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:
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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 |
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Weekly: |
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Daily |
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2-Hour (E-mini futures) |
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30-Minute (E-mini futures) |
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15-Minute (E-mini futures) |
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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
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