Directional Bias For The Day:

• S&P Futures are lower at 8:00 AM; moving sideways to down since 3:40 AM
• The odds are for a down to sideways day – watch for a break above 4697.50 and a break below 4680.50 for a change of sentiments
• Key economic data report due during the day:
  • PPI ( 0.6% est.; prev. 0.5%) at 8:30 AM
  • Core PPI ( 0.5% est.; prev. 0.2%) at 8:30 AM

Directional Bias Before Open:

Weekly: Uptrend Daily: Uptrend Resumed 120-Min: Up-Side

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

Key Levels:

• Critical support levels for S&P 500 are 4692.25, 4681.32, and 4667.78
• Critical resistance levels for S&P 500 are 4706.94, 4710.50, and 4724.20
• Key levels for E-mini futures: break above 4697.50, the high of 5:00 AM and break below 4680.00, the low of 10:30 PM

Pre-Open

• On Monday at 4:00 PM, S&P futures (December 2021) closed at 4694.25 and the index closed at 4701.70 – a spread of about -7.50 points; futures closed at 4694.00 for the day; the fair value is -0.25
• Pre-NYSE session open, futures are mostly lower – at 7:45 AM, S&P 500 futures were down by -6.50; Dow down by -88; and NASDAQ up by +10.75

Markets Around The World

• Markets in the East closed mixed – Shanghai, Hong Kong, and Seoul closed higher; Tokyo, Sydney, Mumbai, and Singapore closed lower
• European markets are mostly higher – Italy is down;
• Currencies (Compared to two weeks ago):
  

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

• Commodities (Compared to two weeks ago):
  • Energy futures are lower
  • Precious metals are mixed
  • Industrial metals are mostly lower
  • Soft commodities are mixed
• Treasuries (Compared to two weeks ago)
  • 10-years yield closed at 1.497%, down -13.8 basis points from two weeks ago;
  • 30-years is at 1.887%, down -19.8 basis points;
  • 2-years yield is at 0.443%, up +0.2 basis points;
  • The 10-Year-&-2-Year spread is at 1.054, down from 1.194
  • The 30-Year-&-10-Year spread is at 0.390, down from 0.450
• VIX
  • At 17.26 @ 6:45 AM; up from the last close; above 5-day SMA;
  • Recent high = 24.89 on October 1; low =  14.73 on November 4
  • Sentiment: Risk-Neutral-Off

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

Monthly	October 2021 was a Bullish Engulfing candle with  small lower shadow and almost no upper shadow; at all-time closing and intra-month highs; Stochastic (9, 1, 3): %K above %D; near 100; RSI-9 is turning up; above 75 Above the upper band of a 120-month regression channel; Confirmed Uptrend: sequence of higher highs and higher lows
Weekly:	The week ending on November 5 a relatively larger green candle at all-time highs Stochastic (9,1, 3): %K is above %D; above 90 RSI-9 is above 70 The week was up +60.48 or +1.3%; the 5-week ATR  is 129.73 An up week; fourth in the last five weeks, and seventh in the previous ten weeks The weekly pivot point=4583.61, R1=4629.85, R2=4654.33; S1=4559.13, S2=4512.89; R1 pivot level was breached Above 10-week EMA; above 39-week SMA; above 89-week SMA Uptrend Resumed
Daily	A small Doji look-a-like candle at the all-time highs; Stochastic (9, 1, 3): %K is below %D above 90 RSI-9 is above 80; above 8-day EMA Above 20-day EMA, 50-day EMA, 100-day SMA, and 200-day SMA Uptrend Resumed
2-Hour (E-mini futures)	Trending up since October 1 in steps; moving sideways since 8:00 AM on November 8 RSI-21 declined from 85 on Friday to below 50 on Monday; bounced up just above 55; Above EMA20, which is above EMA10 of EMA50 Bias: Up-Side
30-Minute (E-mini futures)	Moving sideways since 8:30 AM on November 5 RSI-21 is above 50 Above EMA20, which is above EMA10 of EMA50 Bias: Up-Side
15-Minute (E-mini futures)	The Bollinger Band (20, 2.0) has been moving sideways since 6:15 PM on Sunday; The Bollinger Band is expanding slightly since 3:30 AM Stochastic (9, 1, 3): %K is crisscrossing %D above 80; Bias: Up-Side

Previous Session

Major U.S. indices closed higher on Monday, November 8, in lower volume. Major indices opened up at the open but then they mostly traded sideways within a narrow range.

Dow Jones Industrial Average,  Russell 2000, and NYSE Composite made all-time closing and intraday highs. S&P 500, NASDAQ Composite, and Wilshire 5000 Total Market Index closed at all-time highs.

From Briefing.com:

The stock market began the week on a quiet note with the S&P 500 (+0.1%) inching toward its intraday record from Friday. The benchmark index climbed for the eighth consecutive day while the Dow (+0.3%) outperformed slightly. […] Growth-sensitive sectors like energy (+0.9%) and materials (+1.2%) got out to an early lead where they remained until the close. […] On the downside, the utilities sector (-1.5%) finished just behind the consumer discretionary space (-1.4%). […] Treasuries finished the day on a mostly lower note with the 10-yr yield rising four basis points to 1.50%. S&P 500 +25.2% YTD Russell 2000 +23.7% YTD Dow Jones Industrial Average +19.0% YTD Nasdaq Composite +19.0% YTD Overseas:  Europe: DAX -0.1%, FTSE -0.1%, CAC +0.1% Asia: Nikkei -0.4%, Hang Seng -0.4%, Shanghai +0.2% Commodities:  Crude Oil +0.79 @ 82.16 Nat Gas -0.13 @ 5.50 Gold +10.70 @ 1827.50 Silver +0.35 @ 24.54 Copper +0.07 @ 4.41