Directional Bias For The Day:
- S&P Futures are higher;
- The odds are for an up day; good chance of sideways to up move from pre-open levels around 3340.00; the daily bias is down; elevated volatility – watch for a break above 3349.75 and break below 3311.00 for clarity
- Key economic data report:
- Factory Orders ( 1.0% est.; prev. 0.7% ) at 10:00 AM
Directional Bias Before Open:
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Key Levels:
- Critical support levels for S&P 500 are 3330.14, 3310.80, and 3279.74
- Critical resistance levels for S&P 500 are 3364, 3388.71, and 3409.51
- Key levels for E-mini futures: break above 3349.75, the high of 4:30 AM and break below 3311.00, the low of 11:30 PM
Pre-Open
- On Monday at 4:00 PM, S&P futures (December 2020) closed at 3301.75 and the index closed at 3310.24 – a spread of about -9.50 points; futures closed at 3300.50 for the day; the fair value is +1.25
- Pre-NYSE session open, futures are higher – at 8:45 AM, S&P 500 futures were up by +38.50; Dow by +416, and NASDAQ by +68.00
Markets Around The World
- Markets in the East closed higher – Tokyo was closed for trading
- European markets are higher
- Currencies:
Up Down - EUR/USD
- GBP/USD
- USD/JPY
- AUD/USD
- NZD/USD
- Dollar index
- USD/CHF
- USD/CAD
- INR/USD
- Commodities:
Up Down - Crude Oil
- Gold
- Silver
- Copper
- Platinum
- Palladium
- Sugar
- Coffee
- Cotton
- Cocoa
- NatGas
- Bond
- 10-years yield closed at 0.849%, down from October 30 close of 0.860%;
- 30-years is at 1.624% down from 1.640%
- 2-years yield is at 0.168% down from 0.170%
- The 10-Year-&-2-Year spread is at 0.681 down from 0.690
- VIX
- At 35.92 @ 6:30 AM; down -1.21 from the last close; below 5-day SMA;
- Recent high = 41.16 on October 16; low = 24.03 on October 9
- Sentiment: Risk-On to Neutral
The trend and patterns on various time frames for S&P 500:
Monthly |
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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
Major U.S. indices closed higher on Monday, November 2 in lower volume. Indices opened higher and then traded up and down during the day before closing with an up move. All S&P sectors closed higher.
From Briefing.com:
The S&P 500 advanced 1.2% on Monday in a cyclically-led rebound. The value-oriented Dow Jones Industrial Average (+1.6%) and Russell 2000 (+2.0%) outpaced the benchmark index, while the Nasdaq Composite (+0.4%) underperformed amid relative weakness in the mega-cap/growth stocks. […] The energy sector rose 3.7% amid a turnaround in crude futures ($36.79, +1.09, +3.1%), which were down 5% from Friday’s settlement price after several European countries announced renewed lockdowns. The materials (+3.4%), industrials (+2.7%), and financials (+1.9%) sectors were other notable gainers.
At the other end, the information technology (+0.3%), consumer discretionary (+0.3%), and communication services (+0.1%) sectors struggled to keep pace due to renewed selling pressure in their mega-cap components, which were also among the weakest performers last week.
[…]U.S. Treasuries finished mixed and little changed. The 2-yr yield increased one basis point to 0.16%, and the 10-yr yield declined one basis point to 0.85%. The U.S. Dollar Index finished little changed at 94.06.
[…][…]
- The ISM Manufacturing Index for October checked in at 59.3% (Briefing.com consensus 55.7%), which is an improvement from 55.4% in September and the highest level since September 2018. The dividing line between expansion and contraction is 50.0%.
[…]
- Total construction spending increased 0.3% m/m in September (Briefing.com consensus +0.9%) on the heels of a downwardly revised 0.8% increase (from +1.4%) in August. Total private construction spending rose 0.9% m/m and total public construction spending declined 1.7%.
- Nasdaq Composite +22.1% YTD
- S&P 500 +2.5% YTD
- Dow Jones Industrial Average -5.7% YTD
- Russell 2000 -6.0% YTD
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