Directional Bias For The Day:
- The futures facing downward pressure – odds are high for a down trend day
- ECB Policy inaction has perhaps changed the tone of the market
- Markets in Asia were mostly down overnight and European stocks are down too
- Futures contract changed to Dec’ 16
- On Thursday, at 4:00 PM, S&P future (Dec contract) closed at 2173.00 and the index closed at 2181.30 – a spread of about 8.25 points
Key Levels:
- Critical support levels for S&P 500 are 2177.49, 2173.59, and 2170.86
- Critical resistance levels for S&P 500 are 2184.94, 2187.87 and 2193.17
- Pre-NYSE session open, futures price action is to the downside; at 7:15 AM, S&P 500 futures was down by -6.75, Dow was down by -57 and NASDAQ was down by -12.25
Significant Event:
Report | Current | Est. | Prev. |
FOMC Member speech | |||
The trend and patterns on various time frames for S&P 500 are:
Monthly |
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Weekly: |
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Daily |
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2-Hour (e-mini future) |
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30-Minute (e-mini future) |
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Before NYSE Session Open
Thursday started on a down note following ECB President Draghi’s press conference, which dampened the mood of investors. The major U.S. indices did not recover later in the day unlike last few days. Dow Jones Transportation Average, however, gained. VIX, the S&P volatility index gained +4.*, the most since August 24.
On Thursday:
Up | Down | Last | Notes | |
S&P 500 | -4.86 or -0.2% | 2181.30 |
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Dow Jones Industrial Average | -46.23 or -0.2% | 18479.91 |
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NASDAQ Composite | -24.45 or -0.5% | 5259.48 |
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Russell 2000 | -2.65 or -0.2% | 1258.36 |
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Dow Jones Transportation Average | +19.00 or +0.2% | 8076.60 |
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VIX | +0.57 or +4.8% | 12.51 |
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