horizontal Channel between 3559.00 and 3511.25 – 61.8% extension target is near 3589.00 and 100% extension target is near 3606.00 RSI-21 moving sideways to up between 40 and 60 %K is crisscrossing %D around 80 Above EMA20; which is above EMA10 of EMA50 Bias: Up-Side
15-Minute (E-mini futures)	Bollinger Band (20, 2.0) moving sideways to up since 9:45 PM on Monday The Bollinger Band is relatively stable; price moving up near the upper bound Stochastic (9, 1, 3): %K is crisscrossing %D around 50 Bias: Up-Side

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