Directional Bias For The Day:
S&P Futures are higher ;- The odds are for an up day; watch for a break below 3645.50 for change of fortunes
- Key economic data report due during the day:
- Empire State Manufacturing PMI (4.9 vs. 6.3 est.; prev. 6.3) at 8:30 AM
- Import Prices (0.1% vs. 0.3% est.; prev. -0.1%) at 8:30 AM
- Capacity Utilization Rate ( 73.1% est.; prev. 72.8%) at 9:15 AM
- Industrial Production ( 0.3% est.; prev. 1.1%) at 9:15 AM
Directional Bias Before Open:
|
|
Key Levels:
- Critical support levels for S&P 500 are 3662.91, 3645.84, and 3633.40
- Critical resistance levels for S&P 500 are 3675.27, 3697.61, and 3712.39
- Key levels for E-mini futures: break above 3668.50, the high of 7:00 AM and break below 3645.50, the low of 3:00 AM
Pre-Open
- On Monday at 4:00 PM, S&P futures (March 2021) closed at 3637.50 and the index closed at 3647.49 – a spread of about -10.00 points; futures closed at 3640.00 for the day; the fair value is -2.50
- Pre-NYSE session open, futures are higher – at 8:00 AM, S&P 500 futures were up by +24.75; Dow by +168, and NASDAQ by +80.75
Markets Around The World
- Markets in the East closed mostly down – Mumbai was up
- European markets are mixed – Germany, France, and Itlay are up; the UK, Spain, Switzerland, and STOXX 600 are down
- Currencies (from two weeks ago):
Up Down - EUR/USD
- GBP/USD
- AUD/USD
- NZD/USD
- Dollar index
- USD/JPY
- USD/CHF
- USD/CAD
- INR/USD
- Commodities (from two weeks ago):
- Energy futures are mixed
- Precious metals are higher
- Industrial metals are mostly higher
- Most soft commodities mostly higher
- Treasuries (from two weeks ago)
- 10-years yield closed at 0.903%, up 5.9 BP from two weeks ago;
- 30-years is at 1.642%, up 6.9 BP;
- 2-years yield is at 0.121%, down 2.4 BP;
- The 10-Year-&-2-Year spread is at 0.782, up from 0.699
- VIX
- At 23.21 @ 6:30 AM; down from the last close; at/above 5-day SMA;
- Recent high = 27.27 on November 12; low = 19.51 on November 27
- Sentiment: Risk-On-Neutral
The trend and patterns on various time frames for S&P 500:
Monthly |
|
Weekly: |
|
Daily |
|
2-Hour (E-mini futures) |
|
30-Minute (E-mini futures) |
|
15-Minute (E-mini futures) |
|
Previous Session
From Briefing.com:
The S&P 500 started Monday’s session with a 0.9% gain as the U.S. began distributing the first COVID-19 vaccines to the public, but an orderly retreat ensued that left the benchmark index down 0.4% for the session. The Dow Jones Industrial Average (-0.6%) joined the benchmark index in the red after hitting an all-time high in early action. The Nasdaq Composite (+0.5%) and Russell 2000 (+0.1%), however, ended the session in positive territory.
[…]Within minutes after the open, the S&P 500 energy sector (-3.5%) and last week’s hot IPO companies succumbed to profit-taking interest, sapping some enthusiasm from this market. The financials (-1.2%), materials (-1.3%), and industrials (-1.3%) sectors also lagged, while the consumer discretionary (+0.5%) and information technology (+0.4%) sectors closed higher.
[…]U.S. Treasuries finished little changed after starting the session in the red, as investors returned to bonds amid the lackluster intraday price action in the major indices. The 2-yr yield was flat at 0.11%, and the 10-yr yield was flat at 0.89%. The U.S. Dollar Index declined 0.3% to 90.69. WTI crude increased 0.9%, or $0.42, to $47.00/bbl.
[…]
- Nasdaq Composite +38.6% YTD
- Russell 2000 +14.7% YTD
- S&P 500 +12.9% YTD
- Dow Jones Industrial Average +4.6% YTD