Directional Bias For The Day:
S&P Futures are lower at 9:00 AM; down more than 13 after rising more than 45 since 6:00 AM- The odds are for a sideways to an up day with elevated volatility – watch for a break below 3602.00 for a change in sentiments
- No key economic data report is due during the day:
Directional Bias Before Open:
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Key Levels:
- Critical support levels for S&P 500 are 3600.40, 3588.10, and 3584.13
- Critical resistance levels for S&P 500 are 3627.75, 3633.91, and 3652.17
- Key levels for E-mini futures: break above 3628.25, the high of 8:30 AM and a break below 3602.00, the low of 7:45 AM
Pre-Open
- On Monday at 4:00 PM, S&P futures (December 2022) closed at 3623.25, and the index closed at 3612.39 – a spread of about +10.75 points; the futures closed at 3625.25; the fair value is -2.00
- Pre-NYSE session open, futures are lower – at 9:00 AM, S&P 500 futures were down by -12.75, Dow by -48, and NASDAQ by -46.50
Markets Around The World
- Markets in the East closed mostly lower – Shanghai closed higher
- European markets are lower
- Currencies (Compared to two weeks ago):
Up | Down |
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- Commodities (Compared to two weeks ago):
- Energy futures are mixed
- Precious metals are higher
- Industrial metals are higher
- Soft commodities are mixed
- Treasuries (Compared to two weeks ago)
- The 10-year yield closed at 3.929%, up +5.1 basis points from two weeks ago;
- The 30-year is at 3.917%, up +21.9 basis points;
- The 2-year yield is at 4.312%, down -3.5 basis points;
- The 10-Year-&-2-Year spread is at -0.383, down from -0.469
- The 30-Year-&-10-Year spread is at -0.012, down from 0.180
- VIX
- At 33.23 @ 8:00 AM; up from the last close; above the 5-day SMA;
- Recent high = 34.88 on September 28; low = 28.50 on October 5
- Sentiment: Risk-Off
The trend and patterns in various time frames for S&P 500:
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 major indices opened to modest gains before sizable losses in mega cap and semiconductor stocks dragged the market into negative territory.
[…]Falling oil prices weighed on the S&P 500 energy sector (-2.1%), which closed in last place on the day after surging 13.7% last week. WTI crude oil futures fell 1.7% to $90.92/bbl. Natural gas futures fell 4.3% to $6.46/mmbtu.
On the flip side, industrials (+0.3%) sat atop the leaderboard with a slim gain.
[…]Dow Jones Industrial Average: -19.6% YTD
S&P Midcap 400: -20.4% YTD
S&P 500: -24.2% YTD
Russell 2000: -24.7% YTD
Nasdaq Composite: -32.6% YTDOverseas:
- Europe: DAX +0.1%, FTSE -0.5%, CAC -0.5%
- Asia: Nikkei market closed, Hang Seng -3.0%, Shanghai -1.7%
Commodities:
- Crude Oil -1.55 @ 90.92
- Nat Gas -0.29 @ 6.46
- Gold -30.80 @ 1676.60
- Silver -0.59 @ 19.64
- Copper +0.05 @ 3.44