Directional Bias For The Day:

• S&P Futures are higher;
• The odds are for an up-to-sideways day; watch for the break above 3714.75 and break below 3699.25 for clarity
• Key economic data report due during the day:
  • JOLTS Job Openings ( 6.30M est.; prev. 6.44M) at 8:30 AM

Directional Bias Before Open:

Weekly: Uptrend Daily: Uptrend

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

Key Levels:

• Critical support levels for S&P 500 are 3700.90, 3678.83, and 3657.17
• Critical resistance levels for S&P 500 are 3708.45, 3714.19, and 3726.13
• Key levels for E-mini futures: break above 3714.75, the high of 6:00 PM and break below 3699.25, the low of 2:00 PM

Pre-Open

• On Tuesday at 4:00 PM, S&P futures (December 2020) closed at 3701.75 and the index closed at 3702.25 – a spread of about -0.50 points; futures closed at 3702.00 for the day; the fair value is -0.25
• Pre-NYSE session open, futures are mixed – at 8:15 AM, S&P 500 futures were up by +5.75; Dow up by +83, and NASDAQ down by -10.25

Markets Around The World

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

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

• Commodities:
  • Energy futures are higher
  • Precious metals are lower
  • Industrial metals are mostly lower
  • Most soft commodities are mixed
• Treasuries
  • 10-years yield closed at 0.913%, down from the last close of 0.928%;
  • 30-years is at 1.659% down from 1.686%;
  • 2-years yield is at 0.157% up from 0.149%;
  • The 10-Year-&-2-Year spread is at 0.756 down from 0.779
• VIX
  • At 20.53 @ 6:30 AM; down -0.15 from the last close; below 5-day SMA;
  • Recent high =  27.27 on November 12; low =  19.51 on November 27
  • Sentiment: Risk-On / Risk-Neutral

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 December 04 was a green candle with almost no upper shadow and small lower shadow; all-time closing high but not the intraday high; Stochastic (9,1, 3): %K is above %D; above 90 RSI (9) is near 70 The week was up +60.77 or +1.7%; the 5-week ATR is 135.33 An up week; fourth in the last five weeks and seventh in the last ten weeks The weekly week pivot point=3664.24, R1=3734.08, R2=3769.05; S1=3629.27, S2=3559.43; R1 pivot level was breached Above 10-week EMA, 39-week SMA, and 89-week SMA Uptrend since March 23
Daily	A small  Bullish Engulfing candle with almost no upper and lower shadow at all-time highs  Broke above a symmetrical triangle on November 9; the 50% extension target is near 3710.00; 61.8% extension target is near 3750.00; 100% extension target is near 3900.00 %K is crossing above %D; above 90 RSI-9 moving around 70; above 8-day EMA Above 20-day EMA, 50-day EMA, 100-day, and 200-day SMA Confirmed Uptrend
2-Hour (E-mini futures)	Moving up since 8:00 AM on November 9 in steps; bouncing up from 50-bar EMA since 6:00 AM; Broke above an ascending triangle on December 3; 61.8% extension target is near 3764.00 and 100% extension target is near 3823.00 RSI-21 declining from near 75 at 2:00 AM Above EMA20, which is above EMA10 of EMA50 Bias: Side-Up
30-Minute (E-mini futures)	Drifting sideways-to-down since 6:00 PM from the all-time high of 3714.75 Broke above a Double Bottom or a Horizontal Channel – bounded between 3667.50 and 3705.00 – at 6:00 PM; the 61.8% extension target is near 3728.00 and the 100% extension target is near 3742.50 RSI-21 drifting down to near 50 from near 70 %K is crisscrossing %D lower Below EMA20 but above EMA10 of EMA50 Bias: Up-Side
15-Minute (E-mini futures)	Bollinger Band (20, 2.0) is moving sideways-to-up since 7:45 PM The Bollinger Band is expanding slightly since 3:45 AM Stochastic (9, 1, 3): %K is crisscrossing %D higher Bias: Up-Side

Previous Session

Major U.S. indices closed higher on Tuesday, December 8 in mostly lower volume. Russell 2000 traded in higher volume. Major indices are drifting sideways -to-higher for the past few days.

From Briefing.com:

The S&P 500 (+0.3%), Nasdaq Composite (+0.5%), and Russell 2000 (+1.4%) closed at fresh record highs on Tuesday amid more encouraging vaccine news and a hopeful-sounding stimulus update. The Dow Jones Industrial Average (+0.4%) hit an intraday high, but the outperformance of the Russell 2000 deserves more recognition. […] The energy sector reclaimed its recent outperformer status with a 1.6% gain, which was emblematic of a lingering recovery optimism. The influential information technology sector advanced 0.4%, while the real estate sector lagged with a 0.5% decline. […] Longer-dated Treasuries finished with modest gains despite the vaccine/stimulus developments. The 2-yr yield was flat at 0.14%, and the 10-yr yield decreased two basis points to 0.91%. The U.S. Dollar Index increased 0.2% to 90.96. WTI crude futures declined 0.3%, or $0.13, to $45.64/bbl. […] Productivity in the third quarter increased at a seasonally adjusted annual rate of 4.6% (Briefing.com consensus 5.0%) on today’s revision versus the preliminary estimate of 4.9%. Unit labor costs decreased at an annual rate of 6.6% (Briefing.com consensus -8.9%) versus the preliminary estimate of -8.9%. […] The NFIB Small Business Optimism Index decreased to 101.4 from 104.0 in October. […] Nasdaq Composite +40.2% YTD Russell 2000 +14.9% YTD S&P 500 +14.6% YTD Dow Jones Industrial Average +5.7% YTD