Directional Bias For The Day:

• S&P Futures are higher;
• The odds are for an up day with a good chance of sideways to down move from pre-open levels around 3660.00 – watch for the break above 3664.50 and the break below 3646.00 for clarity
• Key economic data report:
  • Final Manufacturing PMI ( 56.7 est.; prev. 56.7) at 9:45 M
  • ISM Manufacturing PMI ( 57.9 est.; prev. 59.3 ) at 10:00 AM
  • ISM Manufacturing Prices ( 65.0 est.; prev. 65.5 ) at 10:00 AM
  • Construction Spending (0.8% est.; prev. 0.3%) at 10:00 AM
  • Fed Chair Powell Testifies at 10:00 AM

Directional Bias Before Open:

Weekly: Uptrend Daily: Uptrend

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

Key Levels:

• Critical support levels for S&P 500 are 3644.31, 3624.73, and 3609.30
• Critical resistance levels for S&P 500 are 3678.87, 3690.00, 3700.00
• Key levels for E-mini futures: break above 3663.25, the high of 4:30 AM and break below 3646.00, the low of 3:00 AM

Pre-Open

• On Monday at 4:00 PM, S&P futures (December 2020) closed at 3620.75 and the index closed at 3621.63 – a spread of about -0.50 points; futures closed at 3623.25 for the day; the fair value is -2.50
• Pre-NYSE session open, futures are higher – at 8:30 AM, S&P 500 futures were up by +33.50; Dow by +289, and NASDAQ by +107.00

Markets Around The World

• Markets in the East closed higher
• European markets are mostly higher – Switzerland is lower
• Currencies:
  

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

• Commodities:
  • Energy is mostly up
  • Precious metals are higher
  • Industrial metals are higher
  • Most soft commodities are mixed
• Treasuries
  • 10-years yield closed at 0.844, up the last close of 0.842%;
  • 30-years is at 1.573% down from 1.576%
  • 2-years yield is at 0.145% down from 0.157%
  • The 10-Year-&-2-Year spread is at 0.699 down from 0.685
• VIX
  • At 20.07 @ 6:30 AM; down -0.50 from the last close; below 5-day SMA;
  • Recent high =  27.27 on November 12; low =  19.51 on November 27
  • Sentiment: Risk-Off

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

Monthly	Uptrend Resumed November 2020 was a large green candle with small upper and lower shadows; all-time closing and intraday highs Stochastic %K crossed above %D near 100; RSI-9 near 70; breaking above a downtrend line from January 2018 Crossing above 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 27 was a green candle that opened just above previous weeks’ close and closed above it high; small lower shadow and almost no upper shadow; all-time closing high but not the intraday high; Stochastic (9,1, 3): %K crossed above %D; near 90 RSI (9) is near 65 The week was up +80.81 or +2.3%; the 5-week ATR is 160.66 An up week following a down week; third in the last five weeks and sixth in the last ten weeks The weekly week pivot point=3611.81, R1=3670.85, R2=3703.35; S1=3579.31, S2=3520.27; R1 pivot level was breached Above 10-week EMA, 39-week SMA, and 89-week SMA Uptrend since March 23 Resumed
Daily	A small red real body candle with lower shadow twice the size of the real body and no upper shadow, resembling a hammer; sideways move for the past few days near all-time high; Broke above a symmetrical triangle on November 9; 50% extension target is near 3710.00; 61.8% extension target is near 3750.00; 100% extension target is near 3900.00 %K crossed below %D RSI-9 turning down near 65; at/above 8-day EMA Above 20-day EMA, 50-day EMA, 100-day, and 200-day SMA Confirmed Uptrend
2-Hour (E-mini futures)	Breaking above an ascending triangle from November 9; 1.8% extension target is near 3764.00 and 100% extension target is near 3823.00 RSI-21 rising up since midnight on Monday and after making a Bullish Divergence at 10:00 AM on Monday Above EMA20, which is above EMA10 of EMA50 Bias: Side-Up
30-Minute (E-mini futures)	Broke above a downtrend line at 9:00 PM; RSI-21 turning down from above 65 to below 60 %K is below %D; below 20 Above EMA20; which is above EMA10 of EMA50 Bias: Side-Up
15-Minute (E-mini futures)	Bollinger Band (20, 2.0) is moving sideways-to-up since 12:45 AM The Bollinger Band is expanding since 3:30 AM; price coming down from the upper band to the lower band Stochastic (9, 1, 3): %K is crossing above %D from below 20 Bias: Up-Side

Previous Session

Major U.S. indices closed lower on Monday, November 30 in higher volume, but Friday was a shortened trading day. Major indices opened lower and made day’s low in the late morning trade and then clawed back some of the loss before the close. All but two – Technology and Healthcare – S&P sectors closed down.

From Briefing.com:

The S&P 500 declined 0.5% on Monday to end a spectacular month on a soft note. An intraday recovery in technology stocks, however, helped lift the benchmark index and Nasdaq Composite (-0.1%) off session lows. The Dow Jones Industrial Average (-0.9%) and Russell 2000 (-1.9%) underperformed. […] The information technology (+0.7%) and health care (+0.3%) sector did benefit, but nine of the 11 S&P 500 sectors closed lower. […] U.S. Treasuries finished little changed in a muted session. The 2-yr yield declined one basis point to 0.14%, and the 10-yr yield was flat at 0.84%. The U.S. Dollar Index increased 0.2% to 92.00. […] The Chicago PMI for November decreased to 58.2% (Briefing.com consensus 58.1%) from 61.1% in October. Pending home sales decreased 1.1% in October (Briefing.com consensus +1.0%) following a revised 2.0% decline in September (-2.2%). […] Nasdaq Composite +36.0% YTD S&P 500 +12.1% YTD Russell 2000 +9.1% YTD Dow Jones Industrial Average +3.9% YTD