Directional Bias For The Day:
- S&P Futures are higher at 8:30 AM;
- The odds are for an up day with a good chance of sideways move from pre-open levels around 4560.00 – watch for a break below 4545.25 for a change of sentiments
- Key economic data report due during the day:
- Advanced GDP ( 2.0% vs. 2.6% est.; prev. 6.7%) at 8:30 AM
- Advance GDP Price Index ( 5.7% vs. 5.3% est.; prev. 6.1%) at 8:30 AM
- Unemployment Claims ( 281K vs. 290K est.; prev. 291K) at 8:30 AM
- Pending Home Sales ( 0.4% est.; 8.1%) at 10:00 AM
Directional Bias Before Open:
- Critical support levels for S&P 500 are 4551.95, 4537.36, and 4524.00
- Critical resistance levels for S&P 500 are 4584.31, 4587.57, and 4598.53
- Key levels for E-mini futures: break above 4562.50, the high of 8:15 AM and break below 4545.25, the low of 2:30 AM
- On Wednesday at 4:00 PM, S&P futures (December 2021) closed at 4544.00 and the index closed at 4551.68 – a spread of about -7.75 points; futures closed at 4544.50 for the day; the fair value is -0.50
- Pre-NYSE session open, futures are higher – at 8:15 AM, S&P 500 futures were up by +13.75; Dow by +70; and NASDAQ by +84.50
Markets Around The World
- Markets in the East closed lower
- European markets are mostly higher – Germany and the UK are down
- Currencies (Compared to two weeks ago):
- Dollar index
- Commodities (Compared to two weeks ago):
- Energy futures are higher
- Precious metals are higher
- Industrial metals are mostly lower
- Soft commodities are mixed
- Treasuries (Compared to two weeks ago)
- 10-years yield closed at 1.529%, down -2.0 basis points from two weeks ago;
- 30-years is at 1.942%, down -9.9 basis points;
- 2-years yield is at 0.504%, up +13.8 basis points;
- The 10-Year-&-2-Year spread is at 1.025, down from 1.283
- The 30-Year-&-10-Year spread is at 0.413, down from 0.492
- At 16.69 @ 7:45 AM; down from the last close; above 5-day SMA;
- Recent high = 24.89 on October 1; low = 14.84 on October 22
- Sentiment: Risk-On-Neutral
The trend and patterns on various time frames for S&P 500:
|2-Hour (E-mini futures)||
|30-Minute (E-mini futures)||
|15-Minute (E-mini futures)||
Major U.S. indices closed mostly lower on Wednesday, October 27, in mixed volume. NASDAQ Composite closed higher. Dow Jones Industrial Average, S&P 500, and Russell 2000 traded in higher volume. Indices opened lower but then rose a little till afternoon before tumbling down and closing near the lows. The down pressure of the prices persisted throughout the day.
The S&P 500 fell 0.5% on Wednesday, pressured by growth concerns, profit-taking activity, and a flush of selling interest into the close. Microsoft (MSFT 323.17, +13.06, +4.2%) and Alphabet (GOOG 2928.55, +135.11, +4.8%) mitigated the decline with strong gains following their earnings reports.
The Nasdaq Composite (unch) was relatively unchanged, while the Dow Jones Industrial Average (-0.7%) and Russell 2000 (-1.9%) closed lower.
For a more accurate representation of the market, the Invesco S&P 500 Equal Weight ETF (RSP 156.45, -2.11) fell 1.3%, nine of the 11 S&P 500 sectors closed lower with energy (-2.9%) being the weakest link, and declining issues outpaced advancing issues by more than a 2:1 margin at the NYSE and Nasdaq.[…]
- Total durable goods orders declined 0.4% month-over-month in September (Briefing.com consensus -0.8%) and orders, excluding transportation, rose 0.4% (Briefing.com consensus +0.5%). On a year-over-year basis, total durable goods orders were up 23.4%. Excluding transportation, they were up 17.3%.
- The Advance report for International Trade in Goods for August showed a deficit of $96.3 billion, versus a revised $88.2 billion (from $87.6 billion) in August. The Advance report for Retail Inventories for September decreased 0.2%, while the Advance report for Wholesale Inventories for September increased 1.1%.
- Weekly crude oil inventories increased by 4.27 mln barrels after decreasing by 431,000 barrels during the previous week.
- S&P 500 +21.2% YTD
- Nasdaq Composite +18.2% YTD
- Dow Jones Industrial Average +16.0% YTD
- Russell 2000 +14.1% YTD
- Europe: DAX -0.3%, FTSE -0.3%, CAC -0.2%
- Asia: Nikkei flat, Hang Seng -1.6%, Shanghai -1.0%
- Crude Oil -2.41 @ 82.18
- Nat Gas +0.35 @ 6.22
- Gold +5.80 @ 1800.20
- Silver +0.04 @ 24.24
- Copper -0.09 @ 4.40
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