Directional Bias For The Day:
S&P Futures are lower at 9:15 AM; trading within 4689.00 and 4677.50 since 4:00 AM- The odds are for a down day with a good chance of a sideways move around pre-open levels near 4685.00 – watch for a break above 4689.00 and break below 4677.50 for clarity
- Key economic data report due during the day:
- Unemployment Claims ( 184K vs. 218K est.; prev. 227K) at 8:30 AM
- Final Wholesale Inventories (2.2% est.; prev. 2.2%) at 10:00 AM
Directional Bias Before Open:
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Key Levels:
- Critical support levels for S&P 500 are 4680.71, 4674.52, and 4668.29
- Critical resistance levels for S&P 500 are 4705.06, 4722.04, and 4731.99
- Key levels for E-mini futures: break above 4689.00, the high of 7:15 AM and break below 4677.50, the low of 8:30 AM
Pre-Open
- On Wednesday at 4:00 PM, S&P futures (December 2021) closed at 4698.50 and the index closed at 4701.21 – a spread of about -1.75 points; futures closed at 4699.00 for the day; the fair value is -0.50
- Pre-NYSE session open, futures are lower – at 9:00 AM, S&P 500 futures were down by -15.25; Dow by -124; and NASDAQ by -63.75
Markets Around The World
- Markets in the East closed mostly higher – Tokyo and Sydney closed lower
- European markets are lower
- Currencies (Compared to two weeks ago):
Up Down - EUR/USD
- INR/USD
- Dollar index
- GBP/USD
- USD/JPY
- USD/CHF
- AUD/USD
- USD/CAD
- NZD/USD
- Commodities (Compared to two weeks ago):
- Energy futures are lower
- Precious metals are mixed
- Industrial metals are mostly lower
- Soft commodities are mostly lower
- Treasuries (Compared to two weeks ago)
- 10-years yield closed at 1.484%, down -16.1 basis points from two weeks ago;
- 30-years is at 1.853%, down -11.6 basis points;
- 2-years yield is at 0.696%, up +12.2 basis points;
- The 10-Year-&-2-Year spread is at 0.792, down from 1.032
- The 30-Year-&-10-Year spread is at 0.371, down from 0.324
- VIX
- At 20.68 @ 8:30 AM; up from the last close; below 5-day SMA;
- Recent high = 35.32 on December 3; 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 closed higher for the third straight day on Wednesday, albeit at a more modest pace. The S&P 500 gained 0.3% and came up short of a closing record high, while the Nasdaq Composite (+0.6%) and Russell 2000 (+0.8%) outperformed in percentage terms. The Dow Jones Industrial Average increased just 0.1%. Eight of the 11 S&P 500 sectors finished in positive territory, although no sector gained more than 1.0%. The communication services sector led the advance with a 0.8% gain, while the financials (-0.5%), consumer staples (-0.4%) and utilities (-0.1%) sectors closed lower.
[…]The 10-yr yield rose three basis points to 1.51% after dipping below 1.43% prior to the Pfizer-BioNTech news. The 2-yr yield decreased one basis point to 0.68%, even though the vaccine news supported the case for the Fed to consider a faster taper plan. The U.S. Dollar Index fell 0.5% to 95.91.
[…][…]
- Job openings increased to 11.033 million in October from a revised 10.602 million (from 10.438 million) in September.
- The weekly MBA Mortgage Applications Index increased 2.0% following a 7.2% decline in the prior week.
- Weekly crude oil inventories decreased by 240,000 barrels after decreasing by 910,000 barrels during the previous week.
- S&P 500 +25.2% YTD
- Nasdaq Composite +22.5% YTD
- Dow Jones Industrial Average +16.8% YTD
- Russell 2000 +15.0% YTD
Overseas:
- Europe: DAX -0.8%, FTSE flat, CAC -0.7%
- Asia: Nikkei +1.4%, Hang Seng +0.1%, Shanghai +1.2%
Commodities:
- Crude Oil +0.45 @ 72.41
- Nat Gas +0.11 @ 3.83
- Gold +1.10 @ 1786.30
- Silver -0.08 @ 22.47
- Copper +0.04 @ 4.38