Directional Bias For The Day:
S&P Futures are lower at 8:30 AM;- The odds are for a down day with elevated volatility – watch for a break above 4620.25 for a change of sentiments
- Key economic data report due during the day:
- HPI ( 1.2% est.; prev. 1.0%) at 9:00 AM
- S&P/CS Composite-20 HPI ( 19.3% est.; prev. 19.7%) at 9:00 AM
- Chicago PMI ( 67.1 est.; prev. 68.4) at 9:45 AM
- CB Consumer Confidence ( 110.8 est.; prev. 113.8) at 10:00 AM
Directional Bias Before Open:
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Key Levels:
- Critical support levels for S&P 500 are 4608.69, 4585.43, and 4567.59
- Critical resistance levels for S&P 500 are 4625.26, 4653.36, and 4672.95
- Key levels for E-mini futures: break above 4620.25, the high of 2:15 AM and break below 4588.50, the low of 4:15 AM
Pre-Open
- On Monday at 1:00 PM, S&P futures (December 2021) closed at 4650.50 and the index closed at 4655.27 – a spread of about -4.75 points; futures closed at 4651.00 for the day; the fair value is -0.50
- Pre-NYSE session open, futures are lower – at 6:45 AM, S&P 500 futures were down by -43.25; Dow by -410; and NASDAQ by -78.00
Markets Around The World
- Markets in the East closed mostly lower – Shanghai and Sydney closed up
- European markets are lower
- Currencies (Compared to two weeks ago):
Up Down - Dollar index
- USD/CAD
- INR/USD
- EUR/USD
- GBP/USD
- USD/JPY
- USD/CHF
- AUD/USD
- NZD/USD
- Commodities (Compared to two weeks ago):
- Energy futures are lower
- Precious metals are lower
- Industrial metals are lower
- Soft commodities are mostly lower
- Treasuries (Compared to two weeks ago)
- 10-years yield closed at 1.530%, down -9.3 basis points from two weeks ago;
- 30-years is at 1.880%, down -12.7 basis points;
- 2-years yield is at 0.488%, down -3.6 basis points;
- The 10-Year-&-2-Year spread is at 1.042, down from 1.099
- The 30-Year-&-10-Year spread is at 0.350, down from 0.384
- VIX
- At 27.16 @ 6:15 AM; up from the last close; above 5-day SMA;
- Recent high = 28.99 on November 26; low = 16.03 on November 16
- Sentiment: Risk-Off
The trend and patterns on various time frames for S&P 500:
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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
From Briefing.com:
The stock market began the week on a strong note with the Nasdaq (+1.9%) recovering the bulk of its loss from Friday. The S&P 500 (+1.3%) and Dow (+0.7%) recorded slimmer gains, finishing near their opening levels from Friday. […] All eleven sectors finished the day with gains. Five sectors added more than 1.0% with technology (+2.6%), consumer discretionary (+1.6%), and utilities (+1.6%) finishing in the lead.
[…]Treasuries ended in the red, but above their opening levels with the 10-yr yield rising five basis points to 1.53%.
Today’s economic data was limited to the Pending Home Sales report for October, which showed a 7.5% increase (Briefing.com consensus 0.7%) while the September decrease was revised down to 2.4% from -2.3%.
[…]
- S&P 500 +23.9% YTD
- Nasdaq Composite +22.5% YTD
- Dow Jones Industrial Average +14.8% YTD
- Russell 2000 +13.5% YTD
Overseas:
- Europe: DAX +0.2%, FTSE +0.9%, CAC +0.5%
- Asia: Nikkei -1.6%, Hang Seng -1.0%, Shanghai flat
Commodities:
- Crude Oil +0.78 @ 69.58
- Nat Gas -0.62 @ 4.84
- Gold -3.60 @ 1781.10
- Silver -0.28 @ 22.77
- Copper +0.06 @ 4.35